TLDR
- Wu Blockchain flagged that Hyperliquid Strategies (PURR), the largest HYPE treasury firm, is seeking U.S. FCM registration.
- Q3 net income hit $620.6 million, mostly from $803 million in unrealized HYPE gains.
- Revenue of $13.3 million beat estimates of $10.6 million to $12 million.
- Holdings reached about 38.9 million HYPE at an average cost of $56.35.
- HYPE traded near $77, down more than 7% in 24 hours.
Wu Blockchain flagged the story on X, calling Hyperliquid Strategies (PURR) the largest publicly traded HYPE treasury company. The firm has applied to become a U.S. futures commission merchant, or FCM.
Largest HYPE Treasury Firm Hyperliquid Strategies Seeks US Futures Commission Merchant Registration, Reports $620.6M Quarterly Profit
Hyperliquid Strategies (NASDAQ: PURR), the largest publicly traded HYPE treasury company, announced that a subsidiary has applied for… pic.twitter.com/MMLizHcMkQ
— Wu Blockchain (@WuBlockchain) November 5, 2026
The company released its third-quarter results on Nov. 5. They cover the quarter ended Sept. 30.
Net income came in at $620.6 million. Revenue was $13.3 million, above analyst estimates of $10.6 million to $12 million.
UPDATE: Nasdaq-listed Hyperliquid Strategies ($PURR) @HypeStrat reports approximately $620M in Q3 2026 profit, largely driven by unrealized gains on its $HYPE holdings.
• $803M in unrealized HYPE gains
• $13.3M in revenue, mainly from staking and validator commissions
The… pic.twitter.com/EBKFA5QOm0— HL HUB (Community) (@Hyperliquid_Hub) November 6, 2026
Most of the profit was not cash. The firm booked $803 million in unrealized gains on the HYPE it holds.
A $172.3 million income tax provision cut into the total. Another $15.3 million in expenses was tied mainly to its committed equity facility.
What the FCM Application Would Do
A subsidiary filed the FCM application with the CFTC. If approved, it would serve U.S. clients trading perpetual futures on permissioned markets under Hyperliquid’s proposed HIP-3 framework.
HIP-3 lets independent operators launch and run their own markets. The blockchain underneath stays a neutral layer.
The company gave no timeline. “There can be no assurance as to the timing or outcome,” it said.
Approval would not automatically clear every proposed market. Each one still needs its own regulatory sign-off.
The filing follows a deal struck last week by Intercontinental Exchange. The NYSE parent agreed to work with TradeXYZ on Hyperliquid-based perp futures for U.S. traders.
Earlier this year, President Donald Trump said his administration wanted to bring Hyperliquid into the U.S. “in a fully compliant and legal fashion.”
HYPE Holdings and the Balance Sheet
The firm raised $911 million in equity capital during the quarter. It spent $785 million to buy about 9.1 million HYPE tokens.
CEO David Schamis said the company deployed $802 million in total. That figure covers token purchases and stock buybacks.
Holdings stood at 38.5 million HYPE on Sept. 30, up from 29.3 million on June 30. Total assets were $3.76 billion, and the company reported no debt.
Staking revenue and validator commissions added $12.3 million. The firm also bought back 2.7 million PURR stock for $17 million.
By Oct. 28, holdings had grown to about 38.9 million HYPE. The average cost across all tokens was $56.35, and cash stood at $245.3 million.
