Bitwise CIO Says HYPE Severely Undervalued: $1B Annual Revenue at 10x Multiple

Bitwise CIO Matt Hougan argues HYPE is significantly undervalued. Hyperliquid generates $800M-$1B annualized revenue, but its buyback stream trades at 10x-14x, far below traditional finance peers like Robinhood (37x) and CME (24x).