Bitwise says the market is significantly undervaluing Hyperliquid’s HYPE token, arguing that investors are still pricing the project as a niche crypto derivatives exchange rather than a fast-growing “super-app” for global financial markets.

In a Tuesday blog post, Bitwise CIO Matt Hougan said the market is making “two errors” in its valuation of Hyperliquid: underestimating the size of its addressable market and overlooking how directly the HYPE token captures value from platform activity.

HYPE rose more than 8% over the past 24 hours, trading near $48.70 at the time of writing.

“Today’s prices suggest you’re being offered the second at the cost of the first,” Hougan said, referring to Hyperliquid’s broader ambition to expand beyond crypto into equities, commodities, foreign exchange, and prediction markets.

Hyperliquid originally launched as a decentralized perpetual futures exchange but has since broadened its offerings to include equities, commodities, and prediction markets. This expansion has fueled rising trading volumes and growing investor attention.

Hougan estimates the platform is generating between $800 million and $1 billion in annualized revenue, while trading at roughly 10–14 times its buyback stream. He contrasted this with traditional exchanges like Robinhood (HOOD) and CME Group (CME), which trade at higher valuation multiples despite slower growth.

Bitwise also highlighted Hyperliquid’s tokenomics model, where 99% of trading fees are used to buy back HYPE. Hougan said this structure creates a direct link between platform performance and token value, effectively aligning usage with tokenholder returns.

The report further pointed to improving regulatory sentiment in the United States, suggesting that recent signals from SEC Chair Paul Atkins reflect growing support for “super-app” style financial platforms that integrate multiple asset classes under one system.

Finally, Hyperliquid’s partnerships with Coinbase (COIN) and Circle (CRCL) are seen as reshaping stablecoin economics by shifting value away from issuers and toward trading platforms. Analysts say this dynamic could support long-term demand for HYPE while potentially pressuring Circle’s margins.