Hyperliquid Strategies Increased Reserves to 38.5 Million HYPE and Filed for FCM Registration

The American company Hyperliquid Strategies (NASDAQ: PURR), specializing in accumulating HYPE tokens, increased its cryptocurrency reserves to 38.5 million tokens as of September 30, 2026. During the quarter, the company allocated $802 million for acquiring digital assets and repurchasing its own shares. This was stated in the financial report published on November 5.

At the same time, Hyperliquid Strategies announced that its subsidiary has applied for registration as a futures commission merchant (FCM) in the United States. This status is necessary for servicing certain client operations in the regulated derivatives market. The company plans to use it to participate in the development of the futures infrastructure of the Hyperliquid ecosystem, although regulatory approval has not yet been obtained.

How Hyperliquid Strategies Increased HYPE Reserves

In the III quarter, the company raised $911 million through the placement of its own shares. Of this amount, $785 million was directed towards acquiring approximately 9.1 million HYPE, resulting in the reserve increasing from 29.3 million to 38.5 million tokens. Another $17 million was spent on repurchasing 2.7 million shares of PURR.

According to the quarterly presentation, to raise capital, Hyperliquid Strategies issued about 74.6 million new shares at an average net price of $12.20. This method of financing allowed for an increase in cryptocurrency reserves, but at the same time expanded the number of shares in circulation. For existing investors, this means the risk of dilution of their shares, even considering the company's buyback program.

As of September 30, the market value of HYPE reserves was $3.51 billion at a token price of $90.99. Additionally, the company held $254.6 million in cash and cash equivalents, primarily short-term treasury bills and money market funds. There were no debt obligations as of the reporting date.

Net Profit Increased Due to Token Revaluation

For the quarter, Hyperliquid Strategies achieved a net profit of $620.6 million. The main factor was unrealized income from the revaluation of HYPE amounting to $803 million, reflecting the change in market value of tokens on the balance sheet. This figure is not equivalent to cash inflows and can significantly change if the cryptocurrency price decreases.

Income from HYPE staking and validator fees amounted to $12.3 million, while interest income reached $1 million. Meanwhile, expenses on administrative activities, research, and development totaled $7.6 million. The company also accounted for expenses related to the capital raising program and income tax accrual.

Thus, the financial results of Hyperliquid Strategies largely depend on the market valuation of a single digital asset. While the increase in HYPE value boosts the balance sheet value of reserves and may positively impact net profit, a decline in the rate can lead to the opposite result. The value of PURR shares, in turn, depends not only on the token price but also on the company's expenses, the number of issued shares, and investor expectations.

Why the Company Needs Futures Commission Merchant Registration

Hyperliquid Strategies intends to expand its presence in the Hyperliquid ecosystem beyond token storage. Its subsidiary has applied for FCM registration to potentially service American clients in regulated perpetual futures markets. These are future markets with limited access, which are planned to be developed as part of the HIP-3* protocol expansion.

The company explains the strategy by the opportunity to participate in the development of Hyperliquid infrastructure and gain economic benefits from using the network. The management also anticipates the effect of a programmatic buyback of HYPE tokens through ecosystem revenues. However, such a mechanism does not imply direct distribution of corresponding funds among Hyperliquid Strategies shareholders and does not guarantee an increase in the value of its assets.

The launch of the regulated direction depends on obtaining the necessary approvals, as well as the readiness of the infrastructure and the trading platforms themselves. The company does not disclose the timeline for the application review and the start of service provision.

After the end of the reporting quarter, Hyperliquid Strategies continued acquiring HYPE. According to the update on October 28, the total reserve had already reached 38.9 million tokens, and total expenses for their accumulation amounted to about $1.58 billion. Meanwhile, the average acquisition cost was estimated at $56.35 per token, considering all accumulated coins and rewards, and the cash and cash equivalents balance was $245.3 million.