Hyperliquid Strategies Inc. (NASDAQ: PURR) has applied to launch a US-regulated futures trading business while reporting $620.6 million in net income for the third quarter of 2026. Most of the profit came from unrealized gains on its HYPE token holdings.
Summary
- Hyperliquid Strategies reported $620.6 million in quarterly net income, largely driven by $803 million in unrealized gains from HYPE.
- A subsidiary has applied for US futures commission merchant (FCM) registration to support proposed perpetual futures markets.
- The company purchased 9.1 million HYPE tokens during the quarter, increasing its holdings to around 38.5 million.
- It raised $911 million through equity financing and spent $17 million buying back its own shares.
- By October 28, its HYPE holdings had reached approximately 38.9 million tokens, with $245.3 million in available cash.
The company announced its financial results on November 5 and confirmed that one of its subsidiaries had applied for futures commission merchant registration. If approved, the business would allow US customers to trade perpetual futures on permissioned markets using Hyperliquid’s blockchain infrastructure.
CEO David Schamis said the company deployed around $802 million during the quarter through HYPE purchases and share buybacks. He said these investments are part of its wider plan to build its business around the Hyperliquid ecosystem.
Hyperliquid Strategies is seeking US futures registration to support trading markets under its planned HIP-3 framework. This system would allow independent operators to launch permissioned markets while using Hyperliquid’s blockchain infrastructure.
Under the proposed setup, separate market operators would manage their own trading platforms, while the registered FCM would handle customer accounts under US regulatory rules.
However, the company has not provided a timeline for approval or the launch of its services. Regulatory approval of the FCM application would also not automatically authorize every proposed perpetual futures market.
The application comes after Intercontinental Exchange, the owner of the New York Stock Exchange, announced a partnership with Trade[XYZ] in October to develop US-regulated perpetual futures markets using Hyperliquid infrastructure. The project also remains subject to regulatory approval.
Hyperliquid Strategies reported $620.6 million in net income for the quarter, with $803 million in unrealized gains from its HYPE holdings accounting for most of the profit.
These gains came from an increase in the recorded value of tokens the company continued to hold. They were not profits from selling those tokens.
The company also reported a $172.3 million income tax provision and $15.3 million in expenses, mainly related to its equity financing arrangements.
Its other income included $12.3 million from staking and validator commissions and $1 million in interest income. Selling, administrative and research expenses totaled $7.6 million.
As of September 30, the company reported total assets of $3.76 billion, including $3.51 billion worth of HYPE tokens. Its cash and cash-like holdings stood at $254.6 million, while stockholders’ equity reached $3.40 billion. The company reported no debt.
During the third quarter, Hyperliquid Strategies raised $911 million through its equity financing facility. It used approximately $785 million to purchase 9.1 million HYPE tokens, increasing its total holdings from 29.3 million in June to 38.5 million by September 30.
The company also spent $17 million buying back approximately 2.7 million PURR shares.
By October 28, its HYPE holdings had increased further to around 38.9 million tokens, including staking and validator rewards. Its total spending on acquired HYPE reached approximately $1.58 billion, with an average purchase price of $61.13.
The company had also repurchased around 5.8 million shares for $27.9 million by that date. Its remaining cash and cash-like holdings stood at $245.3 million.
Hyperliquid Strategies has become one of the largest publicly traded companies focused on holding HYPE as a corporate treasury asset. Its Nasdaq-listed shares give traditional stock market investors exposure to the Hyperliquid ecosystem.
Institutional interest has also grown. In September, filings showed that Stanley Druckenmiller’s Duquesne Family Office had taken a $23 million position in PURR.
The company also said its Hyperliquid Strategies x Unit validator had become the network’s largest non-Foundation validator.
Meanwhile, HYPE was trading around $77 at the time of reporting, down more than 7% over the previous 24 hours, despite the company’s strong quarterly financial results.