Hyperliquid Strategies Inc, the NASDAQ-listed HYPE treasury that trades as PURR, has applied to become a futures commission merchant. The company disclosed the filing in its third-quarter results release on November 5, 2026, alongside $620.6 million of net income for the quarter ended September 30. Approval would let a subsidiary carry US client accounts for permissioned markets deployed on Hyperliquid, the exchange whose token supplies most of the company’s balance sheet.