Hyperliquid Strategies Inc (NASDAQ: PURR) said alongside its results for the quarter ended September 30, 2026 that a subsidiary has filed an application to become a futures commission merchant (FCM) in the US. The company gave no timeline for approval.
What the FCM would do
According to the company announcement, the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3, subject to regulatory approval. The stated goal is to bring perpetual futures to US customers within a regulated framework.
HIP-3 is a set of optional deployer features Hyperliquid recently announced, which would let independent operators launch permissioned markets on the network's onchain infrastructure. The company says there can be no assurance on the timing or outcome of the application, or on regulatory approval of permissioned HIP-3 markets.
"We deployed $802 million this quarter and filed an application to become a futures commission merchant. Those two moves are the same bet," CEO David Schamis said. Based on public data, the company estimates about $834M in value accrued to the Hyperliquid ecosystem in the twelve months ended September 30, 2026.
The quarter in numbers
- $911M raised under the committed equity facility
- $785M spent on 9.1M HYPE - treasury grew from 29.3M to 38.5M tokens
- $17M spent repurchasing 2.7M PURR shares
- $254.6M in cash and cash-like instruments, zero debt
- The Hyperliquid Strategies x Unit validator is now the largest non-Foundation validator on the network
Balance sheet and results as of September 30
Metric | Value |
|---|---|
Total assets | $3,764.3M |
HYPE tokens (38.52M at $90.99 per token) | $3,505.3M |
Stockholders' equity | $3,403.0M |
Staking revenue and validator commissions | $12.3M |
Interest income | $1.0M |
SG&A and R&D expenses | $7.6M |
Net income | $620.6M |
Net income includes $803.0M in net unrealized gains on HYPE, $15.3M in primarily non-cash expense tied to the equity facility and a $172.3M provision for income taxes.
Treasury update as of October 28
- $1,583.2M deployed since inception (December 2, 2025) into ~25.9M HYPE at an average cost of $61.13
- Total holdings: 38.9M HYPE at a blended cost of $56.35 per token, including staking and validator rewards
- $27.9M spent repurchasing ~5.8M PURR shares at an average of $4.81 per share
- $1,578.4M raised at an average issue price of $10.36 per PURR share
- $245.3M in remaining cash and cash-like instruments