hpc

The Hyperliquid Policy Council (HPC) and TradeXYZ jointly submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC), calling for the inclusion of energy perpetual contracts in the regulated U.S. market.The article mentions that in February this year, due to the Middle East conflict causing disruptions in crude oil exports and the U.S. futures market being closed, overseas market participants were able to manage risk exposure through crude oil-linked perpetual contracts on Hyperliquid. Approximately two-thirds of the price changes were completed on-chain during the first weekend of the conflict.In May this year, the CFTC approved the first batch of cryptocurrency-based perpetual contracts to be traded as futures in the U.S., and in June, it publicly solicited opinions on energy perpetual contracts. The comment letter suggests that the CFTC establish a technology-neutral framework to evaluate energy perpetual contracts and 24/7 trading, confirm that exchanges can operate around the clock, recognize stablecoins and tokenized collateral as eligible margin, and allow regulated markets to use on-chain infrastructure for execution, clearing, and settlement.

Hyperliquid Policy Center (HPC) submitted a letter of opinion to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stating that eligible equity perpetual contracts can be classified as securities futures. This category is jointly regulated by the two agencies, allowing exchanges to compete on execution quality rather than jurisdiction.HPC pointed out that there is still no clear classification for perpetual contracts under U.S. law (whether futures or swaps), and this fundamental issue remains unresolved. They possess characteristics of futures such as standardized terms, the ability to hedge positions, and forward value, although they do not have a fixed expiration date, but prices converge continuously through funding rates.The letter of opinion proposed four points: confirm that the definition of securities futures can encompass cash-settled equity perpetuals with futures characteristics; retain flexibility for product listings at trading venues; maintain consistency in classification between the two agencies; modernize the securities futures framework to accommodate new structures. HPC stated that in the past 10 months, the trading volume of Hyperliquid perpetual contracts has exceeded $48 billion, and a clear framework would help relevant products enter the U.S. market.

The latest research report from the Hyperliquid Policy Center (HPC) states that perpetual contracts expand hedging options and improve price discovery, with no evidence found of statistically significant harm to the benchmark futures market. The report argues that perpetual contracts are complementary to traditional futures with expiration dates, rather than zero-sum substitutes.The study utilizes the natural experiment of traditional markets being closed on weekends while perpetual markets continue trading, comparing 205 weekends of Bitcoin trading and 19 weekends of on-chain crude oil perpetual (xyz:CL) samples. The report states that expiring futures require calendar-based forced rollovers, with the cost of rolling a $10 million exposure on the Monday of April 2026 being about $950,000, while on Friday it is about $110,000; perpetual positions do not have this forced cost. The median transaction price for on-chain crude oil perpetual during non-trading hours is about $1,300, approximately one percent of the benchmark WTI median transaction price.HPC also provides an example where the crude oil weekend repricing on the week of March 6, 2026, was 15.8%, with the benchmark market completely closed; if hedged through on-chain crude oil perpetual, a $10 million position loss could be reduced from about $1.58 million to approximately $62,000 (after accounting for all costs).

According to Cointelegraph, a recent report by BlocksBridge Consulting shows that the capital expenditure for AI and high-performance computing (HPC) businesses of 9 publicly listed Bitcoin mining companies will reach $5.11 billion in the first half of 2026, while the related revenue during the same period is only $340 million, resulting in an input-output ratio of about 15:1, highlighting the significant upfront investment required for transformation. Among a sample of 15 mining companies and AI data center companies, the total capital expenditure for the reporting period in 2026 reached $30.7 billion, an increase of 42.6% compared to the entire year of 2025.Despite the investment far exceeding revenue, AI and HPC revenue is still accelerating. The 9 mining companies saw a quarter-on-quarter growth of 52% to $206 million in the second quarter, led by Core Scientific, TeraWulf, and Bitdeer. BlocksBridge pointed out that although mining companies have advantages in electricity and land, converting to AI-ready capacity still requires substantial investments in substations, cooling systems, network equipment, and GPUs.

Hyperliquid Policy Center (HPC) and tradeXYZ jointly submitted a letter to the U.S. Securities and Exchange Commission (SEC), introducing Pre-IPO perpetual contracts (IPOPs) and advocating that U.S. investors should have the right to participate in such markets. The letter states that Cerebras opened at a price 89% higher than its IPO pricing, SK Hynix was 14% higher, and SpaceX was 11% higher, with each public market on Hyperliquid providing price signals before formal trading began.tradeXYZ has launched 5 IPOP (Initial Public Offering Price Options) markets on Hyperliquid. IPOP is a cash-settled perpetual derivative that references the expected public listing price of private companies, used for price discovery before listing, and does not represent shares, warrants, or any securities rights. The parties listed issues that the SEC needs to address before allowing such markets to serve U.S. investors in the letter and believe that modernizing IPOs could utilize this price signal for issuers and investors.

