Why a Hyperliquid Treasury Firm Wants to Become a US Futures Broker

In brief

• A subsidiary of Nasdaq-listed Hyperliquid Strategies has applied to become a CFTC-registered futures commission merchant to carry U.S. client accounts for permissioned Hyperliquid markets.
• CEO David Schamis called the FCM filing and the firm’s $802 million in quarterly deployment, mostly into HYPE, “the same bet.”
• The filing joins efforts by Payward and ICE to bring Hyperliquid-based perpetual futures to the U.S., though regulators must still approve the broker and the markets.

Hyperliquid Strategies built its business around holding HYPE. Now it wants to help Americans trade on Hyperliquid, too.

The Nasdaq-listed treasury firm, which trades as PURR and is chaired by former Barclays CEO Bob Diamond, disclosed in its quarterly results Thursday that a subsidiary has applied to become a futures commission merchant, or FCM.

That’s the type of CFTC-registered broker that holds customer funds and handles futures orders. If approved, the unit would carry U.S. client accounts for permissioned markets built on Hyperliquid, letting Americans trade perpetual futures within a regulated framework.

Perpetual futures are derivatives with no expiration date that let traders take leveraged positions. Hyperliquid, a major onchain venue for them, still blocks U.S. users.