Bitwise Chief Investment Officer Matt Hougan has issued a strongly bullish view on Hyperliquid and its native token HYPE, arguing the market is mispricing the platform's broader business model. Hougan described Hyperliquid as a global financial 'super app' expanding into stocks, commodities, foreign exchange, and prediction markets — not just a perpetual futures venue. He estimates Hyperliquid's annual revenue could land somewhere between $800 million and $1 billion.
The 'super app' thesis
Hougan's argument rests on Hyperliquid's ambitions beyond crypto-native trading. He sees the platform evolving into a one-stop shop for multiple asset classes, a pitch that goes far beyond its current reputation as a perps-heavy exchange. That vision, he believes, isn't reflected in HYPE's current price. The token is up 77% year-to-date, but Hougan contends it remains undervalued even after that run.
Revenue and tokenomics
Central to Hougan's case is Hyperliquid's fee model. The platform directs 99% of trading fees toward HYPE token buybacks, which he said supports value and aligns incentives for holders. With revenue in the hundreds of millions, that buyback pressure could be significant — a structure Hougan calls underappreciated by the market.
ETF launches and price action
The bullish call comes right after two HYPE exchange-traded funds hit the market. Bitwise launched its own HYPE ETF last week, and 21Shares introduced one earlier this month. The ETF launches helped fuel a nearly 20% surge in HYPE over the past week. At the time of writing, HYPE was trading just above $48, about 18% below its all-time high of $59 reached last year. Hougan's view suggests that gap might close if the market starts pricing in the super-app narrative.
