Hyperliquid Strategies Posts $620.6 Million Profit, Seeks Futures Broker License

Key Facts

Hyperliquid Strategies reported net income of $620.6 million for the quarter ended September 30, 2026, compared with a net loss of $13.4 million in the same quarter of 2025. The filing showed unrealized gains on HYPE tokens of $803 million, alongside an income tax provision of $172.3 million. The results were announced on November 5, alongside the company's disclosure that a subsidiary had applied to form a futures commission merchant. Chief Executive David Schamis linked the application to the quarter's capital allocation, saying "these two steps are the same bet." The filing puts the growth of the company's HYPE holdings and its potential plan to support regulated U.S. markets at the center of its quarterly results.

The company recorded $911 million in net proceeds from equity issuance during the quarter and used $802 million. Of that, $785 million went to buy 9.1 million HYPE tokens, while $17 million was allocated to repurchasing 2.7 million PURR shares. The spending breakdown shows that most of the amount used went toward the token, with a smaller portion allocated to the company's own shares. Schamis said the company "used $802 million this quarter and applied to become a futures commission merchant," then described the two steps as "the same bet." The company thereby links purchases of assets tied to the Hyperliquid ecosystem with the pursuit of a regulatory structure that could enable support for its regulated markets.

The company's HYPE balance rose to 38.5 million tokens on September 30, from 29.3 million on June 30. Cash and cash equivalents totaled $254.6 million at the end of September, and the company had no debt. Assets totaled $3.7643 billion, including HYPE holdings worth $3.5053 billion, while shareholders' equity was $3.403 billion. For the 12 months ended September 30, the company said about $834 million in value flowed to the Hyperliquid ecosystem, based on public information it had not independently verified. On October 28, it reported that its total HYPE holdings, including staking and validator rewards, were 38.9 million tokens at an average cost of $56.35 per token, and that it had repurchased about 5.8 million PURR shares at an average of $4.81 per share.

The application to form a futures commission merchant was filed by a subsidiary and is subject to regulatory approval. The company says that, if approved, the broker would carry U.S. customer accounts for regulated markets on Hyperliquid under the HIP-3 framework; it also cautions that there is no guarantee as to the timing or outcome of the application, or regulatory approval of the markets themselves. HIP-3 allows third parties to create perpetual futures markets on Hyperliquid's order book, with HYPE as collateral. According to the company's filing with the Securities and Exchange Commission, these markets represented about 30% of total trading volume in the 30 days through September 8, and their cumulative volume since launch was $548.1 billion. The U.S. Commodity Futures Trading Commission says the Commodity Exchange Act requires futures commission merchants to register unless an exemption applies; registrants are also subject to National Futures Association membership, capital, customer funds, disclosure and reporting requirements.

Separately, CoinDesk reported on October 29 that ICE and Trade[XYZ] were planning a U.S. market for perpetual futures on stocks, commodities and cryptocurrencies, with the project requiring CFTC approval. No launch date or participation eligibility terms for the proposed market have been announced, and the coverage does not describe the project as a partnership with Hyperliquid Strategies. In trading, PURR shares closed at $9.69 on November 4, then at $8.76 on November 5, according to EL7 data. Neither the company nor regulators have set a date for a decision on the subsidiary's application. The broker application and approval of the regulated markets remain regulatory requirements the company says must be met before the broker can carry U.S. customer accounts for those markets.