Hyperliquid Targets U.S. Approval as Domestic Futures Platform

Hyperliquid treasury firm seeks U.S. registration to operate a domestic futures business

Hyperliquid Strategies, a Nasdaq-listed digital asset treasury company focused on holding HYPE tokens and trading under the ticker PURR, has applied to establish a U.S.-regulated futures brokerage business. The company said it is seeking approval to operate as a futures commission merchant (FCM) that would handle activity involving U.S. clients, though it cautioned that the timing for any regulatory decision is uncertain.

An FCM is a registered intermediary in U.S. derivatives markets that accepts customer funds and routes and clears futures orders under regulatory oversight. Hyperliquid Strategies said the proposed FCM structure would be used to support permissioned markets deployed on Hyperliquid, designed to meet U.S. compliance requirements.

The application is tied to HIP-3, a planned Hyperliquid network upgrade that would allow independent market operators to restrict who can trade in certain markets by limiting eligibility. Both the proposed markets and the FCM registration itself require regulatory approval.

The move comes as Hyperliquid-based perpetual futures attract attention from traditional market infrastructure providers. Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, has announced an agreement with Trade[XYZ] to bring Hyperliquid-based perpetual markets to the U.S., subject to regulatory approvals, with ICE planning a dedicated market and clearing structure.

Hyperliquid Strategies disclosed the filing alongside its financial results for the quarter ended Sept. 30, 2026, reporting $620.6 million in net income. The company’s earnings were driven largely by $803 million in unrealized gains tied to HYPE, highlighting that reported profitability was heavily influenced by token price movements rather than realized operating revenue.

During the quarter, the firm said it raised $911 million in equity and spent $785 million to purchase 9.1 million HYPE tokens, reinforcing its positioning as the largest publicly traded corporate holder of the token.

The regulatory effort unfolds as U.S. crypto legislation remains in flux. With a Senate vote on the CLARITY Act delayed, Hyperliquid and affiliated policy voices have emphasized pursuing a path through existing regulatory authority rather than waiting for broader new rules. Hyperliquid does not currently offer its trading platform to U.S. users.

Supporters of the approach have framed it as a way to connect onchain derivatives with established U.S. oversight and clearing expectations while preserving the self-custody model used in onchain markets. Hyperliquid’s activity has also broadened beyond crypto-native contracts, with real-world-asset-linked markets—such as contracts tied to stocks and other traditional assets—becoming a larger part of its trading mix.

Hyperliquid (CRYPTO: HYPE) was quoted at $55.80 per token in the information provided.