Intercontinental Exchange is making a minority investment in Trade[XYZ] under a definitive agreement aimed at bringing Hyperliquid-based perpetual futures markets to the United States. The financial terms and valuation of the investment have not been disclosed. ICE will exclusively operate Trade[XYZ]’s regulated markets and plans to seek approval to establish a separate retail market and clearing structure, including leveraged trading. The business is expected to be distributed through channels such as a joint venture between ICE and OKX, subject to separate regulatory approval.