Summary

  • Nasdaq-listed Hyperliquid Strategies said it spent about $785.9 million in the third quarter to buy an additional 9,078,739 HYPE.
  • The company said it has applied for U.S. futures commission merchant, or FCM, registration and plans to manage perpetual futures trading accounts for U.S. clients in Hyperliquid's permissioned market.
  • It said it posted third-quarter net income of $620.6 million, unrealized gains of $803.04 million on its HYPE holdings, and $12.25 million in staking and validator income.

Forecast Trend Report by Period

Nasdaq-listed Hyperliquid Strategies bought about 9.08 million additional HYPE in the third quarter and is seeking to launch a regulated perpetual futures business in the U.S.

Crypto Briefing reported on Nov. 6 that Hyperliquid Strategies, through a subsidiary, applied for registration as a U.S. futures commission merchant, or FCM. If approved, the company plans to manage perpetual futures trading accounts for U.S. clients in Hyperliquid's permissioned market.

According to the company's filing with the U.S. Securities and Exchange Commission, it spent about $785.9 million in the third quarter to buy an additional 9,078,739 HYPE. It also acquired 170,034 HYPE during the period through staking and validator activities. That increased its HYPE holdings to 38,523,858 at the end of September from 29,275,085 at the end of June.

As of Oct. 28, its holdings had risen further to about 38.9 million HYPE. The average purchase price was $56.35 per token, while cash and cash equivalents totaled about $245.3 million.

An FCM is a regulated U.S. financial business that manages clients' futures trading accounts and margin. The company plans to use the permissioned market under Hyperliquid's HIP-3* framework.

HIP-3* is designed to let independent operators use Hyperliquid's trading infrastructure to build markets open only to approved users. Hyperliquid's existing open-access market will remain in place.

Still, FCM registration requires regulatory approval, and neither the outcome nor the timing has been determined.

The company posted third-quarter net income of $620.6 million. Unrealized gains on its HYPE holdings came to $803.04 million, while staking and validator income totaled $12.25 million.

Minseung Kang