Why a Hyperliquid Treasury Firm Wants to Become a US Futures Broker

Hyperliquid Strategies, a Nasdaq-listed firm that primarily holds HYPE tokens, has applied through a subsidiary to become a US futures commission merchant. If regulators approve the application and the markets it would serve, the firm could hold US customers’ funds and handle their orders for permissioned perpetual futures on Hyperliquid, offering a regulated route into a platform that currently blocks US users.

The firm held about 38.5 million HYPE worth roughly $3.5 billion at the end of September, and its chief executive described the application and $802 million deployed during the quarter as “the same bet”. It spent $785 million buying HYPE and $17 million repurchasing shares, while reporting $620.6 million in net income, largely from unrealised gains as HYPE rose from about $65 to $91. Other firms are pursuing US access to Hyperliquid markets, but approval is required and Hyperliquid Strategies has given no timeline.