Druckenmiller backs crypto exchange rival to CME Group
Summarised from 2 outlets · Updated 29 Oct, 19:09 · Archive
Hedge fund billionaire Stanley Druckenmiller has invested in tradeXYZ, a developer of perpetual futures markets.
Stanley Druckenmiller, the hedge fund billionaire, has invested in tradeXYZ, a developer of perpetual futures markets on the Hyperliquid exchange. TradeXYZ announced a partnership Thursday with Intercontinental Exchange (ICE) to bring perpetual futures onshore into the United States, with both entities seeking regulatory approvals.
Druckenmiller posted on X that he is 'excited to be an investor in trade(xyz)' and 'looking forward to using their innovative product to enhance my investment process'. Representatives for Druckenmiller confirmed the statement to the Financial Times. The announcement caused significant movement in crypto markets, with Hyperliquid Strategies shares surging 19 per cent to their highest level in three weeks.
Options traders responded sharply to the news. More than 111,000 options traded on Hyperliquid Strategies on Thursday, more than six times the 30-day average. The flows leaned bullish, with almost 86,000 calls and under 27,000 puts trading. David Schamis, CEO of Hyperliquid Strategies, said the firm was 'thrilled to see ICE partnering with Trade.XYZ to bring the markets and liquidity of Hyperliquid to American investors'.
How it is being reported
- Rare Stanley Druckenmiller post sends crypto-linked stock surgingOptions traders pounced on the closest publicly-traded play to the news.CNBC · 29 Oct, 18:53
- Druckenmiller backs push to bring risky crypto-style bets to Wall StreetHedge fund billionaire says he has invested in little-known CME Group rival tradeXYZFinancial Times · 29 Oct, 14:54
In this story: Stanley Druckenmiller · CME Group · tradeXYZ · Intercontinental Exchange · Hyperliquid · Wall Street · United States
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