Hyperliquid Strategies Inc. (NASDAQ: PURR), the largest publicly traded HYPE treasury company, has filed an application to register a subsidiary as a US futures commission merchant (FCM), according to its earnings release for the quarter ended September 30, 2026. If the registration is approved, the subsidiary would carry US client accounts for permissioned markets on Hyperliquid.

The quarterly report published alongside the filing showed net income of $620.6 million, driven primarily by unrealized gains on the company's HYPE holdings. Over the same period, the firm raised $911 million in equity capital and directed most of it toward the purchase of approximately 9.1 million HYPE tokens.

FCM Application Targets US Clients

The filing was made through a subsidiary of Hyperliquid Strategies. CEO David Schamis addressed the application in the earnings release. “We deployed $802 million this quarter and filed an application to become a futures commission merchant,” he said. “Those two moves are the same bet.”

FCMs occupy a defined role in US derivatives markets: they solicit or accept orders for futures contracts and carry customer accounts, and registration with the Commodity Futures Trading Commission (CFTC) is the path to that status. Because US customer accounts for futures trading are generally carried by registered FCMs, approval would be the decisive step for US client access to the venue.

The permissioned markets referenced in the filing would operate under HIP-3*, a framework Hyperliquid recently announced. The upgrade enables deployers to build and launch permissioned markets on the network's onchain infrastructure, with independent operators running each market in a compliant manner while the underlying chain remains a neutral infrastructure layer.

The company noted that no assurance exists on the timing or outcome of the application. That leaves regulatory approval and the arrival of HIP-3 permissioned markets as the two developments to track on the US access front.

Quarterly Income Driven by HYPE Gains

Hyperliquid Strategies reported net income of $620.6 million for the quarter, with net unrealized gains on HYPE tokens totaling $803.0 million forming the largest component of the result. The company also earned $12.3 million in staking revenue and validator commissions.

The composition of the result reflects treasury-company accounting: with assets held directly in the token, reported earnings move chiefly with HYPE's market value rather than operating revenue, as shown by $803.0 million in unrealized gains against $12.3 million of staking and validator income.

Several costs offset part of those gains. The provision for income taxes reached $172.3 million, and the company booked $15.3 million in expense tied primarily to non-cash charges connected with its committed equity facility.

Total assets stood at $3,764.3 million as of September 30. Of that figure, $3,505.3 million was held in HYPE tokens, valued at $90.99 each. Stockholders' equity amounted to $3,403.0 million, and the firm carried no debt.

Treasury Holdings Continue to Grow

The company deployed $802 million during the quarter. Of that amount, $785 million went toward the acquisition of roughly 9.1 million HYPE tokens, while another $17 million funded the repurchase of 2.7 million PURR shares.

As a result, holdings rose from 29.3 million tokens at June 30 to 38.5 million at September 30. As of October 28, Hyperliquid Strategies had deployed $1,583.2 million to accumulate approximately 25.9 million HYPE, bringing total holdings to about 38.9 million HYPE at a blended cost of $56.35 per token. That blended cost compares with the $90.99 per-token valuation applied to its HYPE holdings on the September 30 balance sheet.

The Hyperliquid Strategies x Unit validator is now the largest non-Foundation validator on the network.

Commenting on the protocol's growth, Schamis said, “Hyperliquid is winning the parts of onchain finance that generate real fees.” He added that nearly all of that value flows back to HYPE holders through programmatic buybacks.

The firm has raised $1,578.4 million in total through its committed equity facility at an average price of $10.36 per share.

The full results were disclosed in the company's official earnings release: Hyperliquid Strategies Inc. Reports Financial Results for the Quarter Ended September 30, 2026.