Hyperliquid Strategies Inc. (NASDAQ: PURR) said on Thursday that a subsidiary has filed an application to become a futures commission merchant. Subject to regulatory approval, the firm said the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3, “allowing HSI to play a role in bringing perpetual futures to US customers within a regulated framework.”
CryptoWatchDesk last covered onshore Hyperliquid plumbing when ICE partnered with TradeXYZ on Hyperliquid-based US perpetual futures. What has changed here is the applicant: the largest public HYPE treasury wants to sit in the clearing and account-carrying seat, not only on the asset side of the balance sheet.
The FCM pitch
CEO David Schamis tied the filing to the treasury strategy in the same release: “We deployed $802 million this quarter and filed an application to become a futures commission merchant… Owning HYPE is how we aim to capture economics associated with the Hyperliquid protocol; setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore.”
The company describes HIP-3 as optional deployer functionality for permissioned markets on Hyperliquid’s onchain infrastructure, with independent operators running compliant markets while the chain stays a “neutral infrastructure layer.” It also warns there can be “no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets.”
CoinDesk, citing the same results package, names the subsidiary as HypeStrat Markets and says an August National Futures Association application remains pending. The PR Newswire release itself does not name the subsidiary or the NFA filing date.
The quarter behind the filing
For the quarter ended 30 Sep 2026 the company reported $620.6 million of net income. That figure was driven mainly by $803.0 million of net unrealized gains on HYPE tokens, partly offset by a $15.3 million expense tied to its committed equity facility and a $172.3 million tax provision. Operating lines were small beside the mark-to-market: $12.3 million of staking revenue and validator commissions, $1.0 million of interest income and $7.6 million of SG&A and R&D.
On the balance sheet at quarter-end it showed $3,505.3 million of HYPE tokens — about 38.52 million tokens at a $90.99 September 30 price — $3,403.0 million of stockholders’ equity and no debt. As of 28 Oct it said holdings had risen to about 38.9 million HYPE at a blended cost of $56.35, with $245.3 million of cash and cash-like instruments still undeployed.
Why the plumbing matters
US customers still cannot use the offshore Hyperliquid venue directly. An approved FCM would be account-carrying infrastructure for permissioned HIP-3 markets, not a promise that those markets are live or that PURR’s treasury returns will repeat. Mark-to-market HYPE gains can reverse in a quarter when the token price falls; the FCM application does not hedge that risk.
The step sits alongside other US on-ramps already on our Institutions rail, including Amundi’s tokenised European equity index share class on Ethereum — different asset class, same theme of regulated wrappers around onchain rails.
Watch the NFA/CFTC docket for the subsidiary application and any HIP-3 deployer announcements that name an FCM. Until approval, the confirmed facts are the filing disclosure, the HIP-3 account-carrying ambition, and a quarter whose GAAP profit was mostly unrealized HYPE.
This article is for information only and is not investment advice.