A CoinShares report on Hyperliquid applies equity-style scenario analysis to HYPE, the platform’s native token. Three scenarios produce implied five-year price targets ranging from roughly $8 to more than $455 by 2031.
Key Takeaways:
- CoinShares’ base case puts HYPE at about $147 by 2031, a 25% annualized return.
- A 30% optionality premium lifts the near-term implied HYPE price to $66.52.
- DIME holds Hyperliquid as its second-largest position at about 13% of assets.
For investors trying to evaluate digital assets with the same rigor used in equity markets, that range matters. Luke Nolan, CoinShares’ senior Ethereum research associate, built the model around seven revenue streams across three scenarios. It uses a price-to-fees multiple, similar to a price-to-earnings ratio in stock analysis.
See more: Altcoins: Why Beyond-Bitcoin Exposure Matters for Portfolios
The bear case assumes growth stalls and Hyperliquid loses market share. In that case, the implied price falls to roughly $8 by 2031, a 30% annualized loss. In contrast, the base case, using a 15x multiple, lands at about $147, or 25% annualized gains. Meanwhile, the bull case assumes on-chain perpetual contracts go mainstream. That scenario points to a roughly $456 implied price, a 57% annualized return, according to the report.
Crucially, none of those multiples require the market to value HYPE above levels it has already traded at. Per the report, HYPE’s price-to-fees ratio has ranged from roughly seven to 25 times over the past year, averaging about 12 times. The bear, base, and bull cases use 10, 15, and 20 times, respectively.
Hyperliquid’s Optionality Premium and What It Means
On top of those projections, CoinShares applies what the report calls an “optionality premium.” This accounts for things the model cannot fully forecast, like future product launches and platform network effects. For this year, that premium is set at 30%, lifting the near-term implied price to $66.52, according to the report.
One concrete example of that optionality is HIP-4, Hyperliquid’s on-chain prediction markets feature, which launched May 2. The category is already large. Polymarket cleared more than $26 billion in trading volume in Q1 alone, per the report.
Hyperliquid lets traders combine prediction market bets with derivatives positions on the same platform. The report treats that added functionality as upside the model does not fully price in.
The CoinShares Altcoins ETF (DIME) offers exposure to this space. DIME holds the CoinShares Hyperliquid Staking ETP as its second-largest position at nearly 13% of assets, per ETF Database. Launched in October 2025, DIME is an actively managed, equally weighted fund with a 0.00% expense ratio that rebalances quarterly.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.
