Hyperliquid Strategies seeks US FCM registration
6.6 Regulation Hyperliquid Strategies seeks US FCM registration to offer regulated access to HIP-3 markets and perpetual futures, pending CFTC approval. The move could expand its US client base and industry credibility.
Hyperliquid Strategies, a major holder of Hyperliquid (HYPE) tokens and listed as PURR on NASDAQ, has applied to the Commodity Futures Trading Commission (CFTC) to register as a US futures commission merchant (FCM). This registration would enable the company to carry US client accounts for HIP-3 markets, which allow third parties to launch permissioned markets on the Hyperliquid perpetual futures protocol. The application, first disclosed in August and detailed in the company’s Q3 results, is currently pending regulatory approval with no set timeline. Hyperliquid Strategies reported $13.3 million in quarterly revenue and $620.6 million in net income, largely driven by $803 million in unrealized gains on HYPE tokens. If approved, the FCM status would provide regulated US access to perpetual futures, expanding Hyperliquid’s reach and credibility. The move has attracted significant attention, reflecting a broader trend of crypto firms seeking US regulatory compliance. However, the company’s ability to serve US clients hinges on the outcome of the CFTC review.
