NYSE owner ICE takes stake in Trade.xyz to bring Hyperliquid perps to US
What's the deal? Intercontinental Exchange (ICE), owner of the New York Stock ExchangeDealroom has a profile for this one. Try Dealroom →, is taking a minority stake in Trade.xyz and plans to launch a US-regulated venue for perpetual futures on crypto and stocks. The platform would run on HyperliquidDealroom has a profile for this one. Try Dealroom → infrastructure and trade around the clock. ICE did not disclose the deal's value or a launch date.
Why now? The regulatory backdrop has shifted. In May, the Commodity Futures Trading Commission permitted a bitcoin perpetual contract and said other products would need case-by-case review — making approval, not the technology, the main hurdle.
What's the endgame? The deal gives Trade.xyz an established exchange and clearing operator to bring crypto-native products onshore. For ICE, it extends a recent push into digital assets, including a planned investment of up to $2 billion in Polymarket.
What could go wrong? The proposal remains contingent on regulatory and distribution approvals, with no launch date set. The significance is strategic rather than immediate; the terms stay undisclosed.
The signal: Established financial firms are racing to bring crypto-native trading into regulated US markets. KrakenDealroom has a profile for this one. Try Dealroom → parent PaywardDealroom has a profile for this one. Try Dealroom → has outlined its own CFTC-regulated route for perpetual futures on Hyperliquid, with approvals still pending — a sign of where the market is heading.
Read more: phemex.com
Image credit: Jun Acullador
