Hyperliquid Strategies files to become CFTC-registered FCM, posts $13.3 million in quaterly revenue

Nasdaq-listed Hyperliquid Strategies (PURR) reported $13.3 million in revenue for the quarter ended Sept. 30, exceeding analyst estimates of $10.6 million to $12 million, depending on the data provider.

The company posted $620.6 million in net income, largely driven by $803 million in unrealized gains on its Hyperliquid (HYPE) token holdings, partially offset by a $172.3 million income tax provision.

Perhaps most notably, Hyperliquid Strategies filed with the CFTC to become a futures commission merchant (FCM), which would allow the firm to carry U.S. client accounts for HIP-3 markets.

"Hyperliquid recently announced its intention to add additional deployer functionalities under the name HIP-3," the firm said in a release. "These optional additional features would allow deployers to build and launch permissioned markets on Hyperliquid's onchain infrastructure. Independent operators would run their own market in a compliant manner, while the chain underneath would stay a neutral infrastructure layer."

The FCM, which is subject to regulatory approval, would allow Hyperliquid Strategies to "play a role" in bringing perpetual futures to U.S. customers within a regulated framework.

"There can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets," the firm said.

This comes as Hyperliquid's underlying infrastructure moves closer to the U.S. market. NYSE parent Intercontinental Exchange agreed last week to partner with TradeXYZ to bring Hyperliquid-based perp futures markets to U.S. traders. ICE would operate the exchange and clearing infrastructure, with TradeXYZ designing the markets.

Earlier this year, President Donald Trump said his administration was working to bring Hyperliquid into the U.S. "in a fully compliant and legal fashion."