HYPE Treasury Firm Hyperliquid Strategies Files for US Futures Licensing on Perps
Following a $785 million token acquisition spree in the latest quarter, the HYPE treasury firm is pursuing regulatory approval to offer Hyperliquid-based perpetual futures contracts in the United States.
An operational subsidiary of the publicly-traded HYPE treasury firm Hyperliquid Strategies, which is listed on Nasdaq, has submitted an application to obtain futures commission merchant (FCM) status, as the company works to introduce Hyperliquid-based perpetual futures contracts to American markets.
"Our strategy for capturing value tied to the Hyperliquid protocol centers on HYPE ownership; our plan for bringing Hyperliquid-deployed markets to US shores involves establishing an FCM," stated Hyperliquid Strategies CEO David Schamis in the firm's quarterly earnings report for the period ending Sept. 30, which was released on Thursday.
Through Hyperliquid's HIP-3 framework, independent market operators can deploy customized perpetual futures contracts on the protocol's blockchain-based infrastructure by putting up a stake of 500,000 HYPE tokens (valued at $38.8 million). Features proposed under HIP-3 would enable operators to establish permissioned trading environments that limit access to whitelisted wallet addresses.
According to the company, the subsidiary's role would involve managing United States customer accounts for these permissioned markets running on Hyperliquid. Regulatory authorization is needed for both the FCM application and the planned markets.
On Oct. 29, Intercontinental Exchange, which owns the New York Stock Exchange, revealed an agreement with Trade[XYZ] to introduce Hyperliquid-based perpetual futures markets to American traders, pending regulatory clearance. ICE's plan includes operating a specialized market and clearing infrastructure.
Hyperliquid Strategies buys $785M in HYPE, spends $17M on share buybacks
Throughout the quarter, Hyperliquid Strategies successfully raised $911 million through equity capital offerings. The company deployed $785 million to purchase 9.1 million HYPE tokens and allocated $17 million toward buying back 2.7 million PURR shares. As of Sept. 30, the firm's total holdings stood at 38.5 million HYPE, which carried a valuation of $3.5 billion at that point in time.
"Hyperliquid is dominating the segments of onchain finance that produce actual fee revenue, and virtually all of that economic value returns to HYPE holders via programmatic token buybacks," Schamis said.
Shares of Hyperliquid Strategies experienced a 9.6% decline on Thursday, finishing the trading session at $8.76, based on data from Yahoo Finance.