Hyperliquid Strategies Files for FCM Registration in the US

Hyperliquid Strategies (NASDAQ: PURR) announced that its subsidiary has applied for registration in the US as a Futures Commission Merchant (FCM). Upon approval, it plans to service client accounts on regulated perpetual futures markets utilizing Hyperliquid's infrastructure. The company disclosed these plans on November 5, 2026, alongside its quarterly earnings report.

Hyperliquid Strategies specializes in accumulating HYPE tokens, which constitute the majority of its assets. Now, the company intends to complement this model with activities in the derivatives market.

FCM is a regulated intermediary that accepts client orders for futures and other derivatives transactions and can also accept funds to secure such deals.

The subsidiary of Hyperliquid Strategies plans to serve American users in restricted access markets that may emerge under HIP-3*. This proposed expansion of Hyperliquid's infrastructure will allow independent operators to determine which participants are eligible to trade.

The blockchain itself will continue to perform the technical functions of processing and settling transactions. However, launching regulated services will require permits, and the timeline for obtaining them is currently undefined.

“This quarter, we allocated $802 million for investments and applied for registration as a futures commission merchant. These two steps are part of a single strategy,” said David Shamis, CEO of Hyperliquid Strategies.

Hyperliquid Strategies' Profit Depends on HYPE Value

For the quarter ended September 30, 2026, the company reported a net profit of $620.6 million. The main contributor to this result was the unrealized appreciation of HYPE tokens, amounting to $803 million.

This figure reflects the accounting revaluation of cryptocurrency reserves rather than income from token sales. Therefore, the company's future financial results will also depend on changes in the market price of HYPE.

Staking and validator fee income amounted to $12.3 million, while interest income was about $1 million. Management and research expenses reached $7.6 million, and the accrued income tax was $172.3 million.

During the quarter, Hyperliquid Strategies raised $911 million through a stock offering. Of the $802 million allocated capital, $785 million was spent on purchasing approximately 9.1 million HYPE, and another $17 million on the buyback of 2.7 million of its own PURR shares.

By September 30, the company's reserve increased from 29.3 million to 38.5 million HYPE. As of October 28, it owned 38.9 million tokens with an average acquisition cost of $56.35 per unit, considering the entire accumulated portfolio.

As of the end of September, Hyperliquid Strategies' assets were valued at $3.76 billion, with approximately $3.51 billion attributed to HYPE. Cash and cash equivalents amounted to $254.6 million, with no debt obligations.

The company warns that neither obtaining FCM status nor approval of HIP-3* markets is guaranteed. Until regulatory procedures are completed, the new business does not generate confirmed revenue, while Hyperliquid Strategies' financial results remain sensitive to the value of its cryptocurrency reserves.