Hyperliquid Strategies applies for US futures license as profit hits $620.6m
The Nasdaq-listed HYPE treasury company filed for registration as a futures commission merchant while posting $620.6 million in third-quarter net income.
Key takeaways
- 1Hyperliquid Strategies posted $620.6 million in net income for the third quarter ended September 30.
- 2Net income was driven by $803 million in unrealised gains on HYPE token holdings.
- 3A subsidiary applied for registration as a US futures commission merchant to offer perpetual futures trading.
- 4The firm raised $911 million in equity capital during the quarter and bought 9.1 million HYPE tokens for $785 million.
- 5Total balance sheet holdings reached 38.9 million HYPE by October 28 at an average cost of $56.35 per token.
Hyperliquid Strategies, a Nasdaq-listed firm trading under the ticker PURR, reported $620.6 million in net income for the quarter ended September 30 as a subsidiary applied for registration as a US futures commission merchant.
The application to become a futures commission merchant in the United States aims to expand the company's operational reach, Wu Blockchain reported. If approved by regulators, the subsidiary plans to provide trading services to US clients interested in perpetual futures on permissioned markets using Hyperliquid's proposed HIP-3 framework.
The company's third-quarter net income was primarily driven by $803 million in unrealised gains on its existing holdings of HYPE tokens. During the three months through September 30, Hyperliquid Strategies raised $911 million in equity capital from investors and directed $785 million of those funds toward purchasing approximately 9.1 million HYPE tokens.
As of October 28, the company's balance sheet held approximately 38.9 million HYPE tokens, making it the largest publicly traded treasury company dedicated to the asset. Hyperliquid Strategies acquired its overall position at an average cost of $56.35 per token.
According to YourKhabri market data, HYPE traded at $77.95 on November 5, representing a 7.8 percent decline over 24 hours. Despite the daily dip, the token maintained a total market capitalization of $18.7 billion, placing it as the eleventh-largest cryptocurrency by market value.
The financial results align with a broader trend of corporate digital asset holders reporting strong quarterly figures. Strategy reported a $20.9 billion operating profit for the third quarter on October 29 after spending $2.04 billion on share buybacks, while American Bitcoin posted $126 million in quarterly net profit on November 5 driven by a $197.3 million gain on its cryptocurrency holdings. Stablecoin issuer Tether also reported a $1.5 billion Q3 operating profit on October 30.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.