Hyperliquid Strategies files to become a US futures commission merchant for Hyperliquid markets and books a $620.6 million quarterly profit on HYPE gains

Hyperliquid Strategies, the Nasdaq-listed company that trades as PURR and holds a large treasury of HYPE tokens, said on Thursday that a subsidiary has filed an application to become a futures commission merchant, the type of firm that holds customer accounts for futures trading. The Block described it as a bid for CFTC registration.

The company said that, subject to regulatory approval, the unit would carry US client accounts for permissioned markets deployed on Hyperliquid under a proposed feature called HIP-3, which would let independent operators build and run their own markets on the network. It added that there can be no assurance as to the timing or outcome of the application. "Those two moves are the same bet," chief executive David Schamis said of the filing and the $802 million the company deployed in the quarter.

The results show how much those purchases dominate its accounts. Net income for the quarter to September 30 was $620.6 million, driven by $803 million of unrealized gains on HYPE and reduced by a $172.3 million tax provision. Revenue from staking and validator commissions was $12.3 million. The company spent $785 million on 9.1 million HYPE in the quarter and held about 38.5 million tokens at the end of September, with no debt.

The filing follows last week's agreement by NYSE owner Intercontinental Exchange to work with TradeXYZ on bringing Hyperliquid-based perpetual futures to US traders, The Block noted.