A subsidiary of Nasdaq-listed Hyperliquid Strategies has applied to become a CFTC-registered futures commission merchant (FCM), the company disclosed in its quarterly results on Thursday. The move aims to allow U.S. clients to trade permissioned markets built on the Hyperliquid protocol within a regulated framework.

If approved by regulators, the new unit would carry accounts for American traders seeking access to perpetual futures. CEO David Schamis described the regulatory filing and the firm’s recent capital deployment as part of a unified strategy. “We deployed $802 million this quarter and filed an application to become a futures commission merchant,” Schamis said. “Those two moves are the same bet.”

Financial Performance and Capital Allocation

Hyperliquid Strategies reported $620.6 million in net income for the quarter, driven primarily by $803 million in unrealized gains as the price of its native HYPE token rose from approximately $65 to $91. At the end of September, the firm held about 38.5 million HYPE tokens, valued at roughly $3.5 billion.

During the period, the company spent $785 million acquiring 9.1 million additional HYPE tokens and $17 million repurchasing 2.7 million of its own shares. These purchases were funded largely by $911 million raised through stock sales.

Regulatory Landscape and Competition

The application faces an uncertain timeline, as regulators must approve both the FCM registration and the specific permissioned HIP-3 markets the unit intends to serve. Hyperliquid Strategies has not provided a projected date for approval.

Other major financial players are pursuing similar avenues to bring crypto derivatives to U.S. markets. Kraken parent Payward stated it plans to deploy HIP-3 markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing acting as the FCM. Additionally, Intercontinental Exchange, the owner of the New York Stock Exchange, recently agreed to partner with Trade[XYZ] to introduce Hyperliquid-based perpetual futures to the U.S., a development that previously lifted HYPE prices by 13 percent.