TL;DR
- Hyperliquid Strategies applied through a subsidiary to become a futures commission merchant, seeking a regulated route for U.S. customers to access Hyperliquid-based perpetual futures.
- The proposed FCM would carry U.S. client accounts for permissioned HIP-3* markets, but both the application and those markets still require regulatory approval.
- The filing came as Hyperliquid Strategies expanded its HYPE treasury to 38.5 million tokens and reported $620.6 million in quarterly net income overall.
Hyperliquid Strategies has applied through a subsidiary to become a futures commission merchant, or FCM, as it seeks a regulated route for U.S. customers to access markets deployed on Hyperliquid. In its SEC-filed quarterly update, the company said the application supports its plan to help bring perpetual futures onshore. The filing makes clear that approval remains pending. The FCM application could connect U.S. clients with Hyperliquid-based perpetual futures inside a regulated framework, extending access to Hyperliquid.
Hyperliquid Strategies Targets Regulated U.S. Perpetuals
The proposed structure would use permissioned markets deployed under HIP-3*, an optional extension designed to let operators manage onchain allowlists. Under the company’s plan, regulated operators would control their markets while Hyperliquid remains the neutral infrastructure layer underneath. If approved, the FCM would carry U.S. customer accounts for those permissioned markets. The application does not itself authorize U.S. perpetual trading, and Hyperliquid Strategies says there is no assurance regarding timing or regulatory outcome.
Hyperliquid Strategies disclosed the FCM effort alongside treasury expansion. During the quarter, it raised $911 million in equity capital and deployed $785 million to acquire 9.1 million HYPE tokens, increasing its holdings from 29.3 million to 38.5 million HYPE by September 30. It also spent $17 million repurchasing 2.7 million PURR shares. The regulatory push therefore sits alongside a strategy centered on accumulating HYPE and participating in the Hyperliquid ecosystem.
The company also reported $620.6 million in net income, largely reflecting $803 million in unrealized gains on HYPE tokens. Staking revenue and validator commissions contributed $12.3 million, while the balance sheet included $254.6 million in cash and cash-like instruments and no debt. Hyperliquid Strategies said its validator had become the network’s largest non-Foundation validator. These figures show that the proposed FCM is one component of a broader operating and treasury strategy rather than a standalone brokerage initiative.
HIP-3* itself remains subject to development and regulatory approvals. Hyperliquid Strategies says permissioned markets would allow deployers to run compliant venues while preserving the blockchain as neutral infrastructure. The company’s presentation describes the model as a regulated stack above Hyperliquid’s order book, matching, margining, liquidation and settlement technology. U.S. perpetual futures are therefore a planned regulated expansion, not a live product from Hyperliquid Strategies, and any launch depends on both the FCM application and approval of the relevant permissioned markets.
