ARK Invest Research Director: Proposes Hyperliquid to acquire Gemini to create a US compliant HIP-3/4 platform

Comparing news, ARK Invest Research Director Lorenzoark wrote an article recommending that Hyperliquid acquire the US compliant trading platform Gemini and make it a US regulated HIP-3 and HIP-4 deployment platform. Hyperliquid is engaging with the CFTC and SEC to support US regulated companies to provide perpetual contract transactions and settlements on their public chains. Gemini was listed at a valuation of 3.3 billion US dollars in September 2025, and currently has a market capitalization of about 450 million US dollars, down more than 85% from the IPO. Under pressure from its core business, it has shrunk its operations in the UK, the European Union, and Australia, cut its workforce by about 40% to 402 from its peak, reduced platform assets from $18.2 billion to $8.4 billion, and its spot trading volume fell 66%.

Approximately $450 million can obtain Gemini's complete US regulatory license portfolio, including NYDFS trust licenses, CFTC-regulated DCM (Gemini Titan), DCO (Gemini Olympus), FCM in progress, and almost all US MTL and broker-dealer licenses. Compared to Kraken's parent company buying Bitnomial for up to $550 million, Gemini's overall market capitalization is lower. After the acquisition, it can inherit operating assets such as approximately 580,000 monthly active trading users, 1.72 million lifetime users, US$8.4 billion in platform assets, US$3.8 billion in quarterly spot volume, and approximately US$180 million in annualized revenue.