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Crypto asset manager Bitwise has called Hyperliquid \u201cone of the most mispriced assets in crypto today,\u201d despite its outperformance so far this year.<\/p>\n
\u201cHyperliquid is one of the most important crypto projects to emerge in years,\u201d Bitwise investment chief Matt Hougan said in a note<\/a> on Tuesday.\u00a0<\/p>\n \u201cIts native token, HYPE, is the best-performing large-cap crypto asset of 2026, up 77% YTD [year to date]. And yet I still think investors are underestimating its impact and its value.\u201d<\/p>\n Bitwise launched a HYPE exchange-traded fund<\/a> on the New York Stock Exchange on Friday. 21Shares launched a similar HYPE fund earlier that week, which drew only $1.2 million in net inflows<\/a>, low compared to other altcoin ETF debuts. <\/p>\n Hougan said HYPE\u2019s mispricing is partly due to the market valuing Hyperliquid solely as a perpetual crypto futures exchange, when it should be priced as a \u201cglobal super-app.\u201d<\/p>\n Hyperliquid\u2019s main focus is the popular sector of crypto perpetual futures trading, but the platform also has trading linked to stocks, prediction markets and other assets, with Hougan adding that the platform sees nearly half of its volume tied to non-crypto assets.<\/p>\n Source: <\/em>Matt Hougan<\/em><\/a><\/p>\n Other crypto platforms have also looked to expand beyond just crypto, with many major US crypto exchanges, such as Coinbase, Kraken and Gemini, working to expand into prediction markets and tokenized equities trading to shore up their balance sheets.<\/p>\n Related: <\/strong><\/em>ICE, CME press US regulators to ‘rein in’ Hyperliquid energy trading: Report<\/strong><\/em><\/a><\/p>\n SEC Chair Paul Atkins has also given his support to \u201csuper-apps\u201d that can custody and trade multiple assets on one regulatory license. He has tasked the regulator with exploring how it can allow tokens tied to securities to trade on platforms it doesn\u2019t regulate.<\/p>\n Hougan argued that Hyperliquid \u201chas become the \u2018super-app\u2019 Atkins envisioned \u2014 a \u2018non-SEC regulated platform\u2019 offering investors exposure to \u2018a variety of asset classes.\u2019\u201d<\/p>\n He added, however, that the platform \u201cstill needs to mature\u201d as it is not available in the US and would need to integrate itself into the country\u2019s regulatory system.<\/p>\n BitMEX co-founder Arthur Hayes was also bullish on HYPE in a March blog post<\/a>, saying the platform could continue to see its token rally if it continues to pull volume away from centralized exchanges and expand its product offerings.<\/p>\n