HYPE’s Wall Street Detour: A Treasury Giant Wants a Broker’s License 🏦

A subsidiary of Nasdaq-listed Hyperliquid Strategies (NASDAQ: PURR) has applied to become a futures commission merchant (FCM), seeking to bring Hyperliquid-based perpetual futures trading to U.S. customers within a regulated framework. The application and proposed permissioned markets remain subject to regulatory approval, with no timeline or assurance regarding the outcome.

If approved, the subsidiary would carry U.S. client accounts for markets deployed through HIP-3*, an upcoming expansion of Hyperliquid’s infrastructure for independently operated perpetual futures markets. Hyperliquid’s HIP-3 framework requires operators to stake 500,000 HYPE tokens ($38.8 million), while the proposed permissioned version would restrict participation to approved addresses. Hyperliquid Strategies said the FCM would handle U.S. customer accounts for those markets.

Hyperliquid Strategies made the filing in results for the quarter ended Sept. 30, published Thursday. “Owning HYPE is how we aim to capture economics associated with the Hyperliquid protocol; setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore,” CEO David Schamis said. “We deployed $802 million this quarter and filed an application to become a futures commission merchant,” Schamis added. “Those two moves are the same bet.”

Other firms are also preparing to route U.S. trading through Hyperliquid. Kraken parent Payward plans to deploy HIP-3* markets through its CFTC-regulated Bitnomial exchange, with NinjaTrader Clearing serving as the FCM. On Oct. 29, Intercontinental Exchange, the parent company of the New York Stock Exchange, announced an agreement with Trade[XYZ] to bring Hyperliquid-based perpetual markets to the United States, subject to regulatory approval. ICE plans to operate a dedicated market and clearing structure. Trade[XYZ] already operates Hyperliquid markets, including perpetual futures tied to the S&P 500.

HYPE rose about 13% on Thursday to roughly $91 following ICE’s announcement, climbing from a daily open of $80.69 to a high of $92.10 on KuCoin. That left the token about 7% below its record near $98, set in September, while its market capitalization stood at around $22.4 billion. “Hyperliquid is winning the parts of onchain finance that generate real fees, and nearly all of that value flows back to HYPE holders through programmatic buybacks,” Schamis said.

During the quarter, Hyperliquid Strategies raised $911 million in equity capital, spent $785 million to acquire 9.1 million HYPE and used $17 million to repurchase 2.7 million PURR shares. The company held 38.5 million HYPE as of Sept. 30, valued at $3.5 billion at the time, and reported $620.6 million in net income, driven almost entirely by $803 million in unrealized gains as HYPE rose from about $65 to $91. Hyperliquid Strategies shares fell 9.6% Thursday, closing at $8.76, according to Yahoo Finance.