A Hyperliquid Strategies subsidiary has applied to become a futures commission merchant to serve U.S. clients trading on permissioned Hyperliquid markets. Regulators must approve both the broker registration and the markets, and Hyperliquid Strategies has provided no timeline. The Nasdaq-listed treasury firm held about 38.5 million HYPE, worth roughly $3.5 billion, at September's end. More U.S. trading would likely increase protocol fees that support HYPE buybacks, while a brokerage would give Hyperliquid Strategies a business beyond token holdings. Payward and Intercontinental Exchange are also pursuing plans to bring Hyperliquid-based perpetual futures to the United States.