Hyperliquid Strategies Posts $620.6 Million Profit, Applies to Become a Futures Broker

Brief

By Dextape Desk · November 6, 2026

Hyperliquid Strategies, a Nasdaq-listed firm whose main treasury asset is the HYPE token, posted $620.6 million in net income for the three months to September 30, nearly all from unrealized gains. A subsidiary has also applied to become a futures commission merchant, a registration that would let it hold accounts for American futures traders. CEO David Schamis described the token buying and the broker bid as one strategy, with the brokerage arm helping bring Hyperliquid-built markets onshore. The company raised $911 million from share sales and spent $802 million, including $785 million on 9.1 million HYPE, lifting holdings to 38.5 million tokens. Another $17 million bought back 2.7 million PURR shares. It warned it cannot say whether or when approval will come, and rival plans from Payward and Trade.xyz also await CFTC sign-off.

Why it matters: The filing shows a token-treasury company pursuing a regulated U.S. futures route for Hyperliquid-based markets, a development tied to how competition for U.S. perpetual trading is shaping up.

Mentioned: Hyperliquid, Kraken (Payward), Nasdaq

Summary by Dextape, based on reporting by Unchained. Machine-written from Unchained’s report and checked against it · How Dextape writes