TLDR:
- Hyperliquid Strategies filed to register a subsidiary as a US futures commission merchant (FCM).
- Net income reached $620.6M for the quarter, driven mainly by $803.0M in unrealized HYPE gains.
- The firm raised $911M in equity and spent $785M to buy about 9.1 million HYPE tokens in the quarter.
- Total HYPE holdings reached about 38.9 million tokens at a $56.35 average cost as of October 28.
Hyperliquid Strategies (NASDAQ: PURR), the largest publicly traded HYPE treasury company, has applied for US futures commission merchant registration through a subsidiary.
The firm also reported $620.6 million in net income for the quarter ended September 30, 2026. Unrealized gains on its HYPE holdings drove most of the result.
Meanwhile, the company raised $911 million in equity capital during the period. It used most of that money to buy about 9.1 million HYPE tokens.
FCM Application Targets US Clients
The Hyperliquid Strategies subsidiary filed an application to register as a futures commission merchant. If approved, it would carry US client accounts for permissioned markets on Hyperliquid. CEO David Schamis addressed the filing 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.”
These markets would operate under HIP-3*, a framework Hyperliquid recently announced. The upgrade would let deployers build and launch permissioned markets on its onchain infrastructure. Independent operators would run each market in a compliant manner.
The chain underneath would remain a neutral infrastructure layer. The company noted that no assurance exists on the timing or outcome of the application.
Quarterly Income Driven by HYPE Gains
Hyperliquid Strategies reported $620.6 million in net income for the quarter. Net unrealized gains on HYPE tokens totaled $803.0 million. The company also earned $12.3 million in staking revenue and validator commissions.
Several costs offset part of that amount. A provision for income taxes reached $172.3 million. The company also booked $15.3 million in primarily non-cash expense tied to 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 was $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 9.1 million HYPE tokens. 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 about 25.9 million HYPE. Total holdings reached about 38.9 million HYPE at a blended cost of $56.35 per token.
The Hyperliquid Strategies x Unit validator is now the largest non-Foundation validator on the network. 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 through its committed equity facility at an average of $10.36 per share.
The post Hyperliquid Strategies Files for US FCM Registration as Quarterly Net Income Hits $620.6M appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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