Grayscale sees Hyperliquid as financial services juggernaut

Grayscale views Hyperliquid, a decentralized trading platform, as a potential financial services powerhouse with the capacity to expand beyond crypto trading. The platform generated approximately $800 million in revenue in 2025 and is rapidly gaining market share in perpetual futures while diversifying into tokenized equities and commodities. Analysts see regulation as a key factor for Hyperliquid's growth, noting its current exclusion of U.S. users. The platform is evolving into a blueprint for a 24/7 global financial market built on blockchain technology.