Hyperliquid Strategies reports $620.6M profit and seeks FCM registration

The November 5 results show $803 million in unrealized gains on HYPE, not proceeds from completed token sales. The company recorded a $172.3 million income tax provision and $15.3 million in expenses, primarily tied to its committed equity facility. Staking revenue and validator commissions contributed $12.3 million, interest income added $1 million, and selling, general and administrative and research and development costs totaled $7.6 million.

At September 30, the company had $3.76 billion in total assets, including $3.51 billion in HYPE valued at $90.99 per token. Cash and cash-like instruments totaled $254.6 million, stockholders’ equity was $3.40 billion and the company reported no debt.

During the quarter, Hyperliquid Strategies raised $911 million through its committed equity facility and deployed $802 million on HYPE purchases and share repurchases, CEO David Schamis said. The company spent $785 million to buy about 9.1 million HYPE, bringing its holdings to 38.5 million tokens, up from 29.3 million at June 30. It also spent $17 million repurchasing 2.7 million PURR shares.

The proposed FCM would carry customer accounts for permissioned markets under Hyperliquid’s planned HIP-3 framework. Independent operators would establish the trading venues, while the FCM would handle accounts within a regulated structure. Registration would not automatically authorize every proposed market; the company said there was no assurance about the application’s timing or outcome. It has not given a timetable for approval or customer operations.

The application follows an October agreement between Intercontinental Exchange and Trade[XYZ] to develop U.S.-regulated perpetual futures markets using Hyperliquid infrastructure. ICE plans to provide exchange and clearing services, while Trade[XYZ] would design the markets. That project also requires regulatory approval and has no announced launch date.

By October 28, Hyperliquid Strategies held about 38.9 million HYPE, including staking and validator rewards, and reported $245.3 million in remaining cash and cash-like instruments. Its cumulative spending on approximately 25.9 million acquired tokens was $1.58 billion, an average purchase price of $61.13; the blended cost across total holdings was $56.35. By that date, it had repurchased about 5.8 million shares for $27.9 million, while cumulative equity capital raised stood at $1.58 billion.