- Bitwise believes Hyperliquid is evolving into a multi-asset financial platform extending far beyond crypto trading.
- Analysts say investors are undervaluing HYPE despite strong trading growth and a token buyback structure tied to platform fees.
- Hyperliquid’s expansion into equities, commodities and prediction markets is reshaping how the market views decentralised trading venues.
Bitwise says Hyperliquid is emerging as a crypto-based financial “super-app” as the decentralised trading platform expands aggressively into markets beyond digital assets. The asset manager argued investors are still underestimating the scale of Hyperliquid’s ambitions and the value potential of its HYPE token.
Bitwise CIO Matt Hougan said Hyperliquid should be viewed as a global trading platform covering crypto, equities, commodities, foreign exchange and prediction markets rather than simply a crypto derivatives exchange. He argued the market continues to price the platform too narrowly despite its widening product offering.
Hyperliquid, which first gained traction through crypto perpetual futures trading, has recently added commodities, pre-IPO stocks and prediction markets to the platform. Hougan said non-crypto assets already account for almost half of trading activity and predicted that proportion could increase to 70% before the end of the year.
The platform recorded approximately US$170 billion (AU$239.7 billion) in monthly trading volume, according to Hougan, who described Hyperliquid as one of the fastest-growing businesses in finance. Despite the growth, he noted the exchange still faces limitations, including its absence from the US market and the need for further regulatory integration.
Related: Bitwise’s Matt Hougan: The Weekend That Proved Onchain Markets Are the Future
HYPE Buyback Model Draws Attention
Bitwise also highlighted Hyperliquid’s token structure as a key reason it believes HYPE is undervalued. Hougan said 99% of fees generated on the platform are directed toward buying back HYPE tokens, linking platform usage directly to token demand.
According to Bitwise estimates, Hyperliquid is producing between US$800 million and US$1 billion (AU$1.13 billion and AU$1.41 billion) in annualised revenue while trading at lower valuation multiples than firms such as Robinhood and CME Group.
Related: Ripple Buyback Program Values Company at $50 Billion
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