- Ark Invest CEO Cathie Wood highlights Hyperliquid as a promising protocol, comparing it to Solana’s early development.
- ARK Invest currently holds Bitcoin, Ethereum, and Solana as its main public crypto assets.
- Wood believes few cryptocurrencies will dominate, with Bitcoin at the core of Ark’s focus.
- Perpetual futures decentralized exchanges, such as Hyperliquid and dYdX v4, are gaining traction among traders.
- Institutions still favor centralized exchanges, but DEXs are closing the performance gap.
ARK Invest CEO Cathie Wood recently called Hyperliquid a protocol to watch, likening its potential to Solana’s early promise. She made these comments on the Master Investor podcast as new competition among perpetual futures decentralized exchanges (DEXs) increases.
Wood explained that ARK Invest holds three major crypto assets in its public funds: Bitcoin, Ethereum, and Solana. She clarified that the firm’s exposure to Solana is through Breera Sports, a project supported by Middle Eastern investors and connected to the Solana treasury. Wood noted an advisory role through economist Art Laffer.
Although Wood did not confirm any current investment in Hyperliquid, she described it as an exciting project in the DEX space. “It’s exciting. It reminds me of Solana in the earlier days, and Solana has proven its worth and is, you know, there with the big boys,” she said. Her remarks follow the launch of Aster’s token, which led to a surge in volume and open interest that briefly surpassed Hyperliquid.
Wood also stated “We don’t think there are going to be very many cryptocurrencies,” expressing her view that dominant networks will prevail. She emphasized Bitcoin’s importance: “Bitcoin owns the cryptocurrency space when it comes to pure crypto.” She praised Bitcoin’s fixed supply and long-term resilience and noted that stablecoins are becoming more important, but Bitcoin remains central to the firm’s thesis.
According to Bitget Wallet chief marketing officer Jamie Elkaleh, retail and semi-professional quant traders are moving toward DEXs due to benefits like airdrops, low transaction fees, and fast execution. However, institutions continue to prefer centralized exchanges (CEXs) for fiat access, regulatory compliance, and brokerage services. Elkaleh said order-book DEXs like Hyperliquid and dYdX v4 now offer transaction speed and liquidity levels similar to those of CEXs.
Wood added that while the fund has some exposure to derivatives such as Uniswap and other Solana-related protocols, its main focus remains on Bitcoin, Ethereum, and Solana. She referred to them as “the big three right now.” For more details, see the full interview on the Master Investor podcast.
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