---
title: "Largest HYPE Treasury Firm Hyperliquid Strategies Seeks US Futures Commission Merchant Registration, Reports $620.6M Quarterly Profit"
url: https://thecoingazette.com/largest-hype-treasury-firm-hyperliquid-strategies-seeks-us-futures-commission-merchant-registration-reports-620-6m-quarterly-profit/
date: 2026-11-05
modified: 2026-11-05
lang: en
author: "Coin Gazette Editorial"
description: "Hyperliquid Strategies (NASDAQ: PURR), the largest publicly traded HYPE treasury company, announced ..."
categories:
  - "Crypto News"
tags:
  - "crypto"
  - "cryptocurrencies"
  - "Defi"
  - "Market Trends"
  - "News"
word_count: 114
---

# Largest HYPE Treasury Firm Hyperliquid Strategies Seeks US Futures Commission Merchant Registration, Reports $620.6M Quarterly Profit

Hyperliquid Strategies (NASDAQ: PURR), the largest publicly traded HYPE treasury company, announced that a subsidiary has applied for registration as a US futures commission merchant (FCM). If approved, the entity plans to serve US clients trading perpetual futures on permissioned markets under Hyperliquid's proposed HIP-3* framework. The company also reported $620.6 million in net income for the quarter ended September 30, primarily driven by $803 million in unrealized gains on its HYPE holdings. It raised $911 million in equity capital during the quarter, spending $785 million to acquire approximately 9.1 million HYPE tokens. As of October 28, its total holdings had reached approximately 38.9 million HYPE, with an average cost of $56.35 per token.