Despite 77% YTD Gains, HYPE Remains Crypto's 'Most Undervalued' Asset, Claims Bitwise
According to Bitwise's Matt Hougan, the cryptocurrency market has failed to properly value Hyperliquid's HYPE token, treating it merely as a digital exchange rather than recognizing its potential as a comprehensive financial application.
Digital asset management firm Bitwise has labeled Hyperliquid as "one of the most mispriced assets in crypto today," even as the token has significantly outpaced the broader market in 2026.
"Hyperliquid is one of the most important crypto projects to emerge in years," Bitwise investment chief Matt Hougan said in a note on Tuesday.
"Its native token, HYPE, is the best-performing large-cap crypto asset of 2026, up 77% YTD [year to date]. And yet I still think investors are underestimating its impact and its value."
On Friday, Bitwise introduced a HYPE exchange-traded fund to the New York Stock Exchange. Earlier in the same week, 21Shares had rolled out a comparable HYPE fund, though it attracted merely $1.2 million in net inflows, a modest figure when compared to the debut performance of other alternative cryptocurrency ETFs.
According to Hougan, the mispricing of HYPE stems partially from investors treating Hyperliquid exclusively as a perpetual crypto futures exchange, rather than assigning it a valuation appropriate for a "global super-app."
While Hyperliquid's primary emphasis remains on the highly popular crypto perpetual futures trading sector, the platform has also incorporated trading capabilities for stocks, prediction markets and various other asset classes, with Hougan noting that approximately half of the platform's trading volume originates from non-cryptocurrency assets.
The push to diversify beyond cryptocurrency trading alone has been observed across numerous crypto platforms, with prominent US-based crypto exchanges including Coinbase, Kraken and Gemini actively pursuing expansion into prediction markets and tokenized equities trading as a means to strengthen their financial positions.
Paul Atkins, the SEC Chair, has also expressed his backing for "super-apps" capable of custodying and facilitating trades across multiple asset categories under a single regulatory license. He has directed the regulatory body to investigate pathways that would enable tokens backed by securities to be traded on platforms outside its direct regulatory oversight.
Hougan contended that Hyperliquid "has become the 'super-app' Atkins envisioned — a 'non-SEC regulated platform' offering investors exposure to 'a variety of asset classes.'"
Nevertheless, he acknowledged that the platform "still needs to mature" given its current unavailability within the US and the necessity for it to establish integration with the country's regulatory framework.
Arthur Hayes, co-founder of BitMEX, similarly expressed optimism regarding HYPE in a blog post published in March, suggesting the platform could witness continued token appreciation provided it maintains its trajectory of drawing volume away from centralized exchanges while simultaneously broadening its suite of product offerings.