Hyperliquid Policy Center issued a statement, and HPC attended the CFTC Agricultural Advisory Committee meeting, submitting a formal statement. The statement revolves around three points: first, agricultural end users need diversified market choices, and the historical ban on agricultural options has proven to be overly restrictive; second, the CFTC's phased approach to perpetual contracts is the correct path, and end user demand should drive the adoption of new derivatives; third, public blockchains contribute to modernizing clearing and settlement infrastructure, while enhancing collateral liquidity and preserving the market integrity protection mechanisms of the Commodity Exchange Act.HPC stated that it will continue to collaborate with the agricultural community to promote the regulatory implementation of perpetual contracts in the U.S. market.

According to BBX data, yesterday marked a milestone for the global largest IPO completion index, with a historic turning point in the valuation logic of AI transformation in mining companies. The core dynamics are as follows:SpaceX, Inc. (NASDAQ: $SPCX) reported on July 7 that the company was officially included in the Nasdaq 100 index this week, becoming the first in history to have the largest single IPO ($75 billion) included in the Nasdaq 100. CoinDesk also issued a historic warning: "The last two largest new constituents added—Palantir ($PLTR) in December 2024 and Strategy ($MSTR) in early 2025—both experienced a phase decline after inclusion, rather than starting a new round of increases"; analysts pointed out that passive funds tracking the Nasdaq 100 complete "forced buying" at the time of inclusion, and if there are no new fundamental catalysts afterward, stock prices often pull back after technical buying subsides. Specific risks currently facing SpaceX include: a net loss of approximately $4.27 billion in Q1 2026 (mainly due to xAI integration expenses), a $2 billion bond issuance plan, and a 3.4% equity dilution from the $60 billion acquisition of Cursor/Anysphere; Morningstar maintains a fair value estimate of $62 per share, indicating about a 70% implied downside from the current market price. For the market holding SpaceX Bitcoin (18,712 coins, approximately $1.2 billion, held in Coinbase Prime), the inclusion in the Nasdaq 100 will trigger a larger scale of SPCX holdings by passive funds, further bridging the gap between traditional index investors and indirect exposure to Bitcoin assets.TeraWulf Inc. (NASDAQ: $WULF) according to the latest analysis, the company's high-performance computing (HPC) leasing revenue in Q1 2026 reached $21 million, accounting for about 62% of the total revenue of $34 million, surpassing Bitcoin mining revenue for the first time—this marks TeraWulf's first historic revenue structure reversal after transitioning to an AI/HPC infrastructure company, with a 117% increase from the $9.7 million HPC revenue in Q4 2025. The company has currently signed over 522 megawatts of AI/HPC leases with Core42 and Fluidstack, with an expected annual high-margin revenue of approximately $630 million; the energy structure consists of nuclear power + hydropower, with an average electricity cost of about $0.035 per kilowatt-hour, one of the lowest among similar mining companies. The company is also developing a new campus in Kentucky, adding approximately 480 megawatts of grid access capacity; analysts have significantly raised their target price ranges, with Keefe Bruyette & Woods raising from $23 to $37, Clear Street from $26 to $38, Jefferies initiating coverage with a Buy rating and a target price of $37, and BTIG raising at the same time. The company's stock price has increased by approximately 88% year-to-date in 2026, leading the gains in the mining sector.

According to CoinDesk, Bitcoin mining company turned HPC infrastructure developer TeraWulf (WULF) announced the acquisition of a site in Kentucky, USA, capable of supporting over 1 gigawatt of AI and high-performance computing (HPC) loads for the development of a massive data center. The first phase of 500 megawatts is expected to gradually come online starting in the second half of 2028, with a goal of adding another 500 megawatts before 2030. The company stated that the key constraints in the market under the AI boom have shifted from computing hardware to power and transmission infrastructure. Following the news, TeraWulf's stock price surged 13% during trading, and shares of other companies in the same sector, such as Hut 8 (HUT), Keel Infrastructure (KEEL), IREN (IREN), and Cipher Mining (CIFR), also rose.

According to TheEnergyMag, TeraWulf (NASDAQ: WULF) announced the acquisition of the Muskie Data Campus located in eastern Kentucky, which is expected to support over 1 GW of data center capacity. The first phase of 500 MW is scheduled to begin delivery in the second half of 2028, with the second phase of 500 MW targeted for completion in the second half of 2030.The parcel was acquired from Industrial Equity Partners, covering approximately 285 acres, located within a 1000-acre industrial park in eastern Kentucky. Kentucky Power (a subsidiary of AEP) has initiated the construction of a 345 kV substation, connecting to the 765 kV transmission network, and the transmission infrastructure and energy service agreements have been signed simultaneously.TeraWulf stated that the project has completed zoning planning, and the permitting work is progressing, with limited preliminary site preparation work. Following the completion of this acquisition, TeraWulf's footprint in Kentucky will expand to two major digital infrastructure projects, with a total platform capacity exceeding 2.8 GW. The company reported revenue of $34 million in the first quarter, including $21 million from HPC leasing.

Bitcoin mining company TeraWulf announced its Q1 financial report, showing that its high-performance computing (HPC) business has for the first time surpassed Bitcoin mining revenue, marking a critical stage in the company's transformation towards AI and cloud computing infrastructure.The company's total revenue for Q1 was $34 million, roughly flat compared to the same period last year. Among this, HPC leasing revenue reached $21 million, surpassing the less than $13 million from digital asset mining for the first time, becoming the main source of income. The financial report also indicated that the company's net loss widened to $427.6 million, mainly due to the impact of non-cash warrant revaluation. However, CFO Patrick Fleury emphasized that the company is transitioning from "volatile mining revenue" to "stable long-term computing power contract revenue." Currently, TeraWulf has 60 MW of HPC capacity generating revenue at its Lake Mariner data center in New York and plans to continue expanding within the year. At the same time, the company is transforming part of its mining infrastructure into AI/HPC computing resources to support massive computing power demands. This trend is spreading throughout the industry, with Bitcoin mining companies like Riot Platforms also expanding their revenue structure through data centers and AI contracts, gradually transforming into "computing power infrastructure companies."

According to GlobeNewswire, Nasdaq Bitcoin mining company Cipher Digital announced that it has secured a $200 million revolving credit facility supported by several global financial institutions. The new funds will be used to enhance liquidity and continue expanding the capabilities of its AI and HPC data center platform.In addition, the company disclosed in its Q1 financial report that revenue reached $35 million and completed the signing of a lease agreement for a third artificial intelligence data center campus.

Nasdaq-listed Bitcoin mining company Cipher Digital has released its fiscal year 2025 performance report, which discloses that the company has officially changed its name from "Cipher Mining" to "Cipher Digital" to complete its brand transformation. In terms of financing, the company has completed three financing transactions totaling $3.73 billion, including: $1.4 billion in senior secured note financing, $333 million in same-rate note financing, and $2 billion in senior secured note financing. These funds are expected to support its upgrade to a next-generation computing power infrastructure development and operation platform in 2026.

ChainCatcher news, Bitcoin mining company Cipher Mining (NASDAQ: CIFR) announced that it has priced $1 billion of 0% convertible senior notes due in 2031, which will be offered through a private placement. The offering size has been increased from the previously announced $800 million note offering.The issuance and sale of the notes are expected to settle on September 30, 2025. Cipher has granted the initial purchasers of the notes a 13-day option to purchase up to an additional $200 million (principal amount) of the notes. Cipher expects that this offering will provide approximately $1.08 billion in net proceeds. Cipher plans to use approximately $70 million of the net proceeds to pay for call option transaction costs, with the remaining funds to be used for the construction of the Barber Lake facility data center, accelerating the deployment of its 2.4 GW high-performance computing (HPC) strategy, continuing to expand its development project pipeline, and for general corporate purposes.

ChainCatcher news, Nasdaq-listed Bitcoin mining company Bitfarms officially released its production and operational update report for April, which disclosed that there are no plans to purchase large Bitcoin mining machines in 2025 or 2026. Instead, it will use previously acquired machines to achieve this year's growth targets, prioritizing the development of high-performance computing (HPC) business and expanding its energy infrastructure rather than pursuing new hardware.In addition, Bitfarms disclosed that its mining output for April was 268 BTC (an average daily mining output of 8.9 BTC), and its Bitcoin treasury holdings decreased to 1005 BTC, down from 1140 BTC last month, which is approximately equivalent to 94 million USD based on the Bitcoin price as of April 30.

ChainCatcher news, according to CoinDesk, on Thursday, Wall Street bank JPMorgan pointed out in a research report that in April, Bitcoin mining companies with high-performance computing (HPC) businesses underperformed BTC for three consecutive months. To reduce reliance on cryptocurrencies, some Bitcoin mining companies have shifted to new fields, such as providing HPC services to the rapidly growing artificial intelligence (AI) market.As the network hash rate rises, mining profitability declined in April, with daily block reward income decreasing by 6% compared to March. At the same time, the average hash rate in April increased by approximately 56 EH/s, a month-on-month growth of 6%, reaching 872 EH/s, marking the second highest historical monthly average network hash rate increase. The total market capitalization of the 13 U.S.-listed mining stocks tracked by the bank grew by 12% compared to March, with Greenidge (GREE) performing particularly well in April, with an increase of 46%.

ChainCatcher news, according to official sources, digital asset management company Galaxy Digital Holdings has announced a partnership with CoreWeave to host more artificial intelligence and high-performance computing infrastructure at the Helios data center campus.As Galaxy shifts its focus to hosting AI and HPC data center infrastructure, Galaxy is evaluating several opportunities to monetize its remaining Bitcoin mining ASICs and infrastructure.

According to ChainCatcher news, as reported by CoinDesk, Bitcoin mining companies are at a critical crossroads: they can choose to pivot towards artificial intelligence (AI) and high-performance computing (HPC) to boost their stock prices, or they can stick to their core Bitcoin mining business and expand their market share while facing sluggish stock prices.In September, the largest market cap mining companies, MARA Holdings (MARA), Riot Platforms (RIOT), and CleanSpark (CLSK), all increased their share of the total Bitcoin mined. These companies have stronger balance sheets and larger mining operations, which help them cope with the decline in profitability following the Bitcoin halving in April. However, investors have not rewarded these companies' stocks with a premium, and their performance remained lackluster in September.In contrast, mining companies focusing on AI and HPC, such as Core Scientific (CORZ), TerraWulf (WULF), and IREN (IREN), have seen their stock prices outperform Bitcoin. The halving in April reduced Bitcoin mining rewards by 50%, intensifying competition in mining and narrowing profit margins.Additionally, the recently approved spot Bitcoin ETF in the U.S. has also diminished investors' interest in mining stocks. Instead, investors are rewarding those mining companies that utilize part of their data centers to host AI and HPC-related machines for revenue diversification.AI and HPC computing require a significant amount of electricity, and Bitcoin miners have already secured these resources, making them ideal candidates for rapidly expanding AI and HPC companies. In September, the stock prices of large-cap mining companies rose by 4% to 9%, while those associated with AI and HPC saw price increases of up to 25%.

ChainCatcher live report, at the Solana 2024 Breakpoint conference, the CEO of the Philippine cryptocurrency exchange Coins.ph, Wei Zhou, announced the launch of the Philippine peso stablecoin PHPC on Solana.PHPC will go live on Solana in the next quarter and will introduce PHPC/USDT and PHPC/USDC liquidity pools to Solana.It is reported that Coins.ph is a leading crypto application in Southeast Asia, with over 16 million users, offering authorized fiat and cryptocurrency wallet and trading services, including cryptocurrency, e-wallets, and payments. The company is regulated by the Bangko Sentral ng Pilipinas (BSP) and holds a virtual currency and electronic money issuer license issued by the central bank.

ChainCatcher news, according to Cointelegraph, VanEck recently stated in a report: "AI companies need energy, and Bitcoin miners have energy." The company believes that Bitcoin mining companies face profitability risks from fluctuations in operating costs and Bitcoin prices, and they may find it a good strategic choice to shift some energy capacity to the growing fields of artificial intelligence (AI) and high-performance computing (HPC).VanEck stated: "The balance sheets of Bitcoin mining companies are usually poor, either due to excessive debt, too many shares issued, excessively high executive compensation, or a combination of all three."VanEck estimates that if publicly listed Bitcoin mining companies shift 20% of their energy capacity to AI and high-performance computing by 2027, "the total additional profit per year will average over $13.9 billion over 13 years."Meanwhile, VanEck pointed out that the benefit for Bitcoin mining companies to sign such contracts is that these AI companies are usually willing to provide the financial resources needed for capital expenditures.