Despite a notable increase of 77% in the value of its token this year, Bitwise has labeled Hyperliquid’s asset as “one of the most mispriced” in the cryptocurrency market. Investment chief Matt Hougan emphasized that the platform represents much more than a simple crypto exchange, suggesting it should be viewed as a “global super-app.”
Bitwise recently introduced a HYPE exchange-traded fund on the New York Stock Exchange, while a similar product launched by 21Shares garnered only $1.2 million in net inflows, indicating a lukewarm reception in comparison to other altcoin ETFs. Hougan noted that many investors undervalue Hyperliquid’s diverse offerings, which encompass not only crypto perpetual futures but also equities and prediction markets, with nearly half of its trading volume linked to non-crypto assets.
As the landscape of cryptocurrency evolves, other major exchanges are also broadening their services, moving into tokenized equities and prediction markets. SEC Chair Paul Atkins has shown support for the concept of “super-apps” that can manage multiple asset types under a single regulatory framework, prompting the SEC to examine potential regulations for tokenized securities trading.