Lorenzo Valente, head of digital asset research at ARK Invest, said Hyperliquid is in discussions with the U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission about enabling U.S.-regulated companies to offer perpetual futures on its public blockchain. He argued that a Gemini acquisition could give Hyperliquid a direct route into the U.S. market through an existing regulated entity.
Valente said Gemini’s current market value is about $450 million, down more than 85% from its $3.3 billion valuation at the time of its 2025 IPO. In his view, that price would allow Hyperliquid to acquire Gemini’s full U.S. regulatory stack, including a NYDFS Trust Charter, DCM, DCO, FCM, MTLs, and a broker-dealer license.
He added that Hyperliquid could use roughly 7.9 million HYPE from its community reserve, worth about $550 million at $70 per token, to fund the deal at around a 20% premium to Gemini’s current market value. Under the proposed structure, Gemini would handle KYC, custody, fiat rails, brokerage, clearing, and compliance in the U.S., while Hyperliquid L1 would provide market infrastructure, liquidity, and on-chain settlement.
ARK Invest digital asset research head Lorenzo Valente said Hyperliquid is in talks with the U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission to support U.S.-regulated companies offering perpetual futures on its public blockchain.
Valente said Hyperliquid should acquire Gemini and position it as a regulated U.S. HIP-3/4 deployer.
He said Gemini’s current market value is about $450 million, down more than 85% from its $3.3 billion valuation at the time of its 2025 IPO. At that level, Valente argued, Hyperliquid could acquire Gemini’s full U.S. regulatory infrastructure, including a NYDFS Trust Charter, DCM, DCO, FCM, MTLs, and a broker-dealer license.
He also proposed that Hyperliquid use about 7.9 million HYPE from its community reserve. At $70 per token, that stake would be worth about $550 million, enough to complete the acquisition at roughly a 20% premium to Gemini’s current market value.
If a deal were completed, Gemini would handle KYC, custody, fiat on- and off-ramps, brokerage, clearing, and compliance for the U.S. market. Hyperliquid L1 would supply the underlying market infrastructure, liquidity, and on-chain settlement.
Valente pointed to Polymarket’s acquisition of QCEX, which it used to re-enter the U.S. market, as a comparable case. He said the core of the potential transaction would not be buying an exchange itself, but securing a regulatory bridge for HIP-3/4 to enter the United States.
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