Hyperliquid Strategies Seeks U.S. FCM Registration

Hyperliquid Strategies said a subsidiary has applied to register as a U.S. futures commission merchant, seeking to carry U.S. client accounts for permissioned markets on Hyperliquid. The application, disclosed with quarterly results, requires regulatory approval, and the company said it cannot assure its timing or outcome. The proposed service would cover markets built under HIP3, a framework that allows independent operators to launch markets with restricted access. A futures commission merchant can handle customer accounts and orders, but registration alone would not establish the regulatory status of the markets themselves. Hyperliquid Strategies’ release did not identify the operator or clearinghouse for U.S.-facing HIP3 markets, or quantify revenue the subsidiary might generate. The company reported net income of $620.6 million for the quarter ended September 30, 2026. It recorded $803 million in unrealized gains on HYPE, the token held in its treasury, while staking revenue and validator commissions totaled $12.3 million. Because the gain was unrealized, it reflected the value of tokens the company continued to hold rather than proceeds from a sale. Hyperliquid...