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

In his comments, Hougan argued that the market was mispricing Hyperliquid’s broader business model by treating it essentially as just another unlimited futures instrument.

Hyperliquid as a global super app

Hougan said Hyperliquid appears to be embroiled in what he described as a “pricing error” and investors only value the platform as a perpetual futures exchange.

In contrast, he described Hyperliquid as a global financial “super app” that goes beyond the boundaries of cryptocurrencies and expands into areas such as stocks, commodities, currencies and prediction markets.

As part of his valuation, Hougan estimated that the platform’s annual revenue could be in the range of approximately $800 million to $1 billion, suggesting there is an opportunity to scale the company well beyond its current market classification.

A key element of Hougan’s case is Hyperliquid’s fee model. He pointed to a structure where 99% of transaction fees are directed towards redeeming HYPE tokens, describing it as a mechanism that helps support value rather than simply extracting revenue without the benefits associated with the tokens.

This, he says, aligns incentives in a way that is different from what investors might assume when treating Hyperliquid as a standard trading platform.

HYPE is approaching record 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 77% this year, however, he believes the market still hasn’t fully appreciated Hyperliquid’s long-term trajectory.

In his viewHyperliquid’s real opportunity is not only to grow as a fast-growing crypto perpetual exchange, but also to evolve into a broader trading super app spanning equities, pre-IPO assets, commodities, forecast markets, and crypto assets.

The bullish comments came as HYPE interest has surged again thanks to ETF activity. Together with Bitwise premiere As part of the HYPE-linked Hyperliquid ETF, 21Shares launched its own HYPE ETF at the beginning of the month.

Following these launches, HYPE has skyrocketed – seeing a massive enhance of almost 20% in the last week alone. At the time of writing, HYPE is trading just above the key $48 level, just 18% below the all-time high of $59 reached last year.

Featured image created with OpenArt, chart from TradingView.com