Hyperliquid Strategies Files for FCM Status as Quarterly Revenue Tops $13M

Hyperliquid (CRYPTO: $HYPE) treasury company Hyperliquid Strategies (NASDAQ: $PURR) filed an application to register as a futures commission merchant and reported third-quarter revenue of $13.3 million on Thursday, beating analyst estimates ranging from $10.6 million to $12 million.

If approved, the registration would allow a subsidiary to carry accounts for U.S. clients trading permissioned markets built on Hyperliquid, creating a regulated pathway for American customers to access perpetual futures. The company also reported net income of $620.6 million, driven almost entirely by unrealized gains on its HYPE holdings.

According to the company's earnings release, revenue included $12.3 million from staking and validator commissions, alongside $1.0 million in interest income. Net income was primarily driven by $803.0 million in unrealized gains on HYPE holdings, partially offset by a $172.3 million tax provision and $15.3 million in largely non-cash expenses associated with its committed equity facility. Selling, general and administrative expenses, together with research and development costs, totaled $7.6 million.

The futures commission merchant application is tied to HIP-3, a feature that would allow independent deployers to build and launch permissioned markets using Hyperliquid's onchain infrastructure. Under the proposed structure, independent operators would manage their own markets within a compliant framework, while Hyperliquid would continue to serve as the underlying infrastructure layer. Subject to regulatory approval, the subsidiary would carry accounts for U.S. customers participating in those markets.

The company cautioned that there is no guarantee regarding the timing or outcome of the application. CEO David Schamis described the company's HYPE purchases and plans to establish the futures commission merchant business as “the same bet,” arguing that holding the token provides exposure to Hyperliquid's economics while the registration creates a pathway for bringing markets built on the protocol into the U.S.

Hyperliquid Strategies deployed $802 million during the quarter, including $785 million to purchase 9.1 million HYPE tokens and $17 million to repurchase 2.7 million of its own shares. Its token holdings increased to 38.5 million HYPE as of Sept. 30, up from 29.3 million at the end of June. The purchases were funded through $911 million raised under its committed equity facility.

The company ended the quarter with $254.6 million in cash and cash equivalents, no debt and total assets of $3.76 billion. Its HYPE holdings accounted for approximately $3.5 billion of those assets, based on a token price of $90.99.

By Oct. 28, the company's holdings had increased further to 38.9 million HYPE, with a blended acquisition cost of $56.35 per token. Hyperliquid Strategies had also repurchased approximately 5.8 million of its own shares for $27.9 million, at an average price of $4.81 per share. Meanwhile, it had raised $1.58 billion through its committed equity facility at an average share price of $10.36.

Its validator, operated in partnership with Unit, has also become the largest on the Hyperliquid network outside the Hyperliquid Foundation.

The filing comes as Hyperliquid's infrastructure moves closer to U.S. financial markets. Intercontinental Exchange (NYSE: $ICE) agreed last week to partner with TradeXYZ to bring Hyperliquid-based perpetual futures to U.S. traders, with ICE providing exchange and clearing infrastructure.

Earlier this year, President Donald Trump said his administration was working to bring Hyperliquid into the U.S. “in a fully compliant and legal fashion.”

Shares of Hyperliquid Strategies (NASDAQ: PURR) are currently trading at $8.76, down 9.6% on Thursday amid a broader cryptocurrency market selloff.