Hyperliquid Strategies seeks futures registration for perps
The HYPE treasury company spent $785 million on tokens during the quarter and wants to bring Hyperliquid-based perpetual futures to the US.
Hyperliquid Strategies, a subsidiary of HYPE treasury company Hyperliquid, applied to become a futures commission merchant (FCM) in the US. The company aims to bring Hyperliquid-based perpetual futures to the US market. Hyperliquid's HIP-3 framework enables independent operators to create custom perpetual futures markets on the protocol's blockchain infrastructure by staking 500,000 HYPE tokens.
Hyperliquid Strategies CEO David Schamis stated that owning HYPE is how the company intends to capture economics associated with the Hyperliquid protocol. Both the FCM application and the proposed markets require regulatory approval. Hyperliquid Strategies raised $911 million in equity capital during the quarter, spending $785 million to acquire 9.1 million HYPE tokens and $17 million to repurchase 2.7 million PURR shares.
As of Sept. 30, the company held 38.5 million HYPE tokens, valued at $3.5 billion. Hyperliquid Strategies' stock fell 9.6% on Thursday, closing at $8.76 per share.
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