Our Q1 earnings are now live, including the news that we have received a $100 million strategic investment from @winklevosscap helping to fuel our growth from a crypto company into a markets company. Our total revenue in Q1 2026 grew 42% YoY to $50 million, while transaction revenue remained stable YoY at $24 million. In April, we received a DCO license from the CFTC, making Gemini one of only a handful of crypto native platforms in the U.S. to hold both a DCM and a DCO in house. This all represents the next step towards Gemini becoming a full-stack, end-to-end marketplace for crypto trading, predictions, futures, options, and more.

Cypherpunk has accumulated an additional 10,279.30 ZEC for $5 million at an average price of ~$486.41 per ZEC. As of 5/14/26, we ZODL ~1.88% of the network. Onward.

Coinbase has announced its plan to activate AQAv2 on USDC as the treasury deployer, with Circle serving as the technical deployer responsible for CCTP and native cross-chain infrastructure. Both Coinbase and Circle have committed to stake HYPE to activate AQAv2. As part of this transition, Native Markets has agreed to terms granting Coinbase the right to purchase the USDH brand assets. With Coinbase, in its role as treasury deployer, sharing the vast majority of reserve yield revenue with the protocol, USDC will become the most aligned stablecoin on Hyperliquid. As a result, canonical outcome (HIP-4) markets will use USDC as the quote asset in a future network upgrade. User and builder feedback has been consistent that fragmentation leads to degraded experience; now, the community no longer needs to choose between liquidity and protocol alignment. The pioneering work of Native Markets in launching USDH as the first production-scale stablecoin sharing yield directly with a protocol in a purely onchain implementation made AQAv2 possible. The learnings and mechanics pioneered by USDH will live on in AQAv2. The Hyper Foundation will give grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH, supporting teams through migration over the next months. These grants reflect an ongoing commitment to teams who choose to build on Hyperliquid and align with the protocol. USDH markets are fully functional but will sunset over time. USDH remains fully backed, with feeless conversions to USDC and fiat available to users during this transition.

JUST IN: Senate Banking Committee begins markup session on the CLARITY Act today at 10:30 AM ET