Hyperliquid's $200 Billion Pitch: A New DeFi Valuation Debate

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.