Hyperliquid Strategies Subsidiary Applies for US FCM Status, Reports $620.6M Quarterly Profit

Hyperliquid Strategies has applied through a subsidiary to become a US futures commission merchant, seeking regulated access to perpetual futures for American clients. The firm reported $620.6 million in quarterly profit, mostly from $803 million in unrealized HYPE gains, while recurring revenue was only $12.3 million. The application still requires regulatory approval with no assured timeline.