Hyperliquid's HYPE token crossed $50 on Wednesday for the first time since September 2025, in part fueled by a high-profile call from Bitwise's chief investment officer.
Bitwise CIO Matt Hougan on Tuesday argued in a weekly memo that the market is undervaluing Hyperliquid. Hougan framed Hyperliquid as a fast-growing trading venue moving beyond crypto perps into commodities, S&P 500 futures, pre-IPO stocks, prediction markets, and other non-crypto assets. He said Hyperliquid is targeting not the $3 trillion crypto economy, but the $600 trillion global asset market. He expects non-crypto assets to grow from nearly half to 70% of total platform volume over time.
Hougan estimated Hyperliquid is generating between $800 million and $1 billion in annualized revenue, trading at roughly 10–14 times its buyback stream, a multiple he argued compares favorably with traditional exchanges like Robinhood and CME Group, which trade at higher multiples with slower growth.
"Hyperliquid's move above $50 looks like a combination of momentum and improving fundamentals, but unlike many narrative driven rallies in crypto, Hyperliquid actually has meaningful on chain activity underneath the price action," said Jason Rindahl, CEO of Nebula DeFi, in an emailed comment Wednesday.
