ARK Invest Research Director: Suggests Hyperliquid acquire Gemini to create a compliant HIP-3/4 platform in the U.S

ARK Invest Research Director lorenzoark suggested that Hyperliquid acquire the U.S. compliant trading platform Gemini, transforming it into a U.S. regulated HIP-3 and HIP-4 deployment platform. Hyperliquid is in contact with the CFTC and SEC to support U.S. regulated companies in offering perpetual contract trading and settlement on its public chain. Gemini went public in September 2025 with a valuation of $3.3 billion, and its current market value is 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 staff reduced by about 40% from a peak of 402 to 402, and platform assets decreasing from $18.2 billion to $8.4 billion, with spot trading volume down 66%.

Approximately $450 million would secure Gemini's complete U.S. regulatory license portfolio, including the NYDFS trust license, CFTC-regulated DCM (Gemini Titan), DCO (Gemini Olympus), an ongoing FCM, nearly all state MTLs, and broker-dealer licenses. In comparison, Kraken's parent company acquired Bitnomial for up to $550 million, making Gemini's overall market value lower. After the acquisition, it could inherit operational assets such as approximately 580,000 monthly active trading users, 1.72 million lifetime users, $8.4 billion in platform assets, quarterly spot volume of $3.8 billion, and approximately $180 million in annualized revenue.