Bitwise Says Hyperliquid’s HYPE Token Is Deeply Undervalued Amid Super-App Expansion

Crypto asset manager Bitwise believes Hyperliquid’s native HYPE token remains significantly undervalued as investors continue to view the platform as only a decentralized crypto derivatives exchange instead of a broader financial trading super-app.

In a recent blog post, Bitwise Chief Investment Officer Matt Hougan argued that the market is mispricing Hyperliquid by underestimating both the scale of its long-term ambitions and the value generated for HYPE token holders. According to Hougan, current valuations fail to reflect Hyperliquid’s expansion beyond crypto perpetual futures into equities, commodities, foreign exchange markets, and prediction markets.

The HYPE token climbed more than 8% over the last 24 hours, trading near $48.70 at the time of publication. Growing investor interest has followed Hyperliquid’s aggressive push into multiple trading sectors, helping the decentralized trading platform gain momentum across the crypto market.

Hougan estimated that Hyperliquid is currently generating between $800 million and $1 billion in annualized revenue. He noted that the platform trades at approximately 10 to 14 times its buyback stream, which compares favorably to traditional financial companies like Robinhood and CME Group. Both firms trade at considerably higher valuation multiples despite experiencing slower growth rates than Hyperliquid.

Bitwise also highlighted Hyperliquid’s tokenomics model as a major advantage for investors. Around 99% of platform trading fees are reportedly used to buy back HYPE tokens, creating direct value accrual tied to platform activity and trading growth. Analysts believe this mechanism could strengthen long-term demand for the token as trading volume continues to rise.

The report further pointed to improving U.S. crypto regulation under SEC Chair Paul Atkins. Recent regulatory discussions supporting financial super-apps capable of offering multiple asset classes under one framework could benefit platforms like Hyperliquid.

In addition, Hyperliquid’s partnership with Coinbase and Circle is reshaping stablecoin economics by redirecting value from issuers toward crypto trading platforms. Market analysts say this development may increase demand for HYPE while potentially placing pressure on Circle’s profit margins.