Hyperliquid’s HYPE is being called one of crypto’s most undervalued assets by Bitwise.

Bitwise has argued that the market is materially underpricing Hyperliquid’s HYPE token, saying investors continue to view the project as a niche crypto derivatives exchange rather than a rapidly expanding “super-app” for global financial markets.

In a Tuesday blog post, Bitwise CIO Matt Hougan said the market is making “two errors” in valuing Hyperliquid: it is underestimating the scale of the opportunity the platform is targeting and overlooking how directly HYPE benefits from platform activity.

HYPE climbed more than 8% over the past 24 hours, trading around $48.70 at the time of publication.

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

Originally built as a decentralized perpetual futures exchange, Hyperliquid has steadily expanded into additional asset classes, including equities and commodities, as well as prediction markets. This broader scope has helped accelerate trading activity and attract increased market 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 such as Robinhood (HOOD) and CME Group (CME), which trade at higher valuation multiples despite slower growth.

Bitwise also pointed to Hyperliquid’s token model, in which 99% of trading fees are allocated toward HYPE buybacks. According to Hougan, this creates a direct link between platform performance and token value, effectively aligning user activity with tokenholder returns.

The report further highlighted a shifting regulatory backdrop in the U.S., suggesting that signals from SEC Chair Paul Atkins indicate increasing openness to integrated “super-app” financial platforms spanning multiple asset classes.

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