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12:00 GMT · Markets wrap ›

Derivatives

Hyperliquid Strategies Files for FCM Registration

6 Nov 2026, 11:43

MoneyTurkey editors

The company reported $620.6 million in quarterly profit and applied to become a CFTC-registered futures commission merchant.

MoneyTurkey Derivatives Desk | 6 November 2026

Key points

Hyperliquid Strategies posted $620.6 million in net income for the quarter ended Sept. 30, almost all from unrealized gains on its HYPE token holdings.
A subsidiary filed to become a futures commission merchant to hold U.S. client accounts for Hyperliquid perpetual futures markets.

Hyperliquid Strategies reported $620.6 million in net income for the quarter ended Sept. 30 and disclosed that a subsidiary has applied to register as a futures commission merchant. The profit came almost entirely from $803.0 million in unrealized gains on its HYPE token position, which the company marked at $90.99 per token. The filing seeks permission to hold U.S. customer accounts for perpetual futures markets built on the Hyperliquid chain.

What happened

Hyperliquid Strategies (NASDAQ: PURR) raised $911 million through stock sales during the quarter and deployed $802 million of the proceeds. Of that amount, $785 million purchased 9.1 million HYPE tokens at an average price of about $86, increasing the treasury from 29.3 million tokens at the end of June to 38.5 million at the end of September. The company also used $17 million to repurchase 2.7 million PURR shares.

The firm recorded $172.3 million in income tax provisions and $15.3 million in mostly non-cash costs related to its equity facility. Staking revenue and validator commissions contributed $12.3 million. At quarter end, the company held $254.6 million in cash and cash equivalents with no debt.

CEO David Schamis described the token purchases and the FCM application as the same bet. Owning HYPE captures the protocol’s economics, while the broker arm would bring markets built on Hyperliquid onshore under U.S. regulation.

What the futures and options market is pricing

The application targets permissioned perpetual futures markets that would operate under the existing HIP-3 framework for third-party markets. If approved, the subsidiary would hold U.S. client accounts for those markets, providing a regulated route for American traders to access Hyperliquid perpetual contracts.

Two other firms are pursuing similar routes. Payward, Kraken’s parent, aims to become the first CFTC-regulated firm to run Hyperliquid markets through its Bitnomial exchange and NinjaTrader Clearing. Trade.xyz has received investment from Intercontinental Exchange to offer round-the-clock perps built on Hyperliquid, though both plans still require CFTC approval.

Lorenzo Valente of ARK Invest noted that perpetual futures markets are expected to become highly competitive, with Coinbase, Robinhood, and other platforms entering the space. He described Hyperliquid as the leading protocol among those that buy back their own tokens.

Why it matters

The FCM application would give U.S. traders a regulated path to Hyperliquid perpetual futures, which currently operate offshore. The move aligns with the company’s strategy of owning the protocol’s economics through HYPE while building infrastructure to bring those markets onshore.

The quarterly results show the scale of the treasury bet: $803.0 million in unrealized gains on HYPE drove nearly all of the $620.6 million net income. The company cautioned that it cannot predict when, or whether, the FCM application will be approved.

The filing comes as multiple firms seek CFTC approval to offer Hyperliquid-based perpetual futures to U.S. customers. The outcome will determine whether American traders gain access to these markets through regulated channels or continue to trade offshore.