Key Takeaways
- • Theodore Gillibrand, 22-year-old son of pro-crypto Senator Kirsten Gillibrand (D-N.Y.), raised $30 million in a Series A funding round led by venture firm Lux Capital, valuing his startup at $300 million.
- • The startup, American Perpetuals Exchange Corp. (APEC), plans to launch a regulated derivatives exchange focused on perpetual futures contracts for equities and stock indices under CFTC licensing—not cryptocurrency trading.
- • Ripple co-founder Chris Larsen participated in the funding round, signaling venture capital interest in perpetuals trading platforms amid rising institutional demand for this derivatives asset class.
- • Perpetual futures ("perps") have emerged as a high-growth segment in derivatives trading, with decentralized platforms like Hyperliquid achieving significant profitability; APEC aims to capture this market through a regulated, U.S.-domiciled model.
- • The venture positions APEC to operate as a domestically regulated alternative to offshore perpetuals exchanges, addressing institutional investor demand for compliant infrastructure in an increasingly mainstream derivatives market.
Summary
Theodore Gillibrand, the 22-year-old son of Senator Kirsten Gillibrand of New York, has secured $30 million in Series A funding to launch American Perpetuals Exchange Corp. (APEC), a derivatives trading platform specializing in perpetual futures contracts. The funding round was led by venture capital firm Lux Capital and valued the startup at $300 million, according to sources familiar with the transaction. Ripple co-founder Chris Larsen participated in the funding round, underscoring the venture capital community's growing interest in institutional-grade derivatives infrastructure.
APEC plans to focus on perpetual futures contracts—derivative instruments that allow traders to bet on asset price movements without owning the underlying assets and without expiration dates. Unlike traditional futures, perpetuals offer continuous exposure to price movements, a feature that has driven significant adoption among digital asset traders. Critically, APEC's initial focus targets equities and stock indices rather than cryptocurrencies, positioning the platform within traditional derivatives markets while applying for a Commodity Futures Trading Commission (CFTC) license to operate as a regulated U.S. entity.
The perpetual futures market has experienced rapid institutional adoption over the past year. Decentralized platforms such as Hyperliquid, which specialized in perpetuals, have become among the most profitable protocols in the cryptocurrency and broader derivatives ecosystem. Multiple venture-backed startups focused on perpetuals trading have raised substantial capital from top-tier venture investors, reflecting strong institutional appetite for this derivatives segment. Theodore Gillibrand emphasized in a statement that "the future of these markets is not in offshore and unregulated foreign entities but rather in a regulated and institutional American company," highlighting APEC's competitive positioning against unregulated offshore alternatives.
The timing and structure of the raise align with broader regulatory momentum toward domesticated crypto and derivatives infrastructure in the United States, alongside Senator Gillibrand's established pro-cryptocurrency stance in Congress. The $300 million valuation and participation by established venture firms and crypto industry figures suggest institutional confidence in the perpetuals market's expansion and APEC's potential to capture share in a regulated domestic framework.
APEC plans to focus on perpetual futures contracts—derivative instruments that allow traders to bet on asset price movements without owning the underlying assets and without expiration dates. Unlike traditional futures, perpetuals offer continuous exposure to price movements, a feature that has driven significant adoption among digital asset traders. Critically, APEC's initial focus targets equities and stock indices rather than cryptocurrencies, positioning the platform within traditional derivatives markets while applying for a Commodity Futures Trading Commission (CFTC) license to operate as a regulated U.S. entity.
The perpetual futures market has experienced rapid institutional adoption over the past year. Decentralized platforms such as Hyperliquid, which specialized in perpetuals, have become among the most profitable protocols in the cryptocurrency and broader derivatives ecosystem. Multiple venture-backed startups focused on perpetuals trading have raised substantial capital from top-tier venture investors, reflecting strong institutional appetite for this derivatives segment. Theodore Gillibrand emphasized in a statement that "the future of these markets is not in offshore and unregulated foreign entities but rather in a regulated and institutional American company," highlighting APEC's competitive positioning against unregulated offshore alternatives.
The timing and structure of the raise align with broader regulatory momentum toward domesticated crypto and derivatives infrastructure in the United States, alongside Senator Gillibrand's established pro-cryptocurrency stance in Congress. The $300 million valuation and participation by established venture firms and crypto industry figures suggest institutional confidence in the perpetuals market's expansion and APEC's potential to capture share in a regulated domestic framework.
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