Historical reporting snapshot: published Nov. 6, 2026, at 06:08:12 UTC+8.
Nasdaq-listed Hyperliquid Strategies (PURR) reported $13.3 million in revenue for the quarter ended Sept. 30, above analyst estimates ranging from $10.6 million to $12 million, depending on the data provider. It also filed with the Commodity Futures Trading Commission (CFTC) to become a futures commission merchant (FCM).
The filing represents a potential route toward regulated U.S. access to Hyperliquid-based markets, not an approval to offer those services.
Earnings largely reflected unrealized token gains
The company reported $620.6 million in net income, largely driven by $803 million in unrealized gains on its Hyperliquid (HYPE) token holdings. A $172.3 million income tax provision partially offset those gains.
The distinction matters when reading the results: reported revenue exceeded estimates, but the much larger net-income figure primarily reflected unrealized gains on token holdings rather than revenue.
FCM application targets permissioned HIP-3 markets
If approved, the FCM registration would allow Hyperliquid Strategies to carry U.S. client accounts for HIP-3 markets. The company said the proposed role could help bring perpetual futures to U.S. customers within a regulated framework.
According to the firm’s release, Hyperliquid had announced plans for additional deployer functionality under HIP-3. These optional features would let deployers build and launch permissioned markets on Hyperliquid’s onchain infrastructure. Independent operators would run their markets in a compliant manner, while the underlying chain would remain a neutral infrastructure layer.
The regulatory outcome remained uncertain. The company cautioned: “There can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets.”
Broader U.S. access efforts
The Block also reported that, in the week before publication, NYSE parent Intercontinental Exchange had agreed to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to U.S. traders. Under that arrangement, ICE would operate the exchange and clearing infrastructure, while TradeXYZ would design the markets.
Earlier in 2026, President Donald Trump said his administration was working to bring Hyperliquid into the U.S. “in a fully compliant and legal fashion.”
These developments concern potential market access and regulatory infrastructure. The FCM application’s timing and outcome—and regulatory approval of permissioned HIP-3 markets—were unresolved at the time of the report.