Asset manager Bitwise has labeled Hyperliquid (HYPE) one of crypto's most mispriced tokens, even after a 77% rally this year.
Hougan Memo Sparks Debate
Bitwise Chief Investment Officer Matt Hougan published the bullish note on Tuesday. He argued that traders are still pricing the platform as a narrow derivatives venue.
Hougan estimated Hyperliquid generates between $800 million and $1 billion in annualized revenue, and he said the token trades near 10 to 14 times its buyback stream, with 99% of platform fees routed into HYPE repurchases.
HYPE changed hands near $48.70 after climbing more than 8% in 24 hours, with a market capitalization above $11 billion.
The token has gained close to 20% over the past week.
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Super-App Thesis Explained
Hougan said the platform should be valued as a global super-app rather than as a niche futures exchange. He noted that nearly half of trading volume already comes from non-crypto assets, and he expects that share to reach 70% by the end of the year.
The platform processed roughly $170 billion in trading volume last month across equities, commodities, foreign exchange and prediction markets.
SEC Chair Paul Atkins has separately backed the idea of multi-asset trading apps under one regulatory framework, which Hougan said matches the Hyperliquid model. He cautioned that the platform still needs to mature, since it does not serve U.S. users and would need to fit inside the domestic regulatory perimeter before a wider rollout.
Hougan also pointed to risks from competing decentralized exchanges and from shifting policy in Washington.
HYPE Token Recent History
Bitwise listed its spot Hyperliquid ETF on the New York Stock Exchange last Friday under the ticker BHYP, charging a 0.34% sponsor fee waived for the first month on the initial $500 million. The fund stakes HYPE in-house through Bitwise Onchain Solutions.
21Shares launched its competing THYPproduct on Nasdaq earlier that week and drew about $1.2 million in net inflows on day one. BitMEX co-founder Arthur Hayes wrote in Mar. that HYPE could reach $150 by August if the platform keeps pulling volume away from centralized rivals.
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