Ark Invest’s Director of Crypto Research, Lorenzo Valente, is recommending that Hyperliquid acquire the Gemini exchange for approximately $450 million to gain access to the U.S. market. This acquisition would give the DeFi protocol Gemini’s U.S. regulatory framework, including CFTC’s DCM and DCO licenses, valued at around $200 million alone. Valente suggests funding the acquisition by using 7.9 million HYPE from the community reserve of 389 million HYPE, representing 2% of the reserve, rather than continuing the buyback program. The HYPE token surged 28% after hitting $75, with upside targets at $82 and $92.
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