Hyperliquid Strategies Seeks US Futures Broker Registration for Perps

A subsidiary of Nasdaq-listed HYPE treasury company Hyperliquid Strategies has applied to become a futures commission merchant (FCM), seeking to bring Hyperliquid-based perpetual futures to the US.

“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,” said Hyperliquid Strategies CEO David Schamis in the company’s results for the quarter ended Sept. 30, published on Thursday.

Hyperliquid’s HIP-3 framework allows independent operators to launch custom perpetual futures markets on the protocol’s onchain infrastructure by staking 500,000 HYPE tokens ($38.8 million). Proposed HIP-3 features would allow operators to create permissioned markets that restrict participation to approved addresses.

The subsidiary would handle US customer accounts for permissioned markets deployed on Hyperliquid, the company said. Both the FCM application and the proposed markets require regulatory approval.

Intercontinental Exchange, the parent company of the New York Stock Exchange, announced an agreement with Trade[XYZ] on Oct. 29 to bring Hyperliquid-based perpetual markets to the US, subject to regulatory approvals. ICE plans to operate a dedicated market and clearing structure.

Hyperliquid Strategies buys $785M in HYPE, spends $17M on share buybacks

During the quarter, Hyperliquid Strategies raised $911 million in equity capital. It spent $785 million to acquire 9.1 million HYPE and $17 million to repurchase 2.7 million PURR shares. The company held a total of 38.5 million HYPE as of Sept. 30, valued at $3.5 billion at the time.

“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.