Nasdaq-listed Hyperliquid Strategies (PURR) reported $13.3 million in revenue for the quarter ended Sept. 30, 2026, exceeding analyst estimates of $10.6 million to $12 million. Net income reached $620.6 million, driven largely by $803 million in unrealized gains on its Hyperliquid (HYPE) token holdings and partially offset by a $172.3 million income tax provision.
The company also filed with the CFTC to become a futures commission merchant (FCM), aiming to carry U.S. client accounts for permissioned HIP-3 markets. These optional markets would allow independent operators to launch compliant perpetual futures on Hyperliquid’s onchain infrastructure while the chain underneath remains a neutral layer.
The FCM application covers the account layer, and the company gave no assurance on timing or outcome. No market operator or clearinghouse for U.S.-facing HIP-3 markets has been named yet. The CFTC sets minimum adjusted net capital for an FCM at $1 million, while Hyperliquid Strategies ended September with $254.6 million in cash and cash-like instruments and no debt.
During the quarter, the company bought 9.1 million HYPE for about $785 million, or roughly $86 per token. HYPE closed September at $90.99. Its total 38.9 million HYPE position carries a blended cost of about $56.35. Staking revenue and validator commissions added $12.3 million, mostly from the validator run with Unit. The filing follows a partnership between ICE and TradeXYZ to bring Hyperliquid-based perpetual futures to U.S. traders, as well as earlier White House comments on bringing Hyperliquid into the U.S. in a compliant manner.
CEO David Schamis described the FCM application and the quarter’s token buying as “the same bet.”
