Grayscale Bullish on Hyperliquid: The Future Financial Giant, Blueprint for On-chain Global 24/7 Financial Market

May 30 — Grayscale has voiced strong confidence in Hyperliquid in its latest report, arguing the crypto protocol is evolving beyond a pure cryptocurrency perpetual trading platform to become a broader blockchain financial infrastructure, with the potential to emerge as a "financial services giant." The firm projects Hyperliquid will generate roughly $800 million in annual revenue by 2025, handle $29 trillion in perpetual futures trading volume, boast around $7 billion in current open interest, and is rapidly gaining market share among decentralized crypto platforms. Beyond competing with centralized exchange giants like Binance in the crypto perpetual futures space, Hyperliquid is expanding via its HIP-3 and HIP-4 frameworks to offer tokenized stocks, commodities, and prediction markets—all with 24/7 continuous trading, directly challenging Wall Street’s traditional limited trading windows. Grayscale’s report underscores Hyperliquid’s open architecture, which lets developers launch new markets directly, driving powerful network effects and innovative potential that set it apart from being just another crypto trading platform. Regulatory hurdles are flagged as both a key risk and critical growth catalyst for Hyperliquid. The platform currently restricts U.S. user access amid unresolved regulatory gray areas, but as institutional interest surges from names like Coinbase and Robinhood, and regulators issue clearer guidance, perpetual products could eventually launch in the U.S. Hyperliquid is widely viewed as an early blueprint for building a global, 24/7 on-chain financial market.