The digital asset manager says Hyperliquid is emerging as a blockchain-based financial infrastructure platform with the potential to expand beyond crypto trading and challenge parts of traditional derivatives and exchange markets. Hyperliquid, a decentralized trading platform that began as a crypto perpetual futures exchange, generated about $800 million in revenue in 2025 and is increasingly seen as a broader financial infrastructure play. Reports from Grayscale and FalconX say Hyperliquid is…
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