Hyperliquid Strategies Inc (Nasdaq: PURR) reported Q3 results on Nov. 5, 2026 and said it filed an application to become a futures commission merchant, to carry US client accounts for HIP-3 markets on Hyperliquid. CEO David Schamis framed the $802 million quarter deployment and the FCM filing as the same bet, that Hyperliquid fee flow accrues to HYPE holders.

The release says a subsidiary filed the FCM application, with approval and timing not guaranteed. Telegram coverage notes this would open permissioned HIP-3 markets to US clients who cannot use Hyperliquid now, alongside about $834 million in protocol fees over 12 months largely via buybacks to HYPE, and HSI x Unit as the largest non-foundation validator. Coverage: PRNewswire, BredoStrategy, markettwits.

On treasury and quarter, the company materials cited report about 38.52 million HYPE at Sept. 30, valued at $3.51 billion at $90.99, with 9.1 million HYPE bought in quarter for $785 million, net income $620.6 million almost entirely on $803 million HYPE revaluation, no debt, $254.6 million cash, $911 million raised via shares, and 2.7 million PURR repurchased for $17 million, with about 38.9 million HYPE at Oct. 28 at $56.35 average. The full PR text was truncated in fetch, so use the release for exact wording.

Separately, on Oct. 23 the board raised the buyback authorization to $100 million, with about $72 million remaining, extended to Oct. 31, 2027. Announcement