Hyperliquid Strategies files for US FCM registration as quarterly net income hits $620.6M

What happened

Hyperliquid Strategies Inc. (NASDAQ: PURR) disclosed that one of its subsidiaries has submitted an application to register as a US futures commission merchant, or FCM. The company said the proposed business would hold customer accounts for US traders using permissioned perpetual futures markets built on Hyperliquid's blockchain infrastructure, subject to regulatory approval. The disclosure was included in financial results published on November 5, as reported by Crypto.news and Blockonomi.

The filing accompanied quarterly results for the period ended September 30. Hyperliquid Strategies reported $620.6 million in net income, with $803 million in unrealized gains on its HYPE token holdings accounting for most of the profit. Those gains reflect changes in the recorded value of tokens the company still holds and do not represent proceeds from completed sales.

During the quarter, the firm raised $911 million through its committed equity facility and deployed $802 million, according to the reports. Of that, $785 million went toward acquiring about 9.1 million HYPE, and $17 million funded the repurchase of 2.7 million PURR shares. Holdings rose from 29.3 million tokens at June 30 to approximately 38.5 million at September 30.

CEO David Schamis framed the treasury purchases and the FCM application as parts of a single strategy. "We deployed $802 million this quarter and filed an application to become a futures commission merchant," he said in the earnings release, adding that "those two moves are the same bet." The company did not say when it expects the application to be decided or when the business might begin serving customers.