ICE's agreement with trade[XYZ] to build a US market on Hyperliquid advances HYPE's case as the base layer for global markets. The NYSE owner, which pressed regulators to rein in Hyperliquid in May, will now operate a dedicated US exchange and clearing setup on its rails and take a stake in trade[XYZ]. Stan Druckenmiller is backing trade[XYZ] and says he looks forward to using its product. x.com  x.com 

Intercontinental Exchange, one of the highest-moat businesses in financial markets, trades at just 17x forward P/E on competition fears that miss a key nuance. The CFTC approved bitcoin perpetual futures on Kalshi and Polymarket, and investors worry perps could next be allowed for other asset classes. But most of ICE's volume comes from institutional instruments, and ICE invested $2B in Polymarket last year. x.com 

Intercontinental Exchange's stock has been hurt by Jeffrey Sprecher worsening its business mix, since visionaries tend to take a view that is sometimes too long-term for public market investors. Mortgage technology could still work out, but given industry inertia it is more of a long-term call option. The MarketAxess deal is a positive, as it skews the business back toward exchanges. x.com 

Hyperliquid's credibility and distribution can compound because every credible institution or investor that steps in makes it easier for the next. Per trade[XYZ], it and ICE plan a U.S. market built on Hyperliquid, subject to CFTC approval. Traditional finance generated exceptional social proof in a single day for a platform with a working product, product-market fit and real revenue. This could be a defining moment, though it might also be euphoria. x.com  x.com 

A deeper, more liquid perpetual-futures market should expand Ethena's USDe funding reserves, making StablecoinX the best risk/reward way to gain exposure to securities tokenization and growing perps. ICE and trade[XYZ] plan a dedicated U.S. market, subject to CFTC approval. StablecoinX's updated fully diluted NAV is $20.41 versus a $9.15 share price, a 55% discount. x.com  x.com  x.com 

Intercontinental Exchange, CME Group and Cboe are in the first inning of a de-rating, as the rush to defend them against crypto perpetual futures competition shows. With few near-term catalysts to make them work, they are worth revisiting in 12-24 months. x.com 

The coming IPO wave led by SpaceX, OpenAI and Anthropic will create wealth that must flow through exchanges, brokers, wealth and alternative managers and luxury brands, still valued below peaks. Rebalancing, margin loans and estate plans run on the same rails that handled the offerings. SpaceX alone brought about $500M in underwriting fees to Goldman Sachs and Morgan Stanley, and Nasdaq's fast-entry rule forces index buying within 15 days. In the 1990s this plumbing scaled with the money. x.com  … Show more

Cboe looks better than CME or ICE because it has a net cash position, a strategic-review catalyst, higher growth and better five-year performance at equivalent profitability. The trade-off is earnings more concentrated in its S&P 500 options franchise. x.com 

CME, Cboe and ICE face disruption from regulated perpetual futures, which could undermine their business model. On May 29 the CFTC approved Kalshi's US Bitcoin perpetual and gave Coinbase a no-action letter for offshore perps. Perps traded about $92.9 trillion in 2025, and Kraken is launching CFTC-regulated contracts too. Markets see Cboe as most exposed, then CME and ICE; Cboe fell over 17% in a week. Stock perps could eventually challenge CME and Cboe S&P 500 products. x.com 

Securities exchange operators such as Cboe, CME, ICE and MIAX may be a better vehicle than country indexes. Horizon Kinetics research shows national securities exchanges have significantly outperformed their regional stock indexes over 20-year periods, though that may not hold in the future. x.com