Hyperliquid's $200 Billion Pitch: A New DeFi Valuation Debate
TL;DR
Cantor Fitzgerald values Hyperliquid at over $200 billion, comparing it to Solana, and highlights its operational roles in DeFi beyond passive asset holding, framing DEXs as durable financial infrastructure.
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Cantor Fitzgerald initiates coverage of Hyperion DeFi (HYPD) and Hyperliquid Strategies (PURR), valuing Hyperliquid at over $200 billion, comparable to Solana during the last cycle. The equities are seen as more than passive digital asset treasury companies, with operational exposure through staking, validation, and market-building activity. The report reframes decentralized exchanges as financial infrastructure capable of generating durable cash flows, with fees linked to volume growth and supply reduction. Cantor addresses competitive concerns, particularly around rival perp DEX Aster.
