Bitwise Asset Management is putting fresh attention on Hyperliquid’s HYPE token (CRYPTO: $HYPE), arguing that one of crypto’s biggest 2026 winners is still being priced too narrowly.
The firm’s chief investment officer, Matt Hougan, said HYPE remains one of the market’s most undervalued assets because investors are still treating Hyperliquid as a crypto-native perpetuals exchange. His view is that the platform is moving toward a broader trading venue for global markets, with exposure stretching into equities, commodities, foreign exchange and prediction markets.
HYPE has already rallied sharply this year, but Bitwise’s argument is less about the latest move and more about the market being used to value DeFi tokens like software projects with loose token economics. Hyperliquid’s model is closer to an exchange business, where trading activity feeds directly into token demand.
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Bitwise estimates the platform is producing between $800 million and $1 billion in annualized revenue. Hougan also pointed to HYPE trading at roughly 10 to 14 times its buyback stream, a multiple the firm says sits well below listed trading businesses such as Robinhood (NASDAQ: $HOOD) and CME Group despite Hyperliquid’s faster growth profile.
The token structure is central to that comparison. About 99% of Hyperliquid trading fees are directed toward HYPE buybacks through the protocol’s Assistance Fund, giving token holders a clearer link to platform usage than many earlier DeFi assets offered.
Bitwise has also tied part of its own economics to the trade. The asset manager launched the Bitwise Hyperliquid ETF, BHYP, this month and has said it will use 10% of the fund’s management fee to buy and hold HYPE on its balance sheet.
For now, the thesis depends on whether Hyperliquid can keep expanding beyond its derivatives base without losing the trading activity that made the token stand out in the first place.
Hyperliquid (CRYPTO: HYPE) is currently trading at $54.25 U.S. per digital token.
