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A subsidiary of Hyperliquid Strategies has applied to become a CFTC-registered futures commission merchant, or FCM, to carry U.S. client accounts for permissioned markets built on the Hyperliquid protocol, according to Decrypt. The Nasdaq-listed treasury firm, which trades under the ticker PURR, disclosed the filing in its quarterly results released Thursday.
Earlier reporting: CFTC Federal Option Gains Traction After $6.36 Billion Binance Hack.
Regulatory Path for U.S. Trading
The application seeks to establish a regulated channel for American traders to access perpetual futures on Hyperliquid, a platform that currently blocks U.S. users. An FCM is a CFTC-registered broker authorized to hold customer funds and handle futures orders. If approved, the new unit would operate under a permissioned framework known as HIP-3*, which allows regulated deployers to run markets restricted to approved traders while Hyperliquid acts as neutral infrastructure.
CEO David Schamis framed the regulatory filing as a direct extension of the firm’s financial strategy. “We deployed $802 million this quarter and filed an application to become a futures commission merchant,” Schamis said. “Those two moves are the same bet.”
The firm’s balance sheet reflects a heavy concentration in the HYPE token. At the end of September, Hyperliquid Strategies held approximately 38.5 million HYPE, valued at roughly $3.5 billion. The company’s business model relies on accumulating the token, which is used to stake and launch markets on the Hyperliquid order book. By securing FCM status, the firm aims to generate revenue from trading activity beyond its existing token holdings, creating a direct business line tied to the protocol’s fee structure.
Quarterly Financial Performance
Hyperliquid Strategies reported $620.6 million in net income for the quarter, a figure driven almost entirely by $803 million in unrealized gains. The value of the firm’s HYPE holdings increased as the token price rose from approximately $65 to $91 during the period.
To fund its operations and acquisitions, the firm raised $911 million through stock sales. It deployed $785 million to purchase 9.1 million HYPE tokens and spent $17 million repurchasing 2.7 million of its own shares. The firm is chaired by Bob Diamond, the former CEO of Barclays.
The move to enter the U.S. market is part of a broader effort by multiple entities to bring Hyperliquid-based perpetual futures to American investors. Kraken parent Payward has announced plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing serving as the FCM. Additionally, Intercontinental Exchange, the owner of the NYSE, agreed last week to partner with Trade[XYZ] to offer Hyperliquid-based perpetual futures in the U.S. That announcement contributed to a 13% increase in the price of HYPE. Trade[XYZ] already operates markets on Hyperliquid, including perpetual futures tied to the S&P 500.
Regulatory Approval Pending
Despite the strategic alignment with other major players, the path to launching these services requires specific regulatory sign-offs. The Commodity Futures Trading Commission must approve both the FCM registration for Hyperliquid Strategies’ subsidiary and the permissioned HIP-3 markets it intends to serve. The company has not provided a timeline for when these approvals might be granted.
Source: Decrypt
