Grayscale Calls Hyperliquid the Biggest Breakout Success in Modern Crypto Markets

TLDR: Hyperliquid generated nearly $800M revenue in 2025 without raising venture capital funds. The HYPE token reached a $13B market cap despite the platform remaining blocked in the U.S. Hyperliquid processed $2.9T in perpetual futures volume during 2025 across global markets. Grayscale believes HYPE remains undervalued compared with traditional exchange businesses. Grayscale Research has identified [...]

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