Source published November 7, 2026, at 03:46:03 UTC+08:00. This article covers the plans and results reported at that time.
Hyperliquid Strategies, the Nasdaq-listed HYPE treasury company trading as PURR, is seeking a role in bringing Hyperliquid-based perpetual futures to U.S. customers. The proposal would expand its business beyond holding tokens—but also deepen its exposure to the same ecosystem.
In quarterly results disclosed Thursday, the company said a subsidiary had applied to become a futures commission merchant (FCM), a CFTC-registered broker that holds customer funds and handles futures orders. The company is chaired by former Barclays CEO Bob Diamond.
The application is not an approval. Regulators must sign off on both the FCM registration and the permissioned markets it would serve, and the company gave no timeline.
The proposed route into the U.S.
Hyperliquid, a major onchain venue for perpetual futures, still blocks U.S. users. Perpetual futures have no expiration date and allow traders to take leveraged positions.
Its existing HIP-3 framework lets outside firms launch perpetual markets on Hyperliquid’s order book after staking HYPE. A proposed permissioned version, HIP-3*, would allow a regulated deployer to restrict markets to approved traders, with Hyperliquid serving as neutral infrastructure.
If approved, Hyperliquid Strategies’ subsidiary would carry U.S. customer accounts for those permissioned markets. That would create an operating business alongside the company’s token holdings.
One ecosystem, two linked bets
“We deployed $802 million this quarter and filed an application to become a futures commission merchant,” CEO David Schamis said. “Those two moves are the same bet.”
The financial results show the scale of that alignment:
- At the end of September, the company held about 38.5 million HYPE, worth roughly $3.5 billion.
- During the quarter, it spent $785 million buying 9.1 million HYPE and $17 million repurchasing 2.7 million of its own shares.
- Those purchases were funded largely by $911 million raised through stock sales.
- It reported $620.6 million in net income, driven almost entirely by $803 million in unrealized gains as HYPE rose from about $65 to $91.
The distinction between token appreciation and operating earnings matters: the reported profit was driven overwhelmingly by unrealized gains, not an established U.S. brokerage business.
The proposed broker also has a direct connection to the treasury strategy. More U.S. trading routed through Hyperliquid would likely generate more protocol fees, and the protocol uses fee revenue to buy back HYPE. That is the economic rationale—not evidence that regulatory approval or additional trading volume is assured.
Other firms are pursuing the same opening
Kraken parent Payward has said it plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing acting as the FCM.
Decrypt also reported that, in the week before publication, NYSE owner Intercontinental Exchange agreed to work with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the U.S., sending HYPE up 13%. Trade[XYZ] already operates Hyperliquid markets, including perpetual futures tied to the S&P 500.
For Hyperliquid Strategies, the proposed brokerage is both a potential new revenue business and a way to support the ecosystem underlying its substantial token position. The unresolved question in the reported plan is regulatory permission: neither the FCM application nor the markets it would serve had received the required sign-offs.