A subsidiary of Hyperliquid Strategies has applied to become a US futures commission merchant (FCM), a registration that would allow the self-described largest Hyperliquid treasury firm to carry US client accounts for perpetual futures. The application still requires regulatory approval, and the company said there is no assurance on timing or outcome.
The move comes as Hyperliquid Strategies (NASDAQ: PURR) reported a $620.6 million profit for the September quarter, mainly from $803 million of unrealized gains on HYPE. The company also disclosed $12.3 million in staking revenue and validator commissions, and $1.0 million in interest, against $7.6 million in expenses.
What FCM registration would enable
An FCM is a registered intermediary that holds customer funds and handles futures orders. According to the company’s earnings release, the subsidiary would serve permissioned markets under HIP-3*, a planned Hyperliquid upgrade that lets independent operators restrict who can trade. The release pitches this as regulated US access to perpetual futures—leveraged contracts without expiry dates.
The earnings release does not quantify any revenue from an FCM. CEO David Schamis described the firm’s $802 million deployment and the FCM filing as “the same bet,” according to the release.
Token exposure and financial risk
During the quarter, Hyperliquid Strategies raised $911 million in equity and spent $785 million on 9.1 million HYPE. Holdings reached 38.9 million tokens by October 28, at an average cost of $56.35.
The company’s own risk disclosures state that PURR’s stock price is highly correlated with HYPE, which may fall. Because the $803 million gain is unrealized, a decline in HYPE would cut reported income without a single trade.
Regulatory context
On November 3, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said perpetual futures on individual stocks can begin trading, limited to exchanges also registered with the Securities and Exchange Commission (SEC). The statement does not mention onchain venues such as Hyperliquid, so how permissioned markets fit that framework remains open.
Meanwhile, US HYPE fund inflows reached about $605,000 on November 3, while Bitcoin (BTC) and Ethereum (ETH) funds posted outflows that day, per SoSoValue.
