Hyperliquid Strategies (Nasdaq: PURR) filed with the Commodity Futures Trading Commission to become a futures commission merchant, according to The Block’s report published on November 5, 2026, at 22:08:12 UTC. The application marked a proposed route toward serving U.S. customers—not an approval to do so.
The company also reported $13.3 million in revenue for the quarter ended September 30, above analyst estimates ranging from $10.6 million to $12 million, depending on the data provider.
What the registration would enable
If approved, the futures commission merchant registration would allow Hyperliquid Strategies to carry U.S. client accounts for HIP-3 markets. The company said it could then “play a role” in bringing perpetual futures to U.S. customers within a regulated framework.
According to the firm, Hyperliquid had announced plans for additional deployer functionality under HIP-3. These optional features would let deployers build permissioned markets on Hyperliquid’s onchain infrastructure. Independent operators would run their markets in a compliant manner, while the underlying chain would remain a neutral infrastructure layer.
The regulatory outcome remained uncertain. “There can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets,” the company said.
Token gains dominated reported net income
Hyperliquid Strategies posted $620.6 million in net income, largely driven by $803 million in unrealized gains on its Hyperliquid (HYPE) token holdings, partially offset by a $172.3 million income tax provision.
That distinction matters when reading the results: the reported profit was driven primarily by unrealized token gains, rather than quarterly revenue. The revenue beat and the token valuation gains were separate parts of the earnings picture.
A broader push toward U.S. access
The filing followed another proposed route into the U.S. market. In the week before the report, New York Stock Exchange parent Intercontinental Exchange agreed to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to U.S. traders. Under that arrangement, ICE would operate the exchange and clearing infrastructure, while TradeXYZ would design the markets.
Earlier in 2026, President Donald Trump said his administration was working to bring Hyperliquid into the United States “in a fully compliant and legal fashion.”
Together, these developments documented efforts to expand regulated U.S. access. They did not establish that Hyperliquid Strategies’ application would succeed or when permissioned HIP-3 markets might receive approval.
Original source: The Block, published November 5, 2026, at 22:08:12 UTC (November 6 at 06:08:12 UTC+8).
