Hyperliquid Strategies (PURR), the Nasdaq-listed company holding 38.9 million HYPE, has applied to the CFTC to become a futures commission merchant, it said Thursday, a license that would let it carry US client accounts on Hyperliquid’s tokenized stocks markets.
The timing is hard to miss.
<figure class="wp-block-embed is-type-rich is-provider-x wp-block-embed-x">
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 <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f1fa-1f1f8.png" alt="🇺🇸" style="height: 1em; max-height: 1em;"> JUST IN: Hyperliquid Strategies, holding $3.5 BILLION in <a href="https://x.com/search?q=%24HYPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$HYPE</a>, officially files to become a US futures broker. The Nasdaq-listed firm says a subsidiary has applied to become a futures commission merchant, a broker regulated by the CFTC. If approved, US customers could trade… <a href="https://t.co/nZE00MELkS" rel="noopener noreferrer nofollow">pic.twitter.com/nZE00MELkS</a>— Coin Bureau (@coinbureau) <a href="https://x.com/coinbureau/status/2118466290600062982?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 5, 2026</a>
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Over the 24 hours to 09:56 UTC on Friday, stocks, indexes and oil on trade.xyz, Hyperliquid’s biggest builder market, traded $9.75 billion. Hyperliquid’s own crypto perpetuals did $9.69 billion. Two days earlier, the stock side was at $4.99 billion.
Its&nbsp;<a rel="noopener noreferrer nofollow" href="https://www.prnewswire.com/news-releases/hyperliquid-strategies-inc-reports-financial-results-for-the-quarter-ended-september-30-2026-302931281.html">quarterly report</a>, out the same day, showed $13.3 million in revenue for the three months to September 30, above analyst estimates of $10.6 million to $12 million, and $620.6 million in net income, almost all of it paper gains on HYPE.
Markets did not cheer. PURR closed at $8.76 on Thursday, down 9.6% on the day, and HYPE fell 6.9% to $77.75 by Friday morning.
So what would the license change, and why did tokenized stocks on Hyperliquid just out-trade crypto?
<h2 class="wp-block-heading" id="tokenized-sotcks-what-would-an-fcm-license