Hyperliquid Strategies files to become CFTC-registered FCM, posts $13.3 million in quarterly revenue

Filing to carry U.S. client accounts for HIP-3 markets

Nasdaq-listed Hyperliquid Strategies (PURR) said it filed with the Commodity Futures Trading Commission (CFTC) to become a futures commission merchant (FCM). An FCM is a regulated firm that can carry client accounts for futures trading.

If approved, the filing would let the company carry U.S. client accounts for HIP-3 perpetual futures markets. Perpetual futures are a type of futures market on Hyperliquid.

The filing and results in brief

• Hyperliquid Strategies filed to become a CFTC-registered FCM, subject to regulatory approval.
• Revenue for the quarter ended Sept. 30 was $13.3 million.
• That revenue figure was above analyst estimates of $10.6 million to $12 million, depending on the data provider.
• Net income was $620.6 million for the quarter.

What the company said about HIP-3

The company said Hyperliquid recently announced an intention to add additional deployer features under the name HIP-3. It described those optional features as a way for deployers to build and launch permissioned markets on Hyperliquid's onchain infrastructure.

In its release, the company said independent operators would run their own market in a compliant manner, while the chain underneath would stay a neutral infrastructure layer. It also said the FCM would let Hyperliquid Strategies play a role in bringing perpetual futures to U.S. customers within a regulated framework.

Revenue, token gains and tax provision

Net income of $620.6 million was largely driven by $803 million in unrealized gains on its Hyperliquid (HYPE) token holdings, the company reported. That gain was partly offset by a $172.3 million income tax provision.

What is confirmed and what remains uncertain

The filing and the quarterly results are reported by the company. The FCM status and the permissioned HIP-3 markets are not yet approved. The company said there can be no assurance about the timing or outcome of the application or regulatory approval.

Related U.S. activity reported in the same article

The article also reported that Intercontinental Exchange, the parent of the New York Stock Exchange, agreed last week to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to U.S. traders. Under that plan, ICE would operate the exchange and clearing infrastructure, and TradeXYZ would design the markets.

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, according to the article.

Sources

• The Block