Nasdaq-listed HYPE treasury Hyperliquid Strategies (PURR) disclosed in its Q3 2026 results that a subsidiary has applied to become a futures commission merchant (FCM) in the US.

If approved, the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3, the upgrade that lets independent operators launch compliant markets on the chain. That would give American traders a regulated route into Hyperliquid perpetual futures. The company notes there is no assurance on timing or outcome of the application.

In Q3 the company deployed $785M to buy 9.1M HYPE, lifting its treasury to 38.5M tokens worth about $3.5B at quarter end, with zero debt.

As of October 28, holdings reached 38.9M HYPE at a blended cost of $56.35 per token, and the Hyperliquid Strategies x Unit validator is now the largest non-Foundation validator on the network.