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A year ago when Jeff was asked why no VC’s were involved with Hyperliquid
“So it really goes back to Satoshi, Bitcoin would not be Bitcoin if it had raised a series A”
You need to think bigger
We are witnessing the development of a unicorn company
Jeff might be the worst businessman in crypto.
He didn’t raise the money.
He didn’t chase exchange listings.
He didn’t build a huge team.
He even reportedly turned down a ~$100M investment offer when Hyperliquid was valued around $1B.
From the outside, it looked almost stubborn.
Then the numbers started making the argument for him.
Hyperliquid processed roughly $2.95T in trading volume and generated about $844M in revenue in 2025, according to ecosystem reporting.
The team was reported to be just 11 people.
No VC-controlled cap table.
No traditional exchange empire behind it.
Just an obsession with building the product.
And the part I find most interesting is where that obsession came from.
Jeff grew up with a single mother who worked overtime. In eighth grade, he discovered competitive mathematics and realised other kids had been preparing for years.
So he started waking up at 5am and solving old competition papers by himself.
That same mentality eventually took him through physics olympiads, high-frequency trading, Chameleon, and finally Hyperliquid.
Maybe Hyperliquid didn’t become what it is because Jeff knew how to build a crypto company.
Maybe he simply knew how to obsess over a problem until everyone else had to take the result seriously.