The latest conflict involving Iran has produced an unexpected proving ground for financial infrastructure, and an unlikely winner has emerged, argues Huang. 

CME Group and ICE have reportedly warned the CFTC and Capitol Hill officials that Hyperliquid’s decentralized perpetual futures platform could enable market manipulation and sanctions evasion. 

The crypto exchange is also seeking fresh funding at a $20 billion valuation as it ramps up acquisitions and prepares for a public listing. 

Gemini's revenue improved 42% year-over-year to $50.3 million, helping narrow its net loss by 27% from $149.3 million a year earlier. 

Led by Michael Saylor, the company aims to retire half of its outstanding 0% 2029 converts as it restructures liabilities tied to its bitcoin treasury strategy.