Hyperliquid Strategies Seeks U.S. Futures Registration

Hyperliquid Strategies has applied through a subsidiary to register as a U.S. futures commission merchant, a proposed step toward carrying American customer accounts for permissioned perpetual futures markets on the Hyperliquid network. The application requires regulatory approval, and the company has not provided a timetable or assurance of an outcome. The company described the proposed business in its quarterly results for the period ended September 30. If registered, the subsidiary would handle customer accounts for markets operating under the planned HIP3 framework. Independent operators would create and manage those markets using Hyperliquid’s infrastructure, with participation restricted to approved users. The filing would not itself authorize trading in the proposed markets. Hyperliquid Strategies said the relevant markets would also need regulatory approval. The application and market clearances are therefore separate steps in the proposed route to U.S. access. The regulatory application accompanied quarterly results showing $620.6 million in net income. The company reported $803 million in unrealized gains on HYPE tokens it continued to hold, meaning the gains...