Citrini Research has singled out Hyperliquid’s HYPE token as a crypto asset with a cash-flow profile that separates it from what the firm calls the “memetic majority” of the market. In its June 2026 “State of the Themes” report, the research firm argued that HYPE’s fee-driven buyback structure, expanding Assistance Fund and emerging ETF narrative make Hyperliquid one of the more compelling crypto market-structure stories now reaching Wall Street’s radar.
Hyperliquid Gains Wall Street AttentionCitrini also emphasized the scale of Hyperliquid’s buyback program. “The structure in itself is attractive, but what’s more astonishing is the pure scale of the Fund,” the firm wrote. Since the Assistance Fund launched in January 2025, cumulative purchases have surpassed $2 billion, according to the report.
The firm added that, by some measures, Hyperliquid repurchases have accounted for nearly half of all token-buyback activity across the crypto market in 2025. Measured against token market capitalization, Citrini said the HYPE buyback “clocks in at roughly 7% annually.”
Citrini also pointed to a pending supply-side development. The report said the Hyperliquid Foundation had brought forward a validator vote that would officially burn $1 billion in HYPE tokens held in the Assistance Fund. “Looking forward, all HYPE tokens held in the Assistance Fund will be viewed as burned,” the firm wrote.
That treatment would sharpen the token’s buyback narrative. Instead of Assistance Fund holdings being seen as a passive reserve, Citrini’s framing suggests investors may increasingly treat them as economically removed from circulating supply. For a market that closely tracks float, unlocks and emissions, that distinction matters.
That is the Wall Street angle. Hyperliquid is no longer just being discussed as a fast-growing decentralized perpetuals venue inside crypto-native circles. Citrini is presenting it as a cash-flowing, buyback-supported market-structure asset that could benefit from institutional product development and continued share gains in derivatives trading.
At press time, HYPE traded at $62.13.
