Why a Hyperliquid Treasury Firm Wants to Become a US Futures Broker
Summary
Hyperliquid Strategies, a Nasdaq-listed firm that primarily holds HYPE, has applied to register a subsidiary as a futures commission merchant. If regulators approve the application and Hyperliquid’s permissioned HIP-3* markets, it could carry U.S. client accounts trading perpetual futures on the platform, which currently blocks U.S. users. The move would add a trading business to the firm’s token holdings and could increase protocol fees and HYPE buybacks. The company held about 38.5 million HYPE at September’s end and reported $620.6 million in quarterly net income, largely from unrealized gains. Kraken parent Payward and NYSE owner ICE are also pursuing U.S. access to Hyperliquid-based markets. No approval timeline was provided.
