hyperliquid strategies put 785 million into hype tokens last quarter

now it wants a us futures license to run hyperliquid perps onshore

that is not a treasury play, it is vertical integration

my read: perps are the one crypto product us regulators keep circling

if the license lands the company owns the venue and the position

if it stalls you have a 785 million bid and no visible exit

registration docket is the thing to watch