A Hyperliquid Strategies subsidiary applied to become a US futures commission merchant; its $620.6M quarterly profit mostly reflects unrealized HYPE gains.
A unit of Hyperliquid Strategies has filed to register as a US futures commission merchant. If the application goes through, the firm — which describes itself as the biggest Hyperliquid treasury operation — would be able to hold US client accounts for perpetual futures.
Most of the $620.6 million profit booked for the September quarter comes from $803 million in unrealized HYPE gains. The FCM application has yet to win regulatory approval, so PURR shareholders remain at the mercy of token price moves in the meantime.
Hyperliquid Strategies operates as a listed digital-asset treasury firm whose model centers on a single token. A futures commission merchant, by contrast, is a registered middleman that keeps customer money and processes futures trades.
The planned subsidiary would operate in permissioned markets under HIP-3*, an upcoming Hyperliquid upgrade designed to let independent operators limit participation. In its earnings release, the firm frames the move as regulated US access to perpetual futures — leveraged instruments that never expire.
Staking revenue plus validator commissions came to $12.3 million, compared with $803 million in unrealized gains. The earnings report, however, does not put a number on any revenue from the FCM.
“Those two moves are the same bet.”
David Schamis, chief executive of Hyperliquid Strategies, made the remark about the company’s $802 million deployment and its FCM application in the earnings release.
Over the quarter, the company pulled in $911 million from equity and used $785 million to buy 9.1 million HYPE. By October 28, its holdings stood at 38.9 million tokens, with an average cost of $56.35.
The firm cautioned that nothing is certain about the timing or outcome of the FCM application or the permissioned HIP-3* markets.
The same exposure that generated the profit could wipe it out. Hyperliquid Strategies’ risk disclosures warn that PURR’s share price moves closely with HYPE, and HYPE can drop. Since the $803 million gain has not been realized, any fall would reduce reported income even with no trades executed.
The recurring revenue picture is much smaller: $12.3 million came from staking, $1.0 million from interest, and expenses were $7.6 million. Applying to become an FCM also introduces regulatory risk, as the company has given no assurance on when or whether the bid succeeds.
US HYPE fund inflows, meanwhile, came to roughly $605,000 on November 3. The same day saw outflows from Bitcoin (BTC) and Ethereum (ETH) funds, according to SoSoValue.
Michael Selig, chairman of the Commodity Futures Trading Commission (CFTC), said on November 3 that perpetual futures tied to individual stocks may start trading. Such contracts are restricted to exchanges that also hold registration with the Securities and Exchange Commission (SEC).
Should the application win approval, the subsidiary would hand Hyperliquid a regulated route for US traders within that same week. Selig’s statement said nothing about onchain platforms like Hyperliquid, leaving open how permissioned markets would fit into that structure.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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