Bitcoin gains a major legitimacy signal from ICE's involvement in a Hyperliquid futures venture, giving prospective buyers cover to invest. Per @standuquesne, trade.xyz is partnering with ICE to bring 24/7 perpetual futures on Hyperliquid to the US. Despite nonstop bad headlines keeping price near $80k, crypto fundamentals are improving; bitcoin may need only time, even if it chops or dips to $76k first. x.com  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 

Cboe Global Markets' drop on futures launches by Coinbase and Kalshi looks overdone. Coinbase depends on crypto while Cboe is half as expensive, and it is doubtful prediction-market players will attract many futures traders. The price is holding support, making this a low-risk entry. 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 

ICE's planned US perps access could grow Hyperliquid's users, volume and revenue, but that growth may already be priced into HYPE. CFTC approval, a launch and actual US adoption are still needed; even then, extra fees and buybacks must beat expectations. ICE backing, Druckenmiller investing and Elon tweeting have made the story widespread. The easy HYPE trade looks over for average retail investors, though this call could be early. 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 

ICE's proposed Hyperliquid-based US perpetuals market could lift HYPE by driving more trading volume, fees and token buybacks. Per Cointelegraph, NYSE parent ICE plans the market; it still needs CFTC approval. 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 

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 

Moody's, S&P Global and Deutsche Börse are moated toll booths that compound intrinsic value for decades, and their subsector just took market leadership. Chris Hohn, who owns all three, says Deutsche Börse's Eurex became winner-takes-all because liquidity attracts the best prices, and that ratings are essential since debt must eventually be refinanced and rated. These asset-light, scalable businesses turn revenue into profit with high operating leverage, and the subsector led arvy's screen. … Show more