Trending Now - Bitwise Declares HYPE as 'undervalued' Amid Significant Gains

WHO:

Cointelegraph - Matt Hougan, Chief Investment Officer at Bitwise

NewsBTC - Matt Hougan, Chief Investment Officer at Bitwise

WHAT:

Cointelegraph - Bitwise labeled Hyperliquid’s token, HYPE, as the "most mispriced" crypto.

NewsBTC - HYPE surged nearly 20% in the past week.

NewsBTC - HYPE is up by 77% this year.

NewsBTC - Hougan estimated Hyperliquid’s annual revenue could be between $800 million to $1 billion.

NewsBTC - HYPE was trading just above $48, which is 18% below its all-time high of $59 reached last year.

WHERE:

NewsBTC - Hyperliquid is described as a global financial "super app."

WHEN:

NewsBTC - Bitwise launched a HYPE exchange-traded fund (ETF) last week.

NewsBTC - 21Shares introduced its own HYPE ETF earlier in the month.

NewsBTC - The all-time high of HYPE was reached last year.

WHY:

NewsBTC - Hougan argued that the market is mispricing Hyperliquid’s broader business model, treating it as just another perpetual futures venue.

NewsBTC - Hougan described Hyperliquid as evolving beyond crypto into stocks, commodities, foreign exchange, and prediction markets.

HOW:

NewsBTC - Hougan pointed out that 99% of trading fees are directed toward HYPE token buybacks, which supports value rather than extracting revenue without a token-linked benefit.

(UPDATED May 20, 2026 11:54 UTC)

Matt Hougan, the Chief Investment Officer at Bitwise, has labeled Hyperliquid’s token, HYPE, as the "most mispriced" cryptocurrency, noting that it surged nearly 20% in the past week and is up by 77% this year. Currently trading just above $48, HYPE remains 18% below its all-time high of $59 reached last year, and Hougan estimates Hyperliquid’s annual revenue could be between $800 million to $1 billion. He argues that the market is undervaluing Hyperliquid's broader business model, which is evolving beyond crypto into various financial sectors, with 99% of trading fees directed toward HYPE token buybacks to support its value.