Hyperliquid Strategies, a publicly traded company that buys and holds $HYPE tokens, is formally seeking to move some trading activity into the United States through a pending application to be regulated as a futures commission merchant (FCM), according to a Thursday statement.

"Setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore," the company said in the statement, issued alongside its quarterly financial results.

The Hyperliquid platform, which has become an overseas giant in the trading of perpetual futures, or "perps," remains closed to U.S. customers. It runs on its own blockchain and features the native token $HYPE. Hyperliquid Strategy (PURR), a separate publicly traded entity, focuses on buying, holding, and staking the network's token.

In August, President Donald Trump said his administration was working to bring Hyperliquid into the U.S. "in a fully compliant and legal fashion," with assistance from the Commodity Futures Trading Commission (CFTC). The president has been pushing to build U.S. perps markets in order to dominate the field, an effort that has drawn legal objections from the U.S. derivatives industry even as the CFTC has been opening the gates.

Hyperliquid Strategies has applied for FCM status on behalf of a subsidiary, HypeStrat Markets, through the National Futures Association, an industry-run organization that handles registration for FCMs overseen by the CFTC. NFA records show the August application is still pending. FCM registration is the standard U.S. licensing path for intermediaries that carry client accounts in futures markets, which is why the filing sits at the center of the company's onshore plan.

The company said it intends to offer this activity on HIP-3, its framework that would run on top of Hyperliquid's "neutral infrastructure layer."

"Subject to regulatory approval, the FCM would carry U.S. client accounts for permissioned markets deployed on Hyperliquid under HIP-3, allowing HSI [Hyperliquid Strategy] to play a role in bringing perpetual futures to U.S. customers within a regulated framework," the company said. If approved, the structure would place Hyperliquid-based perps within reach of U.S. customers through a CFTC-overseen intermediary.

"There can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets," the statement added.

The two open checkpoints for the onshore plan are the pending NFA registration of HypeStrat Markets and any regulatory sign-off on permissioned HIP-3 markets, both of which the company flagged as unresolved.

Source: CoinDesk