SKN | Hyperliquid Strategies Seeks U.S. Futures Broker Registration to Expand Institutional Access to On-Chain Markets

Key Points:

• Hyperliquid Strategies, the Nasdaq-listed digital asset treasury company trading as PURR, has applied through a subsidiary to become a futures commission merchant (FCM), potentially allowing it to handle U.S. customer accounts and futures orders.
• The proposed business would support permissioned perpetual futures markets on Hyperliquid through its HIP-3* framework, subject to regulatory approval and access restrictions.
• The company held approximately 38.5 million HYPE tokens worth $3.5 billion at the end of September, while its quarterly net income of $620.6 million was driven primarily by unrealized gains on its token holdings.

Hyperliquid Strategies is seeking to transform its role in the digital asset ecosystem by moving beyond cryptocurrency treasury management and into regulated derivatives brokerage. The Nasdaq-listed company, chaired by former Barclays CEO Bob Diamond, disclosed in its quarterly results that a subsidiary had applied to become a futures commission merchant. If approved, the business could provide U.S. customers with access to permissioned perpetual futures markets built on Hyperliquid, potentially connecting regulated financial services with one of the largest on-chain derivatives platforms.

FCM Application Could Create a New U.S. Business Line

A futures commission merchant is a broker registered with the Commodity Futures Trading Commission (CFTC) that can accept customer funds and handle futures orders. Hyperliquid Strategies’ proposed registration would allow its subsidiary to carry U.S. client accounts for permissioned markets operating through Hyperliquid’s infrastructure.

The distinction is important because Hyperliquid currently blocks U.S. users from accessing its perpetual futures trading platform. Perpetual futures are derivatives contracts without an expiration date that allow traders to establish leveraged positions based on an asset’s price movements.

CEO David Schamis described the FCM application and the company’s treasury deployment as connected strategic decisions. The company said it deployed $802 million during the quarter while pursuing the regulatory application, indicating that its strategy combines continued exposure to HYPE with the development of a separate operating business.

HIP-3* Could Connect Regulated Brokers With On-Chain Markets

Hyperliquid’s existing HIP-3 framework allows external developers and businesses to launch their own perpetual futures markets on its order book after staking HYPE tokens. A proposed permissioned version, known as HIP-3*, would extend this structure by allowing regulated market deployers to operate trading venues restricted to approved participants.

Under this arrangement, a regulated intermediary could manage customer access and compliance requirements while Hyperliquid provides the underlying trading infrastructure. The model could offer a route for U.S. institutions and eligible customers to access on-chain derivatives without opening unrestricted access to the existing global platform.

For Hyperliquid Strategies, the potential commercial benefits extend beyond brokerage revenue. Greater U.S. trading activity could generate additional fees for the protocol, which uses fee revenue to repurchase HYPE tokens. The proposed FCM business would also give the company an operating revenue opportunity beyond holding and managing digital assets.

HYPE Treasury Exposure Remains Central to the Company’s Financial Results

At the end of September, Hyperliquid Strategies held approximately 38.5 million HYPE tokens, valued at roughly $3.5 billion. During the quarter, the company spent $785 million acquiring 9.1 million additional HYPE tokens and used another $17 million to repurchase 2.7 million of its own shares.

These purchases were funded largely through approximately $911 million raised from stock sales. The company reported $620.6 million in net income, supported primarily by $803 million in unrealized gains as HYPE increased from approximately $65 to $91 during the reporting period.

The distinction between realized operating earnings and unrealized treasury gains is important when assessing the company’s financial performance. Much of its reported profitability reflected changes in the market value of its HYPE holdings rather than income generated through its proposed brokerage operations.

Competition and Regulatory Approval Will Shape Execution

Hyperliquid Strategies is not the only company pursuing regulated access to permissioned on-chain derivatives. Kraken parent Payward has announced plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing serving as the futures commission merchant.

Meanwhile, Intercontinental Exchange, the owner of the New York Stock Exchange, has agreed to work with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the U.S. market. Trade[XYZ] already operates markets on Hyperliquid, including perpetual futures linked to the S&P 500. The announcement helped drive a 13% increase in HYPE, according to the report.

Going forward, the key question is whether Hyperliquid Strategies can secure the necessary regulatory approvals and convert its substantial token exposure into a sustainable operating business. Both the FCM registration and the permissioned HIP-3 markets require regulatory sign-off, and the company has not provided a timeline. The outcome could influence how traditional financial intermediaries participate in on-chain derivatives, while also testing whether decentralized trading infrastructure can accommodate regulated U.S. market access at scale.