Crypto asset manager Bitwise called Hyperliquid “one of the most mispriced assets in cryptocurrencies” despite its outperformance this year.
“Hyperliquid is one of the most important crypto projects to emerge in years,” said Matt Hougan, chief investment officer of Bitwise note on Tuesday.
“Its native token, HYPE, is the best-performing large-cap crypto asset in 2026, up 77% year-to-date [year to date]. And yet I still believe investors underestimate his impact and value.”
On Friday, Bitwise launched its HYPE exchange-traded fund on the New York Stock Exchange. Earlier this week, 21Shares launched a similar HYPE fund that attracted only $1.2 million in net inflows, which is tiny compared to other altcoin ETF debuts.
Hougan said HYPE’s mispricing is partly due to the market pricing Hyperliquid solely as a perpetual cryptocurrency futures exchange when it should be valued as a “global super app.”
Hyperliquid mainly focuses on the popular perpetual futures cryptocurrency trading sector, but the platform also offers trading tied to stocks, forecast markets and other assets, and Hougan added that for the platform, almost half of its volume is tied to non-cryptocurrency assets.
Source: Matt Hougan
Other crypto platforms have also been looking to expand beyond just cryptocurrencies, with many major US cryptocurrency exchanges such as Coinbase, Kraken and Gemini working to expand into forecast markets and tokenized stock trading to shore up their balance sheets.
Related: ICE and CME Pressure US Regulators to ‘Cut Down’ on Hyperliquid Energy Trading: Report
SEC Chairman Paul Atkins also lent his support to “super apps” that can store and trade multiple assets under a single regulatory license. It has ordered the regulator to examine how it can allow securities-linked tokens to be traded on platforms it does not regulate.
Hougan argued that Hyperliquid “has become the ‘super-app’ that Atkins envisioned — an ‘SEC-free platform’ that offers investors exposure to ‘a variety of asset classes.’
However, he added that the platform “still needs to mature” because it is not available in the US and would require integration with that country’s regulatory system.
BitMEX co-founder Arthur Hayes was also bullish on HYPE in a March blog post, saying the platform could continue to see token growth if it continues to steer volumes away from centralized exchanges and expand its product offerings.
