Bitwise’s Chief Investment Officer, Matt Hougan, issued a strong bullish opinion on Hyperliquid and its native token, HYPE, shortly after Bitwise launched the HYPE exchange-traded fund (ETF) last week.
In his comments, Hougan argued that the market is misjudging Hyperliquid’s broader business model—treating it essentially as just another permanent venue for the future.
Hyperliquid as a global super application
Hougan said Hyperliquid appeared to be caught in what he described as a “pricing error,” with investors valuing the platform at little more than the perpetual futures exchange.
In contrast, he described Hyperliquid as a global financial “super app”, one that transcends the boundaries of crypto and expands into areas such as stocks, commodities, foreign exchange and prediction markets.
As part of his valuation perspective, Hougan estimated that the platform’s annual revenue could be in the range of around $800 million to $1 billion, suggesting room for the business to expand far beyond what is currently categorized in the market.
A key element of Hougan’s case involves Hyperliquid’s fee model. He pointed to a structure where 99% of trading fees are directed towards the redemption of HYPE tokens, describing it as a mechanism that helps support value rather than simply extracting revenue without the benefit associated with the token.
This, he said, aligns incentives in a way that differs from what investors may assume when treating Hyperliquid as a standard trading platform.
HYPE is approaching all-time highs
Hougan also emphasized that HYPE’s recent performance does not change his opinion that the token remains undervalued. He noted that HYPE is up 77% this year, but believes the market still hasn’t fully recognized Hyperliquid’s long-term trajectory.
In his viewthe real opportunity for Hyperliquid is not only to grow as a permanent and rapidly expanding crypto exchange, but also to develop into a broader super trading application that encompasses stocks, pre-IPO assets, commodities, prediction markets and crypto assets.
The upbeat remarks come as interest in HYPE got another boost from ETF activity. Together with Bitwise’s launch HYPE-Linked Hyperliquid ETF 21Shares introduced its own HYPE ETF earlier this month.
Following those launches, HYPE has soared—recording massive gains of nearly 20% in the past week alone. At the time of writing, HYPE was trading just above the key $48 mark, just 18% below the all-time high of $59 reached last year.
Featured image created using OpenArt, chart from TradingView.com
