Why does Bitwise think Hyperliquid’s $HYPE token is undervalued?

Bitwise Asset Management said investors are still valuing HYPE like a niche crypto derivatives token instead of a broader financial trading platform. Bitwise CIO Matt Hougan argued Hyperliquid could evolve into a multi-asset “super-app” covering crypto, equities, commodities, FX and prediction markets.

What is Hyperliquid and why is it getting attention?

Hyperliquid is a decentralised trading platform best known for crypto perpetual futures trading. The platform has recently expanded into equities, commodities and prediction markets, helping drive higher trading activity and growing investor interest.

How does the $HYPE token capture value from Hyperliquid’s growth?

Bitwise said 99% of trading fees generated on Hyperliquid are used to buy back $HYPE tokens. That means increased trading activity could directly support token demand and potentially reduce circulating supply over time.

How much revenue is Hyperliquid reportedly generating?

Matt Hougan estimated Hyperliquid is producing between $800 million and $1 billion in annualised revenue. He argued the platform is trading at around 10–14 times its buyback stream, which he said looks relatively cheap compared with traditional financial exchanges.

How does Hyperliquid compare with Robinhood and CME Group?

Bitwise compared Hyperliquid with Robinhood and CME Group, saying those firms trade at materially higher valuation multiples despite slower growth. The argument is that Hyperliquid may deserve a higher valuation if it continues expanding beyond crypto derivatives.

Why are crypto investors calling Hyperliquid a “financial super-app”?

The idea is that Hyperliquid could eventually combine multiple trading markets into one platform, including crypto, equities, commodities and prediction markets. Bitwise said the market may be underestimating how large that opportunity could become if users consolidate trading activity into a single ecosystem.

How did the $HYPE token react after the Bitwise comments?

The $HYPE token rose more than 8% over 24 hours and traded around $48.70 after the report. Short-term price moves in crypto can still be volatile, so investors are likely watching whether trading activity and buybacks continue growing.

What role does regulation play in Hyperliquid’s outlook?

Bitwise said Hyperliquid could benefit from a more favorable US regulatory environment under SEC Chair Paul Atkins. The firm pointed to recent comments supporting financial “super-apps” that offer multiple asset classes under one framework.

Image for illustrative purposes only. Not a real photo.

Hyperliquid HYPE seen undervalued by Bitwise

Written by Heidi Cuthbert Published May. 20 2026Last Updated May. 20 2026

Bitwise Asset Management said Hyperliquid’s HYPE token remains significantly undervalued because investors still view the platform as a crypto derivatives exchange instead of a broader financial trading “super-app.”

Bitwise CIO Matt Hougan said the market is underestimating both the size of Hyperliquid’s target market and the extent to which the HYPE token captures value from platform activity, according to a Tuesday blog post.

“Today’s prices suggest you’re being offered the second at the cost of the first,”

Hougan said, referring to Hyperliquid’s ambitions across crypto, equities, commodities, foreign exchange and prediction markets.

Hyperliquid has expanded beyond crypto perpetual futures into equities, commodities and prediction markets, helping drive a surge in trading activity and investor interest across the platform.

Hougan estimated Hyperliquid is generating between $800 million and $1 billion in annualised revenue while trading at roughly 10–14 times its buyback stream, which he said compares favorably with higher-multiple traditional exchanges including Robinhood and CME Group, while the HYPE token rose more than 8% over 24 hours to around $48.70.

Bitwise said Hyperliquid represents a new generation of crypto projects designed to accrue value directly to token holders because 99% of trading fees generated on the platform are used to buy back HYPE tokens.

The firm also argued Hyperliquid could benefit from a more favorable regulatory environment under SEC Chair Paul Atkins, whose recent comments have supported financial “super-apps” capable of offering multiple asset classes under a single framework.

Analysts said Hyperliquid’s partnership with Coinbase and Circle could redirect stablecoin economics away from issuers and toward crypto trading venues, potentially supporting long-term demand for the HYPE token while pressuring Circle’s margins.

At the time of reporting, Hyperliquid price was $47.80.