ICE (the parent company of the NYSE) wants to bring perpetual contracts to the U.S., powered by Hyperliquid.
According to The Block, ICE announced last week that it had partnered with TradeXYZ: ICE will handle the exchange and clearing, while TradeXYZ designs the markets. On Thursday, Nasdaq-listed Hyperliquid Strategies (ticker: PURR) also filed an application to become an FCM (futures commission merchant), seeking to serve U.S. customers in HIP-3 perpetual markets. It also disclosed Q3 revenue of $13.3 million and net income of $620.6 million, including $803 million in unrealized gains on its holdings of $HYPE .
The company itself also stated that there is no guarantee the application will be approved by regulators, or when approval might come. That day, $HYPE fell about 7% along with the broader market.
My take: The narrative is compelling—traditional financial giants are lending credibility to on-chain perpetuals—but for now, it’s all “plans” and “applications.” Don’t mistake expectations for a catalyst that has already materialized.
#Hyperliquid #PerpetualContracts
For reference only; not investment advice.
According to The Block, ICE announced last week that it had partnered with TradeXYZ: ICE will handle the exchange and clearing, while TradeXYZ designs the markets. On Thursday, Nasdaq-listed Hyperliquid Strategies (ticker: PURR) also filed an application to become an FCM (futures commission merchant), seeking to serve U.S. customers in HIP-3 perpetual markets. It also disclosed Q3 revenue of $13.3 million and net income of $620.6 million, including $803 million in unrealized gains on its holdings of $HYPE .
The company itself also stated that there is no guarantee the application will be approved by regulators, or when approval might come. That day, $HYPE fell about 7% along with the broader market.
My take: The narrative is compelling—traditional financial giants are lending credibility to on-chain perpetuals—but for now, it’s all “plans” and “applications.” Don’t mistake expectations for a catalyst that has already materialized.
#Hyperliquid #PerpetualContracts
For reference only; not investment advice.