Hyperliquid Strategies Is Betting US FCM Status Matters More Than Its $620.6M Profit

Hyperliquid Strategies, a Nasdaq-listed digital asset treasury company built around holding HYPE, said a subsidiary has applied to become a US futures commission merchant, a registered intermediary that holds customer funds and handles futures orders. The filing would let it carry US client accounts for perpetual futures in permissioned markets planned under Hyperliquid’s HIP-3 upgrade. The company reported $620.6 million profit for the September quarter, mainly from $803 million of unrealized HYPE gains, while staking revenue and validator commissions totaled $12.3 million. The application still needs regulatory approval, and the company said there is no assurance on timing or outcome, leaving PURR shareholders exposed to token swings.