The largest HYPE Treasury firm has applied for a US Futures Commission Merchant (FCM) license, reporting a quarterly net profit of $621 million.

Hyperliquid Strategies (NASDAQ: PURR), the largest listed treasury firm holding HYPE, released its quarterly financial results for the period ending September 30, 2026. The quarter posted a net profit of $620.6 million, primarily driven by $803 million in unrealized gains from its HYPE holdings, plus $12.3 million in staking and validator commission revenue. The company raised $911 million via equity financing in the quarter, allocating $785 million to add approximately 9.1 million HYPE tokens and $17 million to repurchase around 2.7 million PURR shares. As of the end of September, it held roughly 38.52 million HYPE tokens worth approximately $3.505 billion, with cash and cash equivalents totaling $254.6 million. As of October 28, its HYPE holdings rose to around 38.9 million tokens, with a combined average cost basis of $56.35 per token. Additionally, a subsidiary of the firm has filed an application for Futures Commission Merchant (FCM) registration. If approved, it plans to offer account services to U.S. clients of Hyperliquid’s HIP-3* licensed market, enabling them to trade perpetual futures under a regulated framework.