Hyperliquid Strategies (Nasdaq: PURR) said on November 5 that a subsidiary applied to register as a futures commission merchant (FCM). The company aims to give U.S. customers access to perpetual futures on Hyperliquid through markets with restricted participation.
The subsidiary would carry U.S. client accounts if regulators approve the application and the proposed markets. CEO David Schamis said the initiative pairs the company’s plans for U.S. market access with its investment in HYPE.
HIP-3* and Payward’s Plan for US Perpetuals
The planned HIP-3* upgrade would let independent operators launch markets on Hyperliquid. Operators would use on-chain lists to control which accounts can trade.
Kraken parent Payward announced a similar proposal in September. Its plan calls for Bitnomial to run the markets and clear contracts with NinjaTrader Clearing, handling client accounts if regulators approve the setup.
How Hyperliquid Strategies Expanded Its HYPE Holdings
Hyperliquid Strategies deployed $802 million during the quarter ended September 30. It spent $785 million on 9.1 million HYPE tokens, helping lift holdings from 29.3 million on June 30 to 38.5 million at quarter end.
By October 28, the treasury held about 38.9 million HYPE at a blended cost of $56.35 per token. The company reported $245.3 million in cash and cash-like instruments.
The company posted $620.6 million in quarterly net income. Unrealized gains of $803 million on HYPE drove the result, while staking revenue and validator commissions totaled $12.3 million.
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