BitMEX co-founder Arthur Hayes says he has re-entered his Hyperliquid (NASDAQ:PURR) trade, predicting the asset could surge more than fourfold if the protocol's growth continues.

Reinvesting In Hyperliquid

In an interview with CoinDesk on friday, Hayes said that that he has reinvested in HYPE after previously exiting his position.

He initially sold his holdings around $50–$55, citing concerns over upcoming team token unlocks that could increase selling pressure, as well as growing competition from decentralized perpetual exchanges offering zero-fee trading models.

However, after HYPE fell to roughly $20 in January 2026, Hayes decided to buy back in, pointing to improving fundamentals.

According to Hayes, the Hyperliquid team reduced token selling by vesting only a small portion of their allocation, while the platform has continued to show strong trading activity, deeper liquidity and lower slippage compared with competitors.

Hayes Sees $150 Price Target

Hayes says HYPE could reach $150 by August 2026 if the protocol's annualized revenue returns to about $1.4 billion.

Under that scenario, he expects the market could rerate the token's valuation from its current roughly 12× price-to-earnings ratio to around 30×, implying a more than fourfold price increase.

He also highlighted Hyperliquid's permissionless listing feature as a key catalyst. The feature allows traders to launch perpetual contracts on nearly any asset, enabling speculation on global events even when traditional markets are closed.

Hayes said this capability became especially relevant during the U.S.–Iran conflict, when traders turned to on-chain platforms for 24/7 leveraged exposure to global risk events.

Beyond Hyperliquid, Hayes also said he remains bullish on Zcash as a privacy-focused asset and reiterated his forecast that Bitcoin (CRYPTO: BTC) could reach $250,000 by the end of 2026.

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