HYPE surges 17% as NYSE parent ICE moves to bring Hyperliquid perps to US
HYPE jumped 17% after Intercontinental Exchange (ICE) agreed to partner with TradeXYZ on regulated U.S. perpetual futures markets built with Hyperliquid technology. The NYSE parent would run the exchange and clearing, while TradeXYZ designs the markets. ICE is also taking a strategic stake in TradeXYZ, saying the new markets would complement, not replace, its futures business. Interestingly, investor Stan Druckenmiller is among the small group of backers joining the project. Read more →
Kalshi raises $1 billion at $40 billion valuation
Prediction market platform Kalshi has raised $1 billion in a funding round co-led by Wellington and Sequoia, valuing the company at $40 billion. The funding comes as the company is actively expanding beyond sports betting and further into financial markets. The company recently reported more than $1 billion in annualized revenue from non-sports markets and over $1 trillion in annualized trading volume across its exchange. For context, a $40 billion valuation puts Kalshi at roughly the same valuation as Coinbase (COIN). Read more →
Wall Street is divided on Coinbase earnings
Coinbase (COIN) reports Q3 earnings after market close today, with analysts looking for signs that crypto trading is recovering after a difficult stretch for the industry. The uncertainty comes after Robinhood Markets, which reported earnings yesterday, reported a 55% drop in crypto transaction revenue as crypto trading volume fell 38% in Q3. Analysts though seem pretty split on how Coinbase will do. Read more →
📥️ Want to advertise in CoinSnacks? Learn More