Bitwise Chief Investment Officer Matt Hougan has issued a strongly bullish outlook on Hyperliquid and its native token, HYPE, calling the platform "undervalued" just after Bitwise launched a HYPE exchange-traded fund last week.
Hougan argues the market is mispricing Hyperliquid's business model, treating it as merely a perpetual futures venue when he sees it as a global financial super app expanding into stocks, commodities, forex, and prediction markets. He estimates the platform's annual revenue could be between $800 million and $1 billion, and notes that 99% of trading fees go toward HYPE token buybacks, a mechanism he says supports value.
HYPE has gained 77% this year and surged nearly 20% in the past week amid ETF launches from Bitwise and 21Shares. At the time of writing, HYPE traded just above $48, roughly 18% below its all-time high of $59.
