BTC$75,732
ETH$2,226
BNB$686.60
XRP$1.22
SOL$89.42
TRX$0.3179
ZEC$1,256
HYPE$76.63
XMR$616.61
DOGE$0.0714Hyperliquid Strategies applies to CFTC for FCM status
The firm holding 38.5M HYPE wants to carry US client accounts on Hyperliquid markets. Q3 revenue was $13.3M and net income $620.6M, driven by unrealized gains.
Hyperliquid Strategies (Nasdaq: PURR), a listed company that holds HYPE tokens as its treasury, said a subsidiary has applied to the CFTC to register as a futures commission merchant (FCM). The disclosure is in its third-quarter results, released Nov. 5 at 4:30 p.m. ET.
Details
FCM status would let the company carry US client accounts for permissioned markets built on Hyperliquid's infrastructure. The company called the timing and outcome of the application uncertain.
Revenue for the quarter ended Sept. 30 was $13.3 million: $12.3 million from staking and validator commissions and $1.0 million in interest income. The Block reports that this beat analyst estimates of $10.6–12 million.
Net income reached $620.6 million, but almost all of it is on paper: net unrealized gains on HYPE came to $803 million. The firm held 38.52 million HYPE on Sept. 30, up from 29.3 million at the end of June, and 38.9 million by Oct. 28. It spent $785 million on HYPE purchases during the quarter.
What it means for the market
The filing is a step toward US clients trading Hyperliquid perpetual contracts through a registered intermediary. It is only an application; nothing has been approved.
Note that the headline profit mostly reflects a revaluation of the company's tokens rather than revenue, which was $13.3 million. See the Hyperliquid coin page for the token. This is not investment advice.
Comments