The application is in, but Americans are still a long way from actually being able to trade. On November 5, Nasdaq-listed Hyperliquid Strategies (PURR) disclosed that its subsidiary had applied to the CFTC to register as a futures commission merchant (FCM), with the goal of opening accounts for U.S. clients in HIP-3 permissioned perpetual markets. The same day, it reported third-quarter net income of about $620.6 million, including roughly $803 million in unrealized gains on its HYPE holdings. During the quarter, it spent about $785 million to buy roughly 9.1 million HYPE; holdings stood at about 38.5 million tokens at the end of September.
This is more likely groundwork for an access channel than a sign that perpetual trading is already open in the U.S. Even FCM approval would not automatically mean every HIP-3 market can launch. Most of the profit came from unrealized gains on paper, not from selling tokens. Skeptics may read the application as meaning U.S. users are about to come pouring in; without approval and a timeline, it is at most a step toward compliance.
Two things would invalidate the thesis: an explicit regulatory rejection of the FCM application, or no verifiable U.S. account openings and trading over the next few months. In either case, treat this as an earnings-report narrative, not something to price in as U.S. user inflows. Snapshot at around 14:02 Beijing time: HYPE was about $77.50 on Binance, down roughly 7.0% over 24 hours.
$HYPE
#HYPE #Hyperliquid #cryptocurrency
This is more likely groundwork for an access channel than a sign that perpetual trading is already open in the U.S. Even FCM approval would not automatically mean every HIP-3 market can launch. Most of the profit came from unrealized gains on paper, not from selling tokens. Skeptics may read the application as meaning U.S. users are about to come pouring in; without approval and a timeline, it is at most a step toward compliance.
Two things would invalidate the thesis: an explicit regulatory rejection of the FCM application, or no verifiable U.S. account openings and trading over the next few months. In either case, treat this as an earnings-report narrative, not something to price in as U.S. user inflows. Snapshot at around 14:02 Beijing time: HYPE was about $77.50 on Binance, down roughly 7.0% over 24 hours.
$HYPE
#HYPE #Hyperliquid #cryptocurrency
