Hyperliquid Strategies has filed an application to become a U.S. futures commission merchant (FCM), marking a new step toward bringing Hyperliquid-based perpetual futures trading to American customers. The Nasdaq-listed digital asset treasury company disclosed that a subsidiary submitted the application to the Commodity Futures Trading Commission (CFTC).
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If approved, the subsidiary would handle U.S. customer accounts for permissioned markets operating on Hyperliquid’s infrastructure. The move would create a potential regulated pathway for American customers to access perpetual futures through the platform, although the application does not guarantee approval or establish a launch date.
The development comes as Hyperliquid Strategies continues expanding its HYPE token treasury. The company held approximately 38.52 million HYPE tokens worth $3.505 billion at the end of September. Its latest regulatory filing also connects its large token holdings with plans to participate more directly in the Hyperliquid ecosystem.
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Hyperliquid Strategies Links FCM Filing to HIP-3 Markets
The firm explained that its subsidiary applied for a registration as a futures commission merchant, or FCM. Should the application be accepted, the subsidiary would take care of the registration of the US customer accounts for permissioned markets operating through Hyperliquid via the HIP-3 protocol.
FCM stands for a licensed intermediary who accepts customers’ money and executes futures orders. The proposed registration of the company will make it possible to operate as an FCM with regard to serving US customers; however, not all markets created on the blockchain will be automatically approved. According to the company’s statement, permissioned HIP-3 markets should receive regulatory approval as well.
In accordance with the company’s HIP-3 proposal, independent operators would be able to create their permissioned markets using the blockchain’s onchain infrastructure. The HIP-3 protocol will let the operators run their markets independently, although the blockchain itself will stay the shared infrastructure layer.
$802 Million Deployment Expands HYPE Treasury
For the September quarter, Hyperliquid Strategies made an investment worth $911 million out of the committed equity facility and made an expenditure of $802 million. Out of the $802 million spent, $785 million was used in buying approximately 9.1 million tokens HYPE, with holdings going up from 29.3 million tokens on June 30 to 38.5 million tokens on September 30.
Out of the $802 million, $17 million was utilized in repurchasing about 2.7 million PURR shares. As at October 28, the total holdings were estimated at 38.9 million HYPE tokens at an average cost of $56.35 per token, with $27.9 million being used in repurchasing approximately 5.8 million shares.
Hyperliquid Ecosystem Fees Provide Wider Context
Hyperliquid Strategies claims that about $834 million worth of value was added to the Hyperliquid ecosystem over the 12 months up until September 30. The amount was derived from the protocol fees and network operations, where the programmatic buyback of HYPE tokens led to some of the generated value being directed to token holders. According to the company, the information provided is not independently verified.
The company also claims that its validator using Unit became the biggest non-Foundation validator for the network. The company is now involved in more than just holding the tokens as it participates in token staking and validator commissions.
Shareholder Approval and Next Regulatory Steps
Shareholders passed a proposal concerning the issuance under the company’s committed equity facility that exceeds 19.99% of common stock. They appointed two directors and approved CBIZ CPAs P.C. as the auditor for the fiscal year 2027. It will assist with its financing structure, continuing the token purchases.
As of October 28, Hyperliquid Strategies claimed to have raised $1.578 billion under the facility with an average issue price of $10.36 per share. Their total cash and cash equivalents were $245.3 million. Shareholders will look forward to seeing further disclosures in the treasury and to knowing if the regulator approves the FCM application and HIP-3 markets.
The filing is relevant for the shareholders since their assets and earnings are highly dependent on HYPE, although its proposed FCM business is still conditional. Any drop in the market value of the token will affect the valuations of the treasury. Regulatory approval will provide another way to cater to the US customer base, however, none of these events is guaranteed.
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Bena Ilyas is a Global News Correspondent and Market Analyst at Tronweekly with over four years of experience covering global cryptocurrency, blockchain, and Web3 developments. She has written 1,000+ articles for leading crypto news platforms, reporting on Bitcoin, Ethereum, altcoins, DeFi, and global crypto regulation, alongside Web3 trends, Layer 2 ecosystems, and AI-driven crypto use cases. Her work is based on verified sources and fact-based reporting for global market participants.
