- Hyperliquid Strategies applied to register as a U.S. futures commission merchant.
- The proposed FCM would serve U.S. clients trading permissioned markets under HIP-3.
- The firm reported $620.6 million in Q3 net income and $803 million in unrealized gains.
Hyperliquid Strategies, a Nasdaq-listed firm that holds HYPE tokens, has applied to register as a U.S. futures commission merchant, a step that could let it hold accounts for Americans trading certain perpetual futures markets built on Hyperliquid.
The firm disclosed the application in its third-quarter earnings release. It said the proposed broker would serve U.S. customers trading permissioned markets under HIP-3, a planned upgrade that would allow outside parties to operate markets for verified users. The broker registration and permission for those markets are separate approvals.
Could the Filing Connect U.S. Traders to Hyperliquid Markets?
A futures commission merchant, or FCM, holds customer accounts for futures trading. Hyperliquid Strategies said its proposed FCM would hold accounts for U.S. clients accessing permissioned markets on the network.
CEO David Schamis said the company deployed $802 million during the quarter and filed the FCM application. He described the moves as part of the same strategy and said the registration would support bringing markets deployed on Hyperliquid onshore.
Hyperliquid Strategies is separate from Hyperliquid and the Hyper Foundation. Its investor presentation says it is not affiliated with either. The filing concerns the publicly traded treasury firm; it does not state that the Hyperliquid exchange has filed with U.S. regulators or received permission to serve American traders.
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Other Firms Are Pursuing U.S. Market Access
Several companies are now exploring ways to bring Hyperliquid-based perpetual futures markets to U.S. traders. On Oct. 26, Hyperliquid announced that Payward, Kraken’s parent, intended to become the first CFTC-regulated operator of HIP-3 markets.
On Oct. 29, Intercontinental Exchange agreed to become the exclusive operator of tradeXYZ’s regulated U.S. markets built on Hyperliquid. Customers would access those markets through brokers joining ICE’s clearing system. Hyperliquid Strategies’ proposed FCM could place the firm among brokers seeking a role, if its application and relevant market approvals are granted.
HYPE Holdings Shaped the Firm’s Quarterly Results
As of Sept. 30, Hyperliquid Strategies held 38.5 million HYPE tokens valued at $3.51 billion, based on a price of $90.99. It reported $620.6 million in third-quarter net income and $803 million in unrealized HYPE gains. Staking and validator commissions generated $12.3 million, compared with $7.6 million in operating costs.
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Related: Hyperliquid Price Prediction: Can HYPE Reach $100 in November as ICE Picks Hyperliquid for US Perps?
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