Bitwise Chief Investment Officer Matt Hougan has publicly stated that Hyperliquid's HYPE token is deeply mispriced by the market. According to Bitwise estimates, the platform generates $800 million to $1 billion in annualized revenue, yet its buyback program is valued at only 10x to 14x — a fraction of comparable traditional financial firms.
Misclassification: Crypto Futures Exchange or Global Super-App?
Hougan identifies two key pricing errors. First, investors wrongly categorize Hyperliquid as a crypto-futures exchange, ignoring its evolution into a global multi-asset trading super-app that covers crypto, equities, commodities, FX, prediction markets, and structured products. Crypto assets represent roughly $3 trillion, but global investable assets approach $600 trillion — a 200x gap that current HYPE pricing fails to capture.
Anchoring Bias: Can a Token Capture Value?
The second error is anchoring. Hougan says investors habitually assume crypto tokens cannot capture platform value. However, HYPE's buyback model changes this: about 99% of trading fees fund token repurchases. For context, Robinhood trades at a P/E of 37, and CME at 24. Hyperliquid's revenue base and growth rate outpace both, yet its buyback multiple sits at just 10x-14x — an anomaly Hougan calls unsustainable.
Non-Crypto Surge: $170B Monthly Volume
Hougan notes that Hyperliquid now derives nearly half of its trading volume from non-crypto assets, including commodity futures, equity derivatives, and pre-IPO instruments. The platform hit $170 billion in monthly volume, with prediction markets also expanding. He attributes this shift partly to regulatory clarity under SEC Chair Paul Atkins, which enables multi-asset trading platforms to scale beyond crypto-only boundaries.