Hyperliquid Strategies files for US futures broker license, reports $620.6 million profit
Hyperliquid Strategies Inc. has applied through a subsidiary to become a CFTC-regulated futures commission merchant, aiming to bring perpetual futures trading on Hyperliquid to U.S. customers under the proposed HIP-3 framework.
Nasdaq-listed Hyperliquid Strategies Inc. announced that a subsidiary has applied for registration as a U.S. futures commission merchant with the Commodity Futures Trading Commission. If approved by regulators, the firm intends to hold customer accounts and provide U.S. traders with compliant access to perpetual futures on permissioned markets built under Hyperliquid's HIP-3 framework.[1][2][5][6][7]
Chief Executive David Schamis revealed the regulatory filing alongside financial results for the quarter ended September 30, 2026. Schamis described the application and the firm's capital deployment as "the same bet," explaining that accumulating HYPE captures network economics while an onshore broker arm helps expand access to markets deployed on the protocol.[1][4][7]
The company reported $620.6 million in quarterly net income, propelled primarily by $803 million in net unrealized paper gains on its HYPE holdings, alongside $13.3 million in revenue. During the quarter, Hyperliquid Strategies raised $911 million in equity and deployed $802 million, allocating $785 million to purchase 9.1 million HYPE tokens and $17 million to repurchase PURR shares. By October 28, 2026, its treasury reached approximately 38.9 million HYPE at an average cost of $56.35 per token, though the firm cautioned that the timing and outcome of its regulatory application remain uncertain.[2][5][6][7]
Key facts
- A subsidiary of Hyperliquid Strategies Inc. applied to the CFTC to become a registered futures commission merchant.
- The application seeks to allow U.S. customers to trade perpetual futures on Hyperliquid's permissioned HIP-3 markets.
- Hyperliquid Strategies reported $620.6 million in net income and $13.3 million in revenue for the quarter ended September 30, 2026.
- Quarterly net income was driven by $803 million in net unrealized gains on HYPE token holdings.
- The company raised $911 million in equity during the quarter and spent $785 million acquiring 9.1 million HYPE tokens.
- Total treasury holdings reached approximately 38.9 million HYPE at an average cost of $56.35 per token as of October 28, 2026.
- The company cautioned that there is no guarantee regarding the timing or outcome of the FCM application.
Sources · 8 sources
- CB
Crypto Briefing@Crypto_BriefingPost on X ·
🚨 NEW: Hyperliquid Strategies ($PURR) files for regulatory approval to become a futures commission merchant through a subsidiary, aiming to bring Hyperliquid perpetual futures to US customers under HIP-3*. https://t.co/OTlxgsitsw
Open source - TB
The BlockArticle ·
Hyperliquid Strategies files to become CFTC-registered FCM, posts $13.3 million in quaterly revenue Hyperliquid Strategies posted $13.3M in revenue and $620.6M net income, and filed with the CFTC to become an FCM for U.S. HIP-3 perp markets.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🔥 JUST IN: Hyperliquid Strategies booked $620M in Q3 profit, mostly paper gains on $HYPE, and has applied for a license to bring Hyperliquid perps to US traders. https://t.co/eweC13iKIf
Open source - CB
Crypto Banter@crypto_banterPost on X ·
🚨HYPERLIQUID STRATEGIES FILES TO BRING HYPERLIQUID PERPS TO U.S. CUSTOMERS! @HypeStrat disclosed in its Q3 results that a subsidiary has applied to become a futures commission merchant, aiming to carry U.S. client accounts for permissioned markets under HIP-3* on Hyperliquid, subject to regulatory approval. CEO David Schamis called the FCM filing and the quarter’s $802M deployment (including $785M for 9.1M HYPE) “the same bet” to bring Hyperliquid markets onshore.
Open source - CB
Coin Bureau@coinbureauPost on X ·
🇺🇸 JUST IN: Hyperliquid Strategies, holding $3.5 BILLION in $HYPE, officially files to become a US futures broker. The Nasdaq-listed firm says a subsidiary has applied to become a futures commission merchant, a broker regulated by the CFTC. If approved, US customers could trade perpetual futures on Hyperliquid’s permissioned markets through it. The company says there’s no guarantee on the timing or outcome of the application.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Largest HYPE Treasury Firm Hyperliquid Strategies Seeks US Futures Commission Merchant Registration, Reports $620.6M Quarterly Profit Hyperliquid Strategies (NASDAQ: PURR), the largest publicly traded HYPE treasury company, announced that a subsidiary has applied for registration as a US futures commission merchant (FCM). If approved, the entity plans to serve US clients trading perpetual futures on permissioned markets under Hyperliquid's proposed HIP-3* framework. The company also reported $620.6 million in net income for the quarter ended September 30, primarily driven by $803 million in unrealized gains on its HYPE holdings. It raised $911 million in equity capital during the quarter, spending $785 million to acquire approximately 9.1 million HYPE tokens. As of October 28, its total holdings had reached approximately 38.9 million HYPE, with an average cost of $56.35 per token.
Open source - UN
UnchainedArticle ·
Hyperliquid Strategies Posts $620.6 Million Profit, Applies to Become a Futures Broker Hyperliquid Strategies (NASDAQ: PURR), a public company that holds Hyperliquid’s HYPE token as its main treasury asset, reported $620.6 million in net income for the quarter ended Sept. 30, almost all of it from paper gains on its tokens. It also said a subsidiary has applied to become a futures commission merchant , the kind of firm that holds customer accounts for U.S. futures trading. “Those two moves are the same bet,” CEO David Schamis said in the company’s earnings release , referring to the token purchases and the application. In his telling, owning HYPE captures the protocol’s economics, while the broker arm would help bring markets built on Hyperliquid onshore. That second plan lands in a market that Lorenzo Valente , ARK Invest’s director of research for digital assets, expects to fill up. “I think perps [are] gonna get very, very competitive,” Valente said on Unchained in October, adding that “Coinbase, Robinhood, you know, the Backpacks of the world, they’re all gonna compete there.” Valente, who agreed Hyperliquid is “the darling” among protocols that buy back their own tokens, said buybacks were not the best use of that value. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Paper Gains Drive the Quarter The profit rested on $803.0 million in net unrealized gains on HYPE, marked at the token’s Sept. 30 price of $90.99. The company set aside $172.3 million for income taxes and recorded $15.3 million in mostly non-cash costs tied to its equity facility. Staking revenue and validator commissions brought in $12.3 million. Hyperliquid Strategies raised $911 million by selling stock during the quarter and put $802 million to work. Of that, $785 million bought 9.1 million HYPE , which works out to about $86 a token, taking the treasury from 29.3 million tokens at the end of June to 38.5 million at the end of September. The rest, $17 million, went to buying back 2.7 million PURR shares. The company reported $254.6 million in cash and cash-like holdings and no debt. The Broker Application Hyperliquid plans optional additions to HIP-3, its existing system for third-party markets, that would let operators launch permissioned markets on the chain. If regulators sign off, the subsidiary would hold U.S. client accounts for those markets, giving American customers a regulated route to perpetual futures. The company cautioned it cannot predict when, or whether, the application will be approved. Two other firms are working on similar routes. Payward , Kraken’s parent, aims to be the first CFTC-regulated firm to run Hyperliquid markets with the exchange’s new access controls, through its Bitnomial exchange and NinjaTrader Clearing. Trade.xyz said Intercontinental Exchange , the New York Stock Exchange’s owner, is investing in it to offer U.S. traders round-the-clock perps built on Hyperliquid. Both plans still need CFTC approval. Related Listen: Why ICE Wants to Run Hyperliquid-Based Perps in the US The post Hyperliquid Strategies Posts $620.6 Million Profit, Applies to Become a Futures Broker appeared first on Unchained .
Open source - CO
CoindeskArticle ·
Hyperliquid treasury firm seeking U.S. regulatory nod as a domestic futures platform The company said it's trying to establish a U.S. "futures commission merchant" with full compliance for activity with U.S. clients, though the timing is uncertain.
Open source