HYPE Treasury Company Wants to Bring Hyperliquid to U.S. Clients

On November 5, Hyperliquid Strategies, a Nasdaq-listed company trading as PURR, disclosed that a subsidiary filed to become a futures commission merchant and carry U.S. client accounts on permissioned HIP-3 markets. An FCM takes customer orders and holds the money backing them, standing between traders and the market without running it. HIP-3 is a permissioned version of the HIP-3 framework, which lets outside deployers launch perpetual futures on Hyperliquid. For the September quarter, it reported net income of $620.6 million on $803 million in unrealized gains and said HYPE treasury holdings rose from 29.3 million to 38.5 million; it gave no launch date, contracts, fees, or assurance on the application’s timing or outcome or regulatory approval of the markets.