Hyperliquid Strategies Files to Register as Futures Broker After Deploying $802 Million During Quarter
Key Facts
Hyperliquid Strategies said its subsidiary HypeStrat Markets had filed to register as a futures broker through the National Futures Association, in a move aimed at carrying U.S. customer accounts for authorized markets on Hyperliquid under the HIP-3 framework. The company said the application was filed in August and remains pending in the association’s records, according to CoinDesk. If approved, the broker’s role would be to carry customer accounts for those markets, while operating the markets themselves would remain subject to separate regulatory approval. The application therefore does not mean Hyperliquid has obtained a license to operate in the United States. The company disclosed the move alongside results for the quarter ended September 30, and Chief Executive David Schamis said the company deployed $802 million during the quarter and filed the registration application.
Schamis said deploying capital and applying to register the broker were parts of a single bet on expanding markets built on Hyperliquid into the United States. The bet is tied to the company taking on the broker function and carrying customer accounts, not to operating the platform or securing a comprehensive license for it. The Commodity Futures Trading Commission says registered futures brokers must be members of the National Futures Association. The rules also require customer funds designated for trading to be kept separate from the broker’s own funds. The commission’s Division of Market Participants issued guidance on broker registration procedures, customer protection and governance on June 30, 2025, describing the operation of this type of firm as requiring substantial resources.
Hyperliquid Strategies reported net income of $620.6 million for the quarter ended September 30, but said the figure included $803 million in unrealized gains on HYPE tokens. These are valuation gains on holdings, not operating revenue. By contrast, staking revenue and validator commissions totaled $12.3 million, and the company recorded $1 million in interest revenue. Administrative and research and development expenses were $7.6 million during the quarter. The figures show the different sources of the quarterly result: token valuation gains, business revenue and expenses.
The company said it used $785 million to buy 9.1 million HYPE tokens during the quarter. Its holdings rose from 29.3 million tokens on June 30 to 38.5 million on September 30. According to its disclosure, it had $254.6 million in cash and cash equivalents at the end of September, with no debt. The company also estimated that about $834 million flowed into the Hyperliquid ecosystem during the twelve months ended September 30; this is an ecosystem measure, not revenue attributable to the company alone. These figures place the broker application alongside the company’s growing token holdings and cash resources, while keeping them distinct from operating revenue.
The move follows Hyperliquid’s announcement on October 26 that Payward, Kraken’s parent company, intended to become the first Commodity Futures Trading Commission-regulated operator of HIP-3 markets. The announced roles differ: Payward aims to operate the markets, while HypeStrat Markets’ application concerns registering a broker to carry U.S. customer accounts. The commission had previously authorized Coinbase Derivatives to offer perpetual-style Bitcoin and Ether contracts in April 2025, with trading beginning in July of that year, according to CoinDesk. Earlier, HYPE rose 11% on August 19 after U.S. President Donald Trump said the commission’s chairman was working on a path to bring Hyperliquid into the United States. That was an earlier development and does not measure the market’s response to the current registration application.
Hyperliquid Strategies said there was no guarantee about the timing or outcome of the application, and authorized HIP-3 markets would also require regulatory approval. The company held a results question-and-answer webcast on November 5, 2026, at 5:15 p.m. Eastern Time, with a recording to be made available later on its website. In trading on November 6, PURR shares closed at $8.82, compared with a close of $8.76 in the previous session. The closing price provides context for the stock’s trading after the results and application were announced, but by itself does not establish the cause of the move. Completion of the regulatory step remains dependent on a decision by the relevant authorities and their approval of the markets in question.