Hyperliquid treasury firm seeks US futures platform approval
Hyperliquid firm moves toward US regulated trading
Hyperliquid Strategies, a publicly traded company that buys and holds HYPE tokens, said it is seeking to operate in the United States as a regulated futures business. The company disclosed the plan on Thursday alongside its quarterly financial results.
The plan involves a subsidiary called HypeStrat Markets. The company said the unit would carry US client accounts for markets built on Hyperliquid, if regulators approve it.
Key details in brief
- Hyperliquid Strategies has applied for status as a futures commission merchant, or FCM, through the National Futures Association.
- An FCM is a regulated firm that can hold customer accounts for futures trading.
- The application was filed in August and is still pending, according to NFA records.
- The company said there is no assurance about the timing or outcome of the application.
- The planned activity would use HIP-3, a framework for markets deployed on top of Hyperliquid.
What the company said about its application
The company said setting up an FCM is how it intends to bring markets deployed on Hyperliquid onshore. It added that, subject to regulatory approval, the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3.
The company also said it wants to take part in bringing perpetual futures to US customers within a regulated framework. Perpetual futures, often called perps, are contracts that let traders bet on prices without a set expiry date.
Context on Hyperliquid and US access
Hyperliquid is a trading platform that uses its own blockchain, a shared record system, and its native token HYPE. The platform is known for perpetual futures trading but remains closed to US customers, according to the source.
In August, President Donald Trump said his administration was trying to bring Hyperliquid into the US in a fully compliant and legal way with help from the Commodity Futures Trading Commission, or CFTC. The source said that effort has faced legal objections from the US derivatives industry, even as the CFTC has been opening the gates.
Hyperliquid Strategies is described in the source as the publicly traded entity that focuses on buying, holding and staking the network token.
Facts established so far
The company has applied for FCM status for HypeStrat Markets through the National Futures Association, which polices registration for FCMs overseen by the CFTC. The application is pending. The company has not said it has received approval.
Timing remains uncertain
The company said there can be no assurance about the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets. No approval date was provided in the source.
Why a regulated US route matters
If approved, the plan would give Hyperliquid-related markets a regulated route to US customers, who currently cannot use the platform. The source links the effort to a broader US aim to build domestic perpetual futures markets, while noting legal objections from parts of the derivatives industry.
Source for this report
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