What to know:
- Bitwise said Hyperliquid’s HYPE token is one of the most undervalued crypto assets.
- The investment management firm argued investors are underestimating Hyperliquid’s ambitions beyond crypto into equities, commodities and prediction markets.
- HYPE’s token buyback model makes it more comparable to firms like Robinhood or CME than traditional DeFi projects, the report said.
Bitwise, a crypto asset management firm, believes the HYPE token from Hyperliquid is currently worth much less than it should be. They explain that investors seem to view Hyperliquid as just a typical crypto exchange for advanced trading, rather than recognizing its potential as a comprehensive financial platform with many different services.
Bitwise CIO Matt Hougan recently wrote that the market is mispricing Hyperliquid in two ways. First, it’s underestimating how large the potential market for the platform is. Second, it’s not fully recognizing how the token benefits from activity on the platform itself.
HYPE was more than 8% higher over 24 hours, trading around $48.70 at publication time.
According to Hougan, the current pricing indicates Hyperliquid is trying to expand into all major markets – including crypto, stocks, commodities, foreign exchange, and even prediction markets – by essentially offering these new areas at a reduced cost to attract users already familiar with their existing services.
Hyperliquid started as a platform for trading cryptocurrency futures, but now also offers trading in stocks, commodities, and prediction markets. This expansion has led to more trading and increased interest from investors.
Hougan projects Hyperliquid is currently making between $800 million and $1 billion in revenue each year. Its valuation is around 10 to 14 times its buyback stream, which is quite good when compared to established financial exchanges like Robinhood and CME Group. These larger companies have higher valuations, even though Hyperliquid is growing faster.
Hougan explains that Hyperliquid is a new type of crypto project built to directly benefit those who hold its token. He points out that nearly all trading fees – 99% – on the platform are used to repurchase HYPE tokens. This creates a strong link between the platform’s success and the value of the token itself.
Bitwise also pointed out that Hyperliquid is gaining an advantage from the current, more permissive regulatory climate in the U.S. SEC Chair Paul Atkins has recently expressed support for “super-apps” – financial platforms that combine various types of assets into one system.
Hyperliquid is partnering with Coinbase and Circle, which is changing how stablecoins are used. Instead of stablecoin companies controlling things, more control is going to cryptocurrency exchanges. Experts believe this could increase long-term demand for the HYPE token, but it might also reduce Circle’s profits.
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2026-05-19 21:36