A subsidiary of Hyperliquid Strategies has applied to register as a futures commission merchant (FCM) in the United States, seeking to facilitate the trading of Hyperliquid-based perpetual futures domestically.
The Nasdaq-listed treasury company stated that both the FCM application and the proposed permissioned markets require regulatory approval before they can operate. The subsidiary would handle US customer accounts for these markets if authorized.
Regulatory strategy
Hyperliquid Strategies CEO David Schamis said the move is intended to help bring markets deployed on the Hyperliquid protocol onshore. He linked the corporate structure to capturing protocol economics, stating that owning HYPE tokens allows the company to benefit from the platform’s fee generation.
The initiative aligns with Hyperliquid’s HIP-3 framework, which allows independent operators to launch custom perpetual futures markets by staking 500,000 HYPE tokens. Proposed features for this framework would enable operators to create permissioned markets that restrict participation to approved addresses.
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced an agreement with Trade[XYZ] on Oct. 29 to bring Hyperliquid-based perpetual markets to the US. ICE plans to operate a dedicated market and clearing structure for these products, subject to regulatory approvals.
Quarterly financial results
Hyperliquid Strategies disclosed its financial position for the quarter ended Sept. 30 alongside the regulatory update. The company raised $911 million in equity capital during the period.
It spent $785 million to acquire 9.1 million HYPE tokens and $17 million to repurchase 2.7 million PURR shares. As of Sept. 30, the company held 38.5 million HYPE tokens, valued at $3.5 billion.
Following the release of the quarterly results, Hyperliquid Strategies’ shares fell 9.6% on Thursday, closing at $8.76, according to Yahoo Finance data.
