TLDR
- Bitwise CIO Matt Hougan says HYPE is one of the most undervalued assets in crypto right now.
- HYPE is up 77% year-to-date in 2026, making it the best-performing large-cap crypto asset this year.
- Bitwise argues investors are pricing HYPE as a crypto derivatives exchange, not a global trading “super-app.”
- 99% of trading fees on the Hyperliquid platform go toward buying back HYPE tokens.
- Hyperliquid generated $170 billion in trading volume in the past month and is expanding into equities, commodities, and prediction markets.
Bitwise Chief Investment Officer Matt Hougan published a note arguing that Hyperliquid’s native token, HYPE, is being mispriced by the market. He said investors are making “two errors” — underestimating the size of the market Hyperliquid is targeting and failing to see how the token captures value from platform activity.
JUST IN: Bitwise CIO says "Hyperliquid is a super app targeting the $600T global asset market"
— Kalshi Crypto (@Kalshi_Crypto) May 19, 2026
HYPE was trading around $48.70 at the time of publication, up more than 8% in 24 hours. The token is already up 77% year-to-date, making it the top-performing large-cap crypto asset of 2026.
Despite that performance, Hougan still thinks the market is leaving value on the table.
“HYPE is the best-performing large-cap crypto asset of 2026, up 77% YTD. And yet I still think investors are underestimating its impact and its value,” Hougan wrote.
Hyperliquid is a decentralized trading platform best known for crypto perpetual futures. But it has recently expanded into equities, pre-IPO stocks, commodities, and prediction markets.
The platform generated $170 billion in trading volume over the past month. Hougan expects non-crypto assets to grow from nearly half to 70% of total platform volume over time.
Why Bitwise Thinks HYPE Is Undervalued
Hougan’s core argument is that the market is comparing Hyperliquid to a crypto exchange when it should be valued like a global financial super-app. He said the addressable market isn’t just the $3 trillion crypto sector — it’s the $600 trillion global asset market.
Bitwise estimates Hyperliquid is generating between $800 million and $1 billion in annualized revenue. At roughly 10–14 times its buyback stream, that compares favorably to Robinhood and CME Group, which trade at higher multiples with slower growth.
Hougan labeled HYPE a “Gen 2” token — one that, like a security, can increase in value over time as the platform grows. Ninety-nine percent of all trading fees are used to buy back HYPE. “More trading → more buybacks → more value accrual. No ambiguity,” he said.
Regulatory Tailwinds and New Partnerships
Bitwise pointed to SEC Chair Paul Atkins as a favorable factor. Atkins has publicly supported the idea of financial super-apps that can offer multiple asset classes under a single regulatory framework.
Hyperliquid also recently formed a partnership with Coinbase and Circle. Bitwise analysts say this deal redirects stablecoin economics away from issuers and toward crypto trading venues, which could sustain demand for HYPE while pressuring Circle’s margins.
Hougan noted that Hyperliquid still has room to grow. The platform is not yet available to U.S. users and still needs to be integrated into the domestic regulatory framework.
Bitwise recently launched its own HYPE-based exchange-traded fund (BHYP) and said it plans to use a portion of its management fees to accumulate HYPE tokens.
