Hyperliquid Strategies has applied to become a U.S. futures commission merchant (FCM), taking a step toward offering Hyperliquid-based perpetual futures trading to American customers. Perpetual futures are derivative contracts without fixed expiration dates, a structure widely used in digital asset markets. The Nasdaq-listed digital asset treasury company said a subsidiary submitted the registration application to the Commodity Futures Trading Commission (CFTC).

If approved, the subsidiary would manage U.S. customer accounts for permissioned markets operating on Hyperliquid’s infrastructure. The application could establish a regulated pathway for U.S. customers to access perpetual futures through the platform, but it does not guarantee approval or specify a launch date. The CFTC, the U.S. federal agency responsible for regulating futures markets, is the relevant federal regulator for the proposed registration:

The filing comes as Hyperliquid Strategies continues expanding its HYPE token treasury. The company held approximately 38.52 million HYPE tokens, valued at $3.505 billion, at the end of September. Its latest regulatory filing also links those holdings to plans to participate more directly in the Hyperliquid ecosystem.

FCM Application Tied to HIP-3 Markets

Hyperliquid Strategies said its subsidiary applied for registration as a futures commission merchant. If the application is accepted, the subsidiary would register and administer U.S. customer accounts for permissioned markets operating through Hyperliquid under the HIP-3 protocol.

🚨 BREAKING: Nasdaq-listed Hyperliquid Strategies, which holds approximately $3.5 billion in $HYPE , has applied to become a US futures broker. If approved, the firm could allow US customers to trade perpetual futures on @HyperliquidX permissioned markets, potentially opening a… pic.twitter.com/OhIJnJh7Wc — 五十六号交易员666 (@MaddoxTrader) November 6, 2026

🚨 BREAKING: Nasdaq-listed Hyperliquid Strategies, which holds approximately $3.5 billion in $HYPE , has applied to become a US futures broker. If approved, the firm could allow US customers to trade perpetual futures on @HyperliquidX permissioned markets, potentially opening a… pic.twitter.com/OhIJnJh7Wc

An FCM is a licensed intermediary that accepts customer funds and executes futures orders. FCM registration is the licensing step through which firms become authorized to carry U.S. customer funds in futures trading. In this case, registration would allow the subsidiary to operate as an FCM for U.S. customers, but it would not automatically approve every market created on the blockchain. According to the company’s statement, permissioned HIP-3 markets would also need regulatory approval.

Under the company’s HIP-3 proposal, independent operators would be able to create permissioned markets using Hyperliquid’s on-chain infrastructure. The protocol would allow those operators to run their markets independently while the blockchain remained the shared infrastructure layer.

The company’s related X post is available from the account identified in the source material: https://x.com/MaddoxTrader/status/2118562425624494141?ref_src=twsrc%5Etfw

$802 Million Deployment Expands HYPE Treasury

During the September quarter, Hyperliquid Strategies invested $911 million from its committed equity facility and spent $802 million. Of the $802 million deployed, $785 million was used to purchase approximately 9.1 million HYPE tokens. The company’s holdings increased from 29.3 million tokens on June 30 to 38.5 million tokens on September 30.

The remaining $17 million was used to repurchase approximately 2.7 million PURR shares. As of October 28, the company estimated that it held 38.9 million HYPE tokens at an average cost of $56.35 per token. It had also used $27.9 million to repurchase approximately 5.8 million shares.

Hyperliquid Ecosystem Fees Provide Additional Context

Hyperliquid Strategies said approximately $834 million in value was added to the Hyperliquid ecosystem during the 12 months ended September 30. The figure was derived from protocol fees and network operations. The company said programmatic HYPE buybacks directed some of the value generated by those activities to token holders, while also noting that the information had not been independently verified.

The company further said that its validator using Unit had become the network’s largest non-Foundation validator. Hyperliquid Strategies is participating in more than token ownership, including token staking and validator commissions.

Shareholder Approval and Regulatory Process

Shareholders approved a proposal concerning issuances under the company’s committed equity facility that exceed 19.99% of its common stock. They also appointed two directors and approved CBIZ CPAs P.C. as the auditor for fiscal year 2027. The approvals support the company’s financing structure and its continued token purchases.

As of October 28, Hyperliquid Strategies said it had raised $1.578 billion under the facility at an average issue price of $10.36 per share. The company reported total cash and cash equivalents of $245.3 million. Its related SEC filing is available here:

Further disclosures are expected to clarify developments in the company’s treasury and whether regulators approve the FCM application and the HIP-3 markets. The filing is significant for shareholders because the company’s assets and earnings are highly dependent on HYPE, while its proposed FCM business remains conditional. A decline in the token’s market value would affect the valuation of the treasury. Regulatory approval could provide another route for serving U.S. customers, but neither approval nor the launch of the proposed business is guaranteed.

Source: https://www.tronweekly.com/hyperliquid-strategies-files-for-us-futures/