Multicoin announces HYPE $319 target price, report states it has aggressively accumulated positions
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Multicoin announces HYPE $319 target price, report states it has aggressively accumulated positions
He heavily invested in BNB and Solana during their early stages—can he spot the next big opportunity this time?
Navigating Web3 tides with focused insightsAuthor: Claude, TechFlow
TechFlow Introduction: Cryptocurrency venture capital firm Multicoin Capital has released a report asserting that HYPE is significantly undervalued, setting a base-case target price of $319 for 2028—representing over 400% upside from its current level of approximately $63. The firm disclosed it has been “aggressively accumulating” HYPE since February and now holds it as one of the largest positions in its liquid hedge fund. Multicoin’s core thesis is that the market currently prices Hyperliquid as a fast-growing perpetuals DEX—but it is rapidly evolving into an “everything exchange.”
Multicoin Goes Public: $319 Target Price, $8 Billion Annual Profit by 2028
In its report published Thursday, Multicoin Capital openly revealed both its position and valuation model. The firm stated it has been “aggressively buying” HYPE since February this year, and HYPE is now among the largest positions in its liquid hedge fund.
According to Spencer Applebaum, Partner at Multicoin, in a summary of the report posted on X, Multicoin’s base case assumes Hyperliquid will generate approximately $8 billion in annualized profit by 2028. Valuing the company at a 20x P/E multiple yields a corresponding HYPE price of roughly $319. As of publication, HYPE trades at approximately $62.47—implying over 400% upside to the target price.
Multicoin wrote in the report: “At roughly $63, we believe the market is severely mispricing HYPE, viewing it too narrowly as merely a fast-growing perpetuals DEX.”
What makes this report distinctive is Multicoin’s transparent disclosure of its position. The firm deliberately highlighted its track record: it publicly expressed bullish sentiment on BNB in 2019 when the token traded near $10 (BNB now trades above $550), and was an early heavy investor in the Solana ecosystem. In other words, Multicoin is signaling to the market: our selection history is worth heeding—and HYPE is the next one.
From Perpetuals DEX to “Everything Exchange”: Data-Driven Evidence
Multicoin’s bull case centers on Hyperliquid’s evolution—from a crypto perpetuals trading platform into a decentralized financial hub capable of listing and trading equities, commodities, prediction markets, and virtually any asset class.
The growth metrics are indeed striking. According to Multicoin’s report, Hyperliquid’s user count surged from ~300,000 in 2025 to 923,000; open interest rose from ~$2 billion to $6 billion (a 3x increase); total annual trading volume reached $2.9 trillion; and revenue totaled ~$873 million—making it the largest decentralized derivatives exchange by volume today.
The most compelling evidence emerged just two weeks ago. On the day SpaceX listed on Nasdaq with a valuation exceeding $1.7 trillion, the SPCX perpetual contract on Hyperliquid recorded $1.4 billion in daily trading volume—accounting for 30% of HIP-3 market volume that day. By contrast, average daily volume for the same contract during the three weeks prior to the IPO was only ~$26 million. Meanwhile, centralized exchanges Bybit, Binance, and Bitget were forced to cancel their respective SpaceX tokenized products due to insufficient underlying equity access—whereas Hyperliquid’s synthetic perpetuals contract remained unaffected.
In the first half of June alone, total trading volume across all equity-linked perpetual contracts under the HIP-3 framework exceeded $18.8 billion—surpassing the combined volume of crude oil and Brent oil perpetuals on the same platform. Cumulative HIP-3 market volume has surpassed $300 billion, with peak open interest reaching $3.2 billion.
Multicoin noted that its $319 base-case target price “does not fully incorporate several major catalysts—including HIP-4 (prediction markets), HyperEVM, builder-code distribution, and the impact of portfolio margining on core products.”
Buybacks and Burns Anchor Price Floor; ETFs Open Institutional Access
Hyperliquid’s tokenomics form a critical pillar of HYPE’s valuation thesis. Ninety-seven percent of platform trading fees flow into the Assistance Fund, which uses those funds to buy back and burn HYPE tokens on the open market. Public data shows Hyperliquid has burned over $3.1 billion worth of HYPE since launch—approximately 4.6% of maximum supply. Over the past 90 days, buyback volume totaled ~$135 million, consistently absorbing sell-side pressure.
On the institutional front, Bitwise launched a Hyperliquid staked ETP (BHYP) on Deutsche Börse’s Xetra exchange in April, followed by the Bitwise HYPE ETF in the U.S. in May—the first regulated products offering institutional exposure to HYPE. Bitwise has committed to publishing BHYP’s wallet address, enabling investors to independently track fund holdings.
HYPE hit an all-time high of ~$76.70 on June 16 before retreating to ~$62 amid broader market correction. Its current FDV stands at ~$60 billion, with a circulating market cap of ~$15.5 billion.
Not Just Multicoin: Hayes Targets $5,000; Hyperion Compares Hyperliquid to CME
Multicoin isn’t the only institution betting big on HYPE. Arthur Hayes, co-founder of BitMEX, announced an extreme $5,000 target price for HYPE by 2028 at the WebX Tokyo 2025 conference—based on assumptions of global stablecoin supply reaching $10 trillion and Hyperliquid capturing 26.4% of that volume. Hayes himself acquired 58,631 HYPE tokens via OTC transactions for ~$4.3 million and publicly wagered $100,000 with Multicoin’s Kyle Samani on whether HYPE would outperform all top-10 market-cap tokens by year-end.
Hyunsu Jung, CEO of Hyperion DeFi, recently compared Hyperliquid’s FDV to those of CME Group, Interactive Brokers, and Robinhood in an interview—arguing that Hyperliquid is entering traditional exchange valuation territory while growing far faster than incumbents.
Risks remain. Hyperliquid currently restricts direct platform access for U.S. users (though ETFs provide indirect exposure), and any structural regulatory adjustments could constrain growth. IPO events of SpaceX’s magnitude are non-replicable, and platform revenue remains highly sensitive to cyclical market sentiment and trading volume fluctuations. As a major holder, Multicoin’s inherent position bias must also be factored into consideration.
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