Bitwise chief investment officer Matt Hougan has laid out two distinct crypto bets he believes are best positioned for the next bull market: revenue-generating crypto apps and established firms that are building on blockchain rails. In a note shared this week, Hougan pointed to Hyperliquid (HYPE) as a model for the first lane, and Robinhood as the clearest example of the second. The call comes as the broader market remains choppy, but Hougan argues these plays are driven by real platform growth rather than speculation.
Hyperliquid's revenue engine
Hougan cited Hyperliquid's Layer 1 blockchain and perpetual futures platform, which he said generates nearly $800 million in annual revenue. Most of that cash is used to buy back HYPE tokens, creating a direct link between usage and token value. HYPE has risen about 146% in 2025 despite the broader crypto downturn, according to Hougan. He stated that HYPE could double in price and still be fairly valued, and predicted a new wave of crypto assets will copy HYPE's tokenomics. Other protocols moving toward tying token value to usage include Uniswap (UNI), Aave (AAVE), and Morpho (MORPHO).
Robinhood's blockchain pivot
The second lane Hougan identified is established companies running crypto at scale. Robinhood launched its own blockchain on July 1, 2025, and its chain already ranks among the top five chains by daily DEX volume. Hougan noted that early activity on Robinhood's chain involves meme coins rather than tokenized stocks, but he expects stock volume and users to scale over time. Other firms with real exposure include Coinbase, Figure, and BlackRock. Visa, Stripe, and JPMorgan are on the watchlist, Hougan said.
The convergence play
Hougan tied both bets to the convergence of onchain and traditional finance, with stablecoins, tokenization, and around-the-clock trading leading the cycle. He remains bullish on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as the broad base for any rally. But his focus on revenue-generating apps and established firms suggests he sees the next leg of growth coming from real economic activity rather than just price momentum. The question now is how quickly other projects will adopt Hyperliquid's playbook — and whether Robinhood's chain can attract the institutional volume Hougan expects.
