Hyperliquid's $HYPE token crossed $50 on Wednesday for the first time since September 2025, in part fueled by a high-profile call from Bitwise's chief investment officer.

Bitwise CIO Matt Hougan on Tuesday argued in a weekly memo that the market is undervaluing Hyperliquid. Hougan framed Hyperliquid as a fast-growing trading venue moving beyond crypto perps into commodities, S&P 500 futures, pre-IPO stocks, prediction markets, and other non-crypto assets. He said Hyperliquid is targeting not the $3 trillion crypto economy, but the $600 trillion global asset market. He expects non-crypto assets to grow from nearly half to 70% of total platform volume over time.

Hougan estimated Hyperliquid is generating between $800 million and $1 billion in annualized revenue, trading at roughly 10–14 times its buyback stream, a multiple he argued compares favorably with traditional exchanges like Robinhood and CME Group, which trade at higher multiples with slower growth.

"Hyperliquid's move above $50 looks like a combination of momentum and improving fundamentals, but unlike many narrative driven rallies in crypto, Hyperliquid actually has meaningful on chain activity underneath the price action," said Jason Rindahl, CEO of Nebula DeFi, in an emailed comment Wednesday.

Hyperliquid has been on a tear, gaining 32% in the past seven days, making it the best-performing large-cap crypto asset of 2026, according to CoinGecko.The SPCX-$USDC contract opened at a $150 reference price implying a $1.78 trillion SpaceX valuation, spiked to $216 within hours, and settled around $202.89. The market recorded $33 million in 24-hour volume and $21.8 million in open interest on its first day. The Defiant reported on the SpaceX launch when it triggered $HYPE's 7% move on Monday.

SpaceX filed its S-1 confidentially with the SEC on April 1 and is reportedly targeting June 11 for IPO pricing on Nasdaq.

#OpenAIToConfidentiallyFileForIPO #MillenniumCutsIBITAndETHA #SyndicateCeasesOperations #GrayscaleAcquires510KHYPEForStaking #USCongressRevivesCryptoTaxExemptionStudy