Hyperliquid annual revenue projected to reach $1 billion! Bitwise declares: $HYPE is severely undervalued

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The DeFi world may be giving birth to a super-giant capable of overturning the traditional financial landscape. Crypto asset management firm Bitwise recently released a report stating that $HYPE, the native token of decentralized exchange Hyperliquid, is severely undervalued by the market. Investors still habitually view the platform as a crypto derivatives exchange, failing to notice that it is transforming into a "financial super App" covering stocks, commodities, FX, and prediction markets. In an article published Tuesday, Bitwise CIO Matt Hougan said the market is making "two major mistakes" in valuing Hyperliquid: first, underestimating the size of the market it targets; second, failing to fully understand how $HYPE "captures value" from the platform's trading activity. Encouraged by Bitwise's bullish report, the $HYPE token surged over 8% at one point, trading at $48.10 at the time of writing. Matt Hougan noted: "Buying $HYPE at the current price is like paying the price of a 'single crypto exchange' to get the future of an 'all-around financial titan.'" He emphasized that Hyperliquid's ambitions are not limited to the crypto market, and that it is actively extending its reach into traditional equity markets, commodities, foreign exchange (FX), and prediction markets. 99% of Fees Returned to Token Holders Although Hyperliquid is still best known for crypto perpetual contracts trading, as the platform aggressively expands its business reach into traditional financial assets, it has not only driven explosive growth in trading volume but also firmly captured the attention of Wall Street and retail investors. In terms of performance, Matt Hougan estimates that Hyperliquid can currently generate as much as $800 million to $1 billion in annualized revenue. However, based on its current valuation, $HYPE is trading at only about 10 to 14 times its token buyback earnings, a valuation even lower than that of many traditional financial trading platforms. By comparison, traditional financial firms such as online brokerage Robinhood or CME Group are currently given significantly higher valuation multiples by the market, yet their growth rates lag far behind Hyperliquid. Matt Hougan emphasized that Hyperliquid represents a paradigm for a new generation of crypto projects, with its biggest advantage lying in its token economic model. He specifically noted that as much as 99% of the trading fees on the Hyperliquid platform are directly used to "buy back $HYPE tokens," which means that as long as the platform's trading volume continues to grow, it will theoretically continue to provide buying support for $HYPE. Regulatory Shifts and Giant Alliances Bring New Catalysts for $HYPE In addition to its strong fundamentals, shifts in the U.S. regulatory environment have also brought tailwinds for Hyperliquid. The Bitwise report notes that under the leadership of SEC Chairman Paul Atkins, the future regulatory environment is expected to be more friendly. Paul Atkins has recently publicly stated his support for allowing financial "super apps" to offer trading across multiple asset classes under a single regulatory framework, which aligns precisely with Hyperliquid's development blueprint. Furthermore, Hyperliquid recently announced an alliance with Coinbase and Circle. Analysts point out that this partnership is quietly reshaping the market's profit distribution landscape, redirecting the substantial interest income that originally belonged to stablecoin issuers toward crypto trading platforms. This structural shift is not only expected to inject long-term, robust buying demand into the $HYPE token, but may also squeeze Circle's future profit margins.

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