The publicly traded digital asset treasury company disclosed that HypeStrat Markets has applied for registration as a futures commission merchant, potentially allowing American customers to access regulated derivatives markets operating on Hyperliquid’s blockchain infrastructure.
The application, submitted through the National Futures Association in August, remains pending. The association oversees registration and compliance obligations for futures intermediaries under the supervision of the US Commodity Futures Trading Commission.
Hyperliquid Strategies confirmed the initiative alongside its quarterly financial disclosures on November 5, describing the proposed brokerage as a mechanism for bringing trading activity associated with the decentralised Hyperliquid ecosystem into the American regulatory framework.
The company intends to use HIP-3, a system enabling independently operated perpetual futures markets on Hyperliquid infrastructure, to support the proposed business. Any launch would depend on regulatory authorisation and approval of the relevant markets.
The registration would not automatically permit unrestricted access to Hyperliquid’s existing offshore derivatives platform. Instead, the proposed intermediary would maintain customer accounts for specifically authorised markets, subject to applicable American regulatory requirements.
Hyperliquid Strategies acknowledged that neither the timing nor the outcome of its application could be guaranteed. Approval would require the proposed brokerage to satisfy regulatory standards covering customer protection, financial resources, supervision and operational controls.
The disclosure coincided with disruption affecting HYPE holders on Binance, where withdrawals remained unavailable for more than a week following a major security incident on October 29.
Binance announced on November 8 that withdrawals for HYPE and Aptos had been restored, bringing forward the reopening of two cryptocurrencies previously scheduled for reinstatement by the following week.
The exchange had identified HYPE, Injective, Aptos, Plasma, NEAR and Litecoin among assets awaiting withdrawal restoration. Its November 6 announcement targeted completion by the end of the following week, subject to security assessments.
Binance has been restoring cryptocurrency withdrawal services progressively, examining individual blockchain networks and assets before authorising transfers. The process has involved reopening selected Ethereum and Solana tokens alongside other supported networks.
The suspension had prevented customers holding HYPE on Binance from transferring their tokens to external wallets or other trading platforms, although spot trading remained available. This restricted customers’ ability to move assets directly into the Hyperliquid ecosystem.
Binance did not identify a specific technical problem responsible for the extended HYPE suspension. Its broader explanation emphasised network security checks and the need to verify withdrawal infrastructure before restoring services.
The exchange’s restoration announcement did not establish that every withdrawal route or outstanding asset had returned to normal. Customers were advised to verify the availability of their selected blockchain network before initiating transfers.
Separately, Hyperliquid Strategies reported substantial expansion of its HYPE treasury during the quarter ended September 30. Its holdings increased from 29.3 million tokens at the end of June to approximately 38.5 million tokens.
The company said it deployed $785 million to purchase 9.1 million HYPE tokens during the quarter and spent another $17 million repurchasing 2.7 million of its own shares.
Chief executive David Schamis linked the token accumulation strategy with the proposed futures brokerage, saying both initiatives reflected the company’s commitment to participating in Hyperliquid’s financial ecosystem.
Hyperliquid Strategies reported quarterly net income of $620.6 million, largely reflecting $803 million in unrealised gains on its cryptocurrency holdings. Such gains remain sensitive to movements in HYPE’s market valuation.
Its September balance sheet showed total assets of approximately $3.76 billion, including $3.51 billion in HYPE tokens and $254.6 million in cash and cash equivalents.
The company also recorded $12.3 million in staking revenue and validator commissions, alongside $1 million in interest income. Staking involves committing cryptocurrency holdings to support blockchain operations in exchange for rewards.
By October 28, Hyperliquid Strategies said its treasury had increased further to approximately 38.9 million HYPE tokens, including rewards earned through staking and validator activities.
The company reported $245.3 million in remaining cash and cash-like instruments at that date, alongside cumulative equity fundraising of approximately $1.58 billion under its committed financing facility.
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