Bitwise launches HYPE ETF, calls token ‘most mispriced’

Bitwise launched a HYPE exchange-traded fund on the New York Stock Exchange Friday and described Hyperliquid’s native token HYPE as “the most mispriced” crypto asset even after a 77% year-to-date gain.

Matt Hougan, Bitwise’s chief investment officer, wrote in a Tuesday note that Hyperliquid is among the most important crypto projects to emerge recently and that HYPE is the best-performing large-cap crypto asset of 2026, up 77% YTD. He said investors are underestimating the token’s potential.

Hougan attributed part of the disconnect to how the market values Hyperliquid. Market participants often treat the platform mainly as a venue for perpetual crypto futures, he wrote, while Hyperliquid also offers tokenized stocks, prediction markets and other asset trading. Hougan added that nearly half of Hyperliquid’s reported trading volume is linked to non-crypto assets.

Earlier in the week, a separate HYPE product from another issuer recorded about $1.2 million in net inflows, an amount Hougan described as modest relative to other altcoin ETF debuts.

Regulatory issues factor into where and how the platform can grow. Former SEC Chair Paul Atkins has expressed support for multi-asset platforms that custody and trade several asset types under a single license and has urged the agency to explore ways to permit tokens tied to securities to trade on venues outside SEC oversight. Hougan portrayed Hyperliquid as the kind of “super-app” Atkins envisioned, while noting the platform must mature and align with U.S. regulatory requirements before broader access for U.S. investors.

Established crypto exchanges in the U.S. have been expanding product lines into areas such as prediction markets and tokenized equities. Some traditional market operators have raised concerns about new entrants offering energy and commodity-linked products and have called for regulatory review.

Industry figures have voiced support for HYPE’s outlook. In March, the co-founder of BitMEX wrote that the token could continue to rally if Hyperliquid attracts more trading volume from centralized exchanges and broadens its product suite.

Bitwise’s HYPE ETF offers another way for institutional and retail investors in U.S. markets to gain exposure to the token. Hyperliquid itself is not currently available in the United States, and integration with U.S. regulatory frameworks would be required before the platform becomes widely accessible to domestic investors.