Hyperliquid Strategies files for FCM approval to bring perpetual futures to US

Hyperliquid Strategies (NASDAQ: PURR) announced Thursday that a subsidiary has filed an application to become a futures commission merchant (FCM), seeking to bring perpetual futures trading on Hyperliquid to US customers within a regulated framework.

If approved, the FCM would carry US client accounts for permissioned markets deployed under HIP-3*, an upcoming expansion of Hyperliquid’s infrastructure that allows independent operators to launch markets with restricted access.

The company said the application remains subject to regulatory approval, with no assurance regarding its timing or outcome.

David Schamis, CEO of Hyperliquid Strategies, said the application is part of the company’s broader strategy to capture value from the Hyperliquid ecosystem through HYPE ownership while expanding access to its trading infrastructure.

The move follows Hyperliquid’s recently announced plans to introduce HIP-3*, which allows market deployers to manage access through onchain allowlists while using Hyperliquid as the underlying infrastructure.

The framework is designed to accommodate regulated market operators without changing existing permissionless markets.

Kraken parent Payward has also announced plans to become the first CFTC regulated deployer under HIP-3*, with Bitnomial expected to operate and clear perpetual futures markets and NinjaTrader Clearing serving as the FCM responsible for customer accounts, subject to regulatory approval.

Hyperliquid Strategies’ application would position the company to provide a similar customer account function through its own subsidiary.

The filing was disclosed alongside the company’s quarterly earnings report, which showed $802 million deployed during the three months ended September 30, including $785 million to acquire 9.1 million HYPE tokens.

Its treasury increased from 29.3 million HYPE at the end of June to 38.5 million at the end of September.

As of October 28, the company held approximately 38.9 million HYPE tokens at a blended acquisition cost of $56.35 per token, with $245.3 million remaining in cash and cash equivalents.

Hyperliquid Strategies reported $620.6 million in quarterly net income, primarily reflecting $803 million in unrealized gains on its HYPE holdings, alongside $12.3 million in staking revenue and validator commissions.

The announcement came as a broad selloff swept through crypto and traditional financial markets Thursday, with the S&P 500 and Nasdaq declining sharply. Bitcoin traded below $76,000 at press time, down nearly 6% over the past 24 hours, while HYPE fell approximately 7% to around $78.