Matt Hogan, IT director at Bitwise, said Hyperliquid is one of the most important cryptocurrency projects to emerge in years, arguing that investors still underestimate the impact of the platform and the value of its native HYPE token.
In his country Latest weekly noteHogan said HYPE is the best-performing large-cap cryptocurrency asset of 2026, up nearly 77% year-to-date. He frames Hyperliquid as a fast-growing trading venue that is moving beyond cryptocurrencies into a wide range of markets, including commodities, S&P 500 futures, pre-IPO stocks, prediction markets and other non-crypto assets.
Hogan said Hyperliquid now does nearly half of its volume in non-crypto assets and expects that share to rise to 70% by the end of the year. This brings Hyperliquid closer to the financial super-app model described by SEC Chairman Paul Atkins, where investors can access multiple asset classes through a single platform, he said.
Hyperliquid processed $170 billion in trading volume over the past month, driven by its push into larger cryptocurrency markets, the memo said. Hogan said the exchange is not trying to become the next Binance, but instead aims to become one of the largest trading venues globally.
Hogan also pointed to HYPE as an example of what he called a second-generation cryptocurrency token. Unlike previous DeFi governance tokens that had little economic connection to the platforms they represented, HYPE was designed to capture value from the beginning, with 99% of Hyperliquid’s trading fees used to buy back the token.
This structure is central to Hogan’s evaluation argument. Hyperliquid generates annual revenue of about $800 million to $1 billion, while HYPE trades with a market capitalization of $10 billion to $11 billion, he said. This means investors are paying roughly 10 to 14 times the platform’s buyback flow, which Hogan said is cheap for a fast-growing company.
Hogan argued that the market is making two mistakes: evaluating Hyperliquid as a cryptocurrency exchange rather than a global multi-asset trading platform and treating HYPE like legacy tokens that have failed to accumulate value despite the platform’s growth. He said HYPE should be compared more closely to the stocks of trading venues like Robinhood or CME, noting that token holders do not have the same legal rights as equity holders.
The memo also acknowledged that Hyperliquid still faces significant hurdles. The platform is not currently available to users in the US and still needs to integrate into the US regulatory system, leaving regulatory implementation as a key test for the business, Hogan said.
Hogan framed Hyperliquid as an early example of what cryptocurrency projects could become under a clearer regulatory environment, with real products, real revenues, and tokens designed to capture value. He said competitors and regulatory changes still pose risks, but argued that the market is offering investors a discounted view of one of the fastest-growing cryptocurrency companies.
The memo comes as Bitwise’s Hyperliquid-focused ETFs debuted last week, expanding institutional access to HYPE as the token continues to rally. HYPE last traded near $48.50 at press time, up nearly 2% on the day and more than 20% over the past week, according to CoinGecko. Data.
