Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week.\u00a0<\/p>\n
In his comments, Hougan argued that the market is mispricing Hyperliquid\u2019s broader business model\u2014treating it as essentially just another perpetual futures venue.<\/p>\n
Hougan said Hyperliquid appears to be caught in what he described as a \u201cpricing error,\u201d with investors valuing the platform as little more than a perpetual futures exchange.\u00a0<\/p>\n
In contrast, he framed Hyperliquid as a global financial \u201csuper app,\u201d one that is moving beyond the boundaries of crypto and expanding into areas such as stocks, commodities, foreign exchange, and prediction markets.\u00a0<\/p>\n
As part of his valuation perspective, Hougan estimated the platform\u2019s annual revenue could be in the range of about $800 million to $1 billion, suggesting room for the business to scale well beyond how it\u2019s currently categorized by the market.<\/p>\n
A key element of Hougan\u2019s case involves Hyperliquid\u2019s fee model. He pointed to a structure in which 99% of trading fees are directed toward HYPE token buybacks, describing it as a mechanism that helps support value rather than simply extracting revenue without a token-linked benefit.\u00a0<\/p>\n
That, he said, aligns incentives in a way that differs from what investors may be assuming when they treat Hyperliquid as a standard trading platform.<\/p>\n
Hougan also emphasized that HYPE\u2019s recent performance does not change his view that the token remains undervalued. He noted that HYPE is up by 77% this year, yet he believes the market still hasn\u2019t fully credited Hyperliquid\u2019s long-term trajectory.\u00a0<\/p>\n