Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week.

In his comments, Hougan argued that the market is mispricing Hyperliquid’s broader business model—treating it as essentially just another perpetual futures venue.

Hyperliquid As A Global Super App Hougan said Hyperliquid appears to be caught in what he described as a “pricing error,” with investors valuing the platform as little more than a perpetual futures exchange.

In contrast, he framed Hyperliquid as a global financial “super app,” one that is moving beyond the boundaries of crypto and expanding into areas such as stocks, commodities, foreign exchange, and prediction markets.

Related Reading: The Bitcoin Meltdown: What’s Behind The Drop To $76,000, And What’s Next As part of his valuation perspective, Hougan estimated the platform’s annual revenue could be in the range of about $800 million to $1 billion, suggesting room for the business to scale well beyond how it’s currently categorized by the market.

A key element of Hougan’s case involves Hyperliquid’s fee model.

He pointed to a structure in which 99% of trading fees are directed toward HYPE token buybacks, describing it as a mechanism that helps support value rather than simply extracting revenue without a token-linked benefit.

That, he said, aligns incentives in a way that differs from what investors may be assuming when they treat Hyperliquid as a standard trading platform.

HYPE Approaches All-Time Highs Hougan also emphasized that HYPE’s recent performance does not change his view that the token remains undervalued.

He noted that HYPE is up by 77% this year, yet he believes the market still hasn’t fully credited Hyperliquid’s long-term trajectory.

In his view, Hyperliquid’s real opportunity is not just to grow as a rapidly expanding crypto perpetual exchange, but to evolve into a broader trading super app spanning stocks, pre-IPO assets, commodities, prediction markets, and crypto assets.

Related Reading: Zcash, Bitcoin, And Solana—Catalysts Ahead That Could Fuel Another Upswing Before May Ends The bullish remarks come as interest in HYPE gained another boost from ETF activity.

Along with Bitwise’s launch of a Hyperliquid ETF tied to HYPE, 21Shares introduced its own HYPE ETF earlier in the month.

Following those launches, HYPE surged—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, only 18% below all-time high levels of $59 reached last year.

Featured image created with OpenArt, chart from TradingView.com