Cantor Fitzgerald’s $200 Billion Hyperliquid Call Just Reframed the HYPE Trade
Cantor Fitzgerald projects Hyperliquid’s HYPE token could reach a $200 billion market cap within a decade, signaling a shift in Wall Street’s valuation of DeFi infrastructure.Summary
Cantor Fitzgerald released a 62-page report initiating coverage of Hyperliquid, projecting a potential $200 billion market capitalization for its HYPE token within ten years. This valuation is based on a projected $5 billion in annual revenue and a 50x earnings multiple. The report marks a significant examination of decentralized perpetual futures infrastructure by a major Wall Street firm, framing Hyperliquid not as speculative DeFi, but as a comparable trading infrastructure to traditional exchanges. Analysts highlight Hyperliquid’s liquidity as a key advantage, suggesting traders return to venues with the deepest liquidity. Cantor Fitzgerald also initiated coverage of Hyperliquid-focused digital asset treasuries, Hyperliquid Strategies (PURR) and Hyperion DeFi (HYPD), assigning Overweight ratings. The report reflects a broader trend of traditional finance applying equity-style modeling to crypto, treating Hyperliquid as a foundational trading venue rather than a purely experimental DeFi product.
(Source：BeInCrypto)