Hyperliquid Strategies Files for US FCM Registration as Quarterly Net Income Hits $620.6M

TLDR: Hyperliquid Strategies filed to register a subsidiary as a US futures commission merchant (FCM). Net income reached $620.6M for the quarter, driven mainly by $803.0M in unrealized HYPE gains. The firm raised $911M in equity and spent $785M to buy about 9.1 million HYPE tokens in the quarter. Total HYPE holdings reached about 38.9 million tokens at a $56.35 average cost as of October 28. Hyperliquid Strategies (NASDAQ: PURR), the largest publicly traded HYPE treasury company, has applied for US futures commission merchant registration through a subsidiary.