Bitwise Calls HYPE 'Most Mispriced' Crypto Despite 77% Surge

Crypto asset manager Bitwise has identified Hyperliquid as "one of the most mispriced assets in crypto today," even as its native token, HYPE, surges 77% year-to-date.

Bitwise Chief Investment Officer Matt Hougan argues the market is undervaluing the platform by viewing it solely as a perpetual futures exchange. He says Hyperliquid should be priced as a "global super-app," pointing out that nearly half of its volume now comes from non-crypto assets like stocks and prediction markets.

Bitwise listed a HYPE exchange-traded fund on the New York Stock Exchange on Friday, following a similar fund from 21Shares. Hougan believes the platform fits the vision of SEC Chair Paul Atkins, who supports single-license platforms that can custody and trade multiple assets.

However, Hougan acknowledged that Hyperliquid still needs to mature, notably because it is not yet available to users in the United States.