Incumbents kneecap HYPE

According to Bloomberg, ICE (owner of NYSE) and CME Group are pressing the US to rein in Singapore-based Hyperliquid, saying the exchange could skew global oil prices and be exploited for price manipulation.

The world’s biggest energy exchanges have told the CFTC and Capitol Hill officials that Hyperliquid’s anonymous trading environment creates risks: it could be used by insiders to move prices or by state actors seeking to circumvent sanctions, according to people familiar with the discussions.

This is all occuring as Hyperliquid and Coinbase are partnering (as reported yesterday) and as ICE has taken a multi-billion dollar stake in Polymarket. Read more →

Strategy agreed to repurchase $1.5 billion in convertible notes for approximately $1.38 billion, retiring the debt at a discount. The company listed bitcoin sales as a potential funding source… a notable shift given Saylor's recent "net accumulator" stance. Strategy as of today holds more than 818,000 BTC and plans to replace any coins sold with “10 to 20 more.” Read more →

While Gemini has had a rough time - down more than 85% since IPO’ing late last year - the stock has jumped more than 20% after reporting Q1 earnings and a new, direct investment from the founders.

While the earnings report was better than expected, the real highlight came when it was announced Tyler and Cameron Winklevoss injected $100 million into the exchange, by buying Class A shares at $14 apiece, paying in BTC. As a highly shorted stock (>20% of shares), the stock was already vulnerable to any sort of squeeze. Read more →

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