Hyperliquid Strategies Seeks U.S. Futures Registration for Perpetuals

A subsidiary of Nasdaq-listed HYPE treasury company Hyperliquid Strategies has applied to register as a futures commission merchant (FCM), seeking to bring perpetual futures based on Hyperliquid to the United States. According to Cointelegraph, CEO David Schamis described the application as part of the company’s effort to bring markets deployed on the protocol onshore, while its HYPE holdings are intended to capture economic activity associated with Hyperliquid. Schamis made the remarks in the company’s results for the quarter ended Sept. 30, published on Thursday. The subsidiary would handle U.S. customer accounts for permissioned markets on Hyperliquid, but the FCM application and the proposed markets both require regulatory approval. Hyperliquid’s HIP-3 framework lets independent operators launch custom perpetual futures markets on its onchain infrastructure by staking 500,000 HYPE. Proposed HIP-3 features would also let operators create permissioned markets that limit participation to approved addresses. During the quarter, Hyperliquid Strategies raised $911 million in equity capital, spent $785 million to acquire 9.1 million HYPE and used $17 million to repurchase 2.7 million PURR shares. As of Sept. 30, the company held 38.5 million HYPE. Schamis said Hyperliquid was gaining activity in areas of onchain finance that generate fees, adding that programmatic buybacks return nearly all of that value to HYPE holders. The company’s effort comes as Intercontinental Exchange, parent of the New York Stock Exchange, announced an agreement with Trade[XYZ] on Oct. 29 to bring Hyperliquid-based perpetual markets to the United States, subject to regulatory approvals. ICE plans to operate a dedicated market and clearing structure. Hyperliquid Strategies shares fell 9.6% Thursday and closed at $8.76, according to Yahoo Finance.