Bitwise Calls Hyperliquid’s HYPE Undervalued, Launches BHYP ETF

Bitwise announced on Monday that it launched a BHYP exchange-traded fund tied to Hyperliquid's HYPE token and will allocate a portion of the fund's management fees to buy HYPE.

Matt Hougan, Bitwise's chief investment officer, wrote that HYPE remains undervalued and that he views it as a ‘Gen 2' token. He noted HYPE was the best-performing large-cap crypto asset in 2026, up about 77% year-to-date.

Hougan highlighted that Hyperliquid produced roughly $170 billion in trading volume over the past month and has expanded trading beyond crypto into equities, pre-IPO stocks, commodities, foreign exchange and prediction markets.

He estimated Hyperliquid's addressable market could include global assets worth about $600 trillion, compared with an approximately $3 trillion crypto market, and forecast that trading of non-crypto assets on the platform could rise from nearly half of total volume to about 70% as new products are added.

Hougan noted the platform's tokenomics direct roughly 99% of trading fees to buy back HYPE, a mechanism he linked to token accumulation as volume increases.

He added the platform's perpetual futures product is not available to U.S. users and needs integration into the U.S. regulatory framework for broader domestic access. Bitwise said the BHYP ETF and the fee-directed accumulation plan aim to provide institutional support for HYPE while Hyperliquid expands its non-crypto offerings.