Arthur Hayes, co-founder of BitMEX, is placing a massive bet on Hyperliquid's native token HYPE. He set a $150 price target and predicted HYPE will surpass Solana (SOL) in market cap before the current bull run ends. Hayes himself holds more than 26,000 HYPE tokens — a high-conviction stake that signals he's not just talking.
The Hayes conviction
Hayes has a history of bold calls, but this one comes with real skin in the game. His 26,000+ HYPE tokens represent a direct bet on the token's growth trajectory. In his view, Hyperliquid's model — where nearly all fees go back to token holders — creates a flywheel that rivals Solana's ecosystem. He previously forecast this bull cycle to stretch through 2028, driven by stablecoin expansion and rising speculative volumes. That timeline gives HYPE room to run, but $150 would mean a roughly 10x from current levels — a steep climb even in crypto.
Inside the buyback engine
Hyperliquid's buyback program is the backbone of Hayes' thesis. The protocol has deployed $1.16 billion to repurchase HYPE tokens, removing them from circulation and creating structural price support. On top of that, Hyperliquid Strategies reported $152.5 million in quarterly profit, showing the protocol can generate real revenue. Bitwise CIO Matt Hougan called HYPE a 'generational asset' and a 'Gen 2 token,' pointing to the fact that 99% of fees are used for buybacks. That kind of tokenomics is rare, and it's drawing serious institutional attention.
ETF demand takes off
Bitwise's BHYP exchange-traded product, launched in mid-May, has already attracted nearly $60 million in inflows. That makes it one of the strongest single-asset crypto ETP launches since Bitcoin products hit the market. The ETF gives traditional investors a regulated way to get HYPE exposure, and the early demand suggests the thesis is resonating beyond crypto-native traders. Whether that inflow pace can be sustained is an open question — but the first few weeks have been a clear vote of confidence.
Why 2028 matters
Hayes isn't just calling a short-term pump. He sees a multi-year bull cycle ahead, buoyed by stablecoin growth and speculative trading. That's a longer horizon than most market participants are comfortable with, but it aligns with Hyperliquid's gradual buyback schedule. If the protocol continues generating $150 million-plus in quarterly profits, the buyback machine could absorb even more supply. The real test will come when the market turns — will the buybacks hold up during a downturn? For now, Hayes is betting they will, and he's putting his own tokens on the line.
