MV Capital - Bitwise Calls Hyperliquid’s HYPE Most Mispriced Crypto Asset Despite Strong 2026 Gains

Bitwise CIO Matt Hougan argues the platform is evolving into a major multi-asset trading venue, with its token undervalued relative to growth potential

Hyperliquid’s native token HYPE has delivered the strongest performance among large-cap cryptocurrencies in 2026, rising approximately 77% year to date. Despite this outperformance, investment firm Bitwise maintains that the asset remains significantly undervalued, describing it as one of the most mispriced opportunities in the current market.

Key HighlightsHYPE up ~77% YTD, leading large-cap crypto assets
Hyperliquid processes $170 billion in monthly trading volume
Nearly half of current volume comes from non-crypto assets
Platform revenue estimated at $800 million to $1 billion annually
HYPE market cap around $10-11 billion

From Perps Exchange to Multi-Asset Platform

Bitwise Investment Chief Matt Hougan highlighted Hyperliquid as one of the most important crypto projects to emerge in recent years. In his analysis, Hougan noted that while the platform started with a focus on perpetual futures trading, it has rapidly expanded into other markets including commodities, S&P 500 futures, pre-IPO stocks, and prediction markets.

According to the memo, Hyperliquid now derives nearly half of its trading volume from non-crypto assets, with expectations that this share could reach 70% by the end of the year. This shift positions the platform as more than a typical decentralized exchange, moving it closer to a comprehensive trading venue for multiple asset classes.

“Hyperliquid is one of the most important crypto projects to emerge in years. Its native token, 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.”Matt Hougan, CIO, Bitwise

Hougan emphasized that market participants continue to view Hyperliquid primarily as a crypto perpetuals exchange. He argues this narrow perspective leads to undervaluation, as the platform is building toward a broader “super-app” model for financial trading.

HYPE’s Token Economics Set It Apart

Unlike many earlier DeFi tokens that offered limited direct economic benefits to holders, HYPE was designed with value capture in mind from the outset. The platform directs 99% of trading fees toward buybacks of the HYPE token, creating a direct link between platform activity and token value.

This structure supports Hougan’s valuation assessment. With estimated annual revenue between $800 million and $1 billion against a market capitalization of roughly $10-11 billion, investors are effectively paying 10 to 14 times the buyback stream. For a high-growth business, this multiple appears attractive according to the analysis.

Valuation ComparisonAnnual revenue: $800M – $1B
HYPE market cap: ~$10-11B
Implied multiple on buyback stream: 10-14x

Hougan suggests comparing HYPE more closely to equities of traditional trading venues such as Robinhood or CME Group, rather than to first-generation DeFi governance tokens that often failed to retain value despite platform growth. He acknowledges, however, that token holders lack the legal rights and protections afforded to equity shareholders.

Regulatory and Expansion Outlook

Hyperliquid’s growth trajectory faces notable challenges. The platform is currently unavailable to users in the United States and must navigate integration into the domestic regulatory framework. Hougan identified regulatory execution as a critical test for the project’s long-term success.

The analysis draws parallels to comments from SEC Chair Paul Atkins regarding the potential for “super-apps” that handle multiple asset classes under streamlined regulatory oversight. Hougan positions Hyperliquid as an early practical example of this concept operating outside traditional SEC-regulated channels.

Hougan argued that Hyperliquid “has become the ‘super-app’ Atkins envisioned — a ‘non-SEC regulated platform’ offering investors exposure to ‘a variety of asset classes.’”

Despite these hurdles, the platform’s momentum continues. Bitwise recently launched a HYPE-focused exchange-traded fund on the New York Stock Exchange, providing additional institutional access to the asset. The token was trading near $48.50 in recent sessions, maintaining upward momentum.

Broader Market Context

Hyperliquid’s development reflects wider trends in crypto trading venues seeking to diversify beyond digital assets. Major centralized exchanges have similarly moved into prediction markets and tokenized equities to strengthen their business models. Hougan frames Hyperliquid as an example of what becomes possible when crypto projects operate with clearer regulatory expectations, focusing on real products, sustainable revenue, and tokens aligned with platform success.

Risks remain, including increased competition and potential regulatory shifts. However, the current market pricing may present an opportunity for investors willing to look beyond Hyperliquid’s origins as a perpetuals-focused platform.

The views expressed by Bitwise underscore a growing recognition that select crypto projects are maturing into sophisticated financial infrastructure with substantial addressable markets extending well beyond cryptocurrency trading alone.