Hyperliquid Strategies filed to become a CFTC-registered futures commission merchant, a step that depends on regulatory approval. The Nasdaq-listed HYPE treasury firm also reported $13.3 million in revenue and $620.6 million in net income for the quarter ended Sept. 30.
Hyperliquid Strategies (PURR) filed with the CFTC to become a futures commission merchant, which would let the firm carry U.S. client accounts for HIP-3 markets. The registration remains subject to regulatory approval.
The company said the FCM would allow it to play a role in bringing perpetual futures to U.S. customers within a regulated framework. However, it also warned that there can be no assurance on the timing or outcome of the application or of approval for permissioned HIP-3 markets.
Revenue tops analyst estimates
The firm reported $13.3 million in revenue for the quarter, above analyst estimates of $10.6 million to $12 million, depending on the data provider. Of that, $12.3 million came from staking rewards and validator commissions on its HYPE holdings, according to Crypto Briefing, and the remaining $1.0 million was interest income.
Net income reached $620.6 million, largely driven by $803 million in unrealized gains on its Hyperliquid token holdings. A $172.3 million income tax provision partially offset those gains.
ICE and TradeXYZ move on U.S. perp markets
The filing comes as Hyperliquid's underlying infrastructure moves closer to the U.S. market. Intercontinental Exchange, the parent of the NYSE, agreed last week to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to U.S. traders. ICE would operate the exchange and clearing infrastructure, while TradeXYZ would design 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.
Sources: The Block, Crypto Briefing
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