Bitwise calls Hyperliquid a mispriced asset despite strong performance

Crypto asset manager Bitwise has called Hyperliquid “one of the most mispriced assets in crypto today,” despite its outperformance so far this year.

“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.”

Bitwise launched a HYPE exchange-traded fund on the New York Stock Exchange on Friday. 21Shares launched a similar HYPE fund earlier that week, which drew only $1.2 million in net inflows, low compared to other altcoin ETF debuts.

Hougan said HYPE’s mispricing is partly due to the market valuing Hyperliquid solely as a perpetual crypto futures exchange, when it should be priced as a “global super-app.”

Hyperliquid’s main focus is the popular sector of crypto perpetual futures trading, but the platform also has trading linked to stocks, prediction markets and other assets, with Hougan adding that the platform sees nearly half of its volume tied to non-crypto assets.

Source: Matt Hougan

Other crypto platforms have also looked to expand beyond just crypto, with many major US crypto exchanges, such as Coinbase, Kraken and Gemini, working to expand into prediction markets and tokenized equities trading to shore up their balance sheets.

Related: ICE, CME press US regulators to 'rein in' Hyperliquid energy trading: Report

SEC Chair Paul Atkins has also given his support to “super-apps” that can custody and trade multiple assets on one regulatory license. He has tasked the regulator with exploring how it can allow tokens tied to securities to trade on platforms it doesn’t regulate.

Hougan argued that Hyperliquid “has become the ‘super-app’ Atkins envisioned — a ‘non-SEC regulated platform’ offering investors exposure to ‘a variety of asset classes.’”

He added, however, that the platform “still needs to mature” as it is not available in the US and would need to integrate itself into the country’s regulatory system.

BitMEX co-founder Arthur Hayes was also bullish on HYPE in a March blog post, saying the platform could continue to see its token rally if it continues to pull volume away from centralized exchanges and expand its product offerings.