Stan Druckenmiller, the billionaire investor who founded Duquesne Capital Management, confirmed his stake in trade.xyz on Thursday and said he expects to use its product himself.
“I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States,” Druckenmiller wrote on X at 8:08 a.m. ET. “As a market participant,” he added, he is looking forward to using the company’s “innovative product to enhance my investment process.” His post gave no amount or terms for the investment.
Trade.xyz runs perpetual futures on stocks, commodities and other real-world assets through HIP-3, Hyperliquid’s system for letting outside teams launch their own perp markets. In August, Synthetix and Infinex founder Kain Warwick said on Unchained’s Uneasy Money that “trade.xyz is 90% of all the HIP-3 open interest.”
Trade.xyz named Druckenmiller as an investor earlier Thursday, when it announced its partnership with Intercontinental Exchange (ICE), the parent of the New York Stock Exchange. Elon Musk quote-posted Druckenmiller’s post at 11:08 a.m. ET, adding only: “Interesting.”
Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter.
What ICE Said
ICE’s own release on the deal does not mention Druckenmiller. It says ICE is making a strategic investment in trade.xyz, a minority position, and will be the exclusive operator of trade.xyz’s regulated markets, run apart from ICE’s institutional futures and clearing business.
“We see these perp markets as additive to our futures markets, not a replacement for them,” said ICE Chair and CEO Jeffrey Sprecher in the release.
Nothing is live in the U.S. yet. ICE said in its release that the plan is “subject to regulatory approvals,” while trade.xyz named only one regulator in its announcement, saying the U.S. venue is planned “subject to CFTC approval.” Once approvals come through, customers who pass identity checks would reach the markets through futures commission merchants that join the platform, according to ICE.
Related Listen: The NYSE CEO Calls Hyperliquid ‘Bigger Than the Nasdaq’: Uneasy Money
The post Stan Druckenmiller Confirms Trade.xyz Stake, Says He Plans to Use Its Hyperliquid Perps appeared first on Unchained.
Powered by WPeMatico
