Unit Bitcoin Project Update

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Biggest Stories of 2025

• Cantor Fitzgerald initiated coverage on Hyperliquid ecosystem vehicles, modeling a potential Hyperliquid market capitalization exceeding $200 billion over a 10-year timeframe based on a $5 billion annual fee projection and a 50x multiple, framing Hyperliquid like a Layer 1 platform business. This remains relevant as it underscores the growing institutional recognition of the ecosystem Unit operates within. (December 17, 2025) 1
• Messari's "State of Crypto 2026" identified Hyperliquid as a major winner outside of Bitcoin, citing its success as an app-chain generating more revenue than most L1s and L2s combined. This reinforces the strategic value of Unit's role as the asset tokenization layer bringing external assets onto that high-performing platform. (December 17, 2025)
• A 0xResearch livestream discussed Hyperliquid's cross-portfolio margin capability and tokenized equity perpetuals, noting that the ecosystem heavily relies on outsourcing critical functions like equity perpetual deployment via TradeXYZ/Unit. This highlights Unit's expanding role beyond simple spot asset tokenization into more advanced financial products. (December 12, 2025)
• HumidiFi, Prediction Markets, and Tokenization Trends livestream cited Hyperliquid as a model for earning trust through extreme alignment, such as 100% revenue buybacks or highly token-holder-friendly governance structures. This matters for Unit as it operates within an ecosystem prized for strong value alignment. (December 5, 2025)
• Unit launched its mechanism enabling direct spot BTC trading on Hyperliquid's orderbook, marking the first step in a broader expansion designed to facilitate liquid, onchain trading for any asset, including other majors, top alts, and RWAs. Unit aims to be the asset tokenization layer for Hyperliquid, enabling seamless deposits and withdrawals of major crypto assets like BTC, ETH, and SOL while ensuring users maintain full control over their assets. This remains the foundational event for the project and its current relevance. (February 14, 2025) 5
• Messari published "What's Next for Hyperliquid?" previewing three upcoming catalysts, including expanding the spot market to bring BTC and other external assets onto Hyperliquid's central-limit orderbook (CLOB), which set the stage for Unit's eventual launch. This context remains relevant for understanding Unit's strategic positioning within the broader Hyperliquid roadmap. (February 7, 2025) 6