NEW YORK – Matt Hougan, Chief Investment Officer of Bitwise Asset Management, has publicly stated that the current market capitalization of Uniswap (UNI), approximately $6 billion, is significantly undervalued. Hougan's remarks, made on August 6, 2025, highlight his belief that the decentralized finance (DeFi) protocol should command a much larger valuation given its role in the Ethereum ecosystem.
"[Uniswap] would be the 400th largest financial services business in the world," Hougan observed, suggesting its market cap currently "feels too small."
His comments come amidst a period of notable activity in the cryptocurrency market. Hougan also pointed to record inflows into spot Ethereum exchange-traded funds (ETFs), with July recording $5.4 billion in net inflows, marking the highest monthly performance to date for the second-largest crypto asset by market capitalization. This surge indicates growing institutional interest and adoption of Ethereum-based investment products.
Bitwise, a leading crypto index fund manager, has been a prominent voice in advocating for broader crypto adoption and regulatory clarity. Hougan's analysis often emphasizes the long-term growth potential of digital assets, moving beyond traditional four-year market cycles. He recently suggested that 2026 is poised to be a significant growth year for Bitcoin, driven by increasing institutional capital and improved regulatory frameworks.
Furthermore, Hougan highlighted the strategic importance of the SEC's "Project Crypto" initiative, spearheaded by Chairman Paul Atkins. He believes this policy shift offers substantial investment opportunities in Ethereum, various DeFi protocols, and platforms like Coinbase and Robinhood. According to Hougan, the regulatory clarity provided by such initiatives could pave the way for integrated financial services platforms that combine crypto and traditional assets.
The Bitwise CIO's insights underscore a maturing cryptocurrency market, where fundamental value and regulatory advancements are increasingly influencing market perception and investment strategies. His assessment of Uniswap's undervaluation and the strong performance of Ethereum ETFs reflect a broader optimistic outlook on the future trajectory of decentralized finance and digital asset integration into mainstream finance.