ARK Invest Research Director Suggests Hyperliquid Acquire Gemini to Build US-Compliant HIP-3/4 Platform

ARK Invest Research Director lorenzoark suggested in a post that Hyperliquid acquire US-compliant trading platform Gemini, positioning it as a regulated deployment platform for HIP-3 and HIP-4 in the United States. Hyperliquid is in talks with the CFTC and SEC to support US-regulated companies offering perpetual contract trading and settlement on its public chain. Gemini went public in September 2025 at a $3.3 billion valuation and currently has a market cap of approximately $450 million, down over 85% from its IPO. Its core business is under pressure, having scaled back operations in the UK, EU, and Australia, with headcount cut roughly 40% from peak levels to 402 employees, platform assets down from $18.2 billion to $8.4 billion, and spot trading volume down 66%.

Approximately $450 million would secure Gemini's full suite of US regulatory licenses, including the NYDFS trust charter, CFTC-regulated DCM (Gemini Titan), DCO (Gemini Olympus), an in-progress FCM, nearly nationwide MTLs, and broker-dealer licenses. Compared to Kraken's parent company acquiring Bitnomial for up to $550 million, Gemini's overall market cap is lower. Post-acquisition, it would inherit operational assets including approximately 580,000 monthly active trading users, 1.72 million lifetime users, $8.4 billion in platform assets, $3.8 billion in quarterly spot volume, and roughly $180 million in annualized revenue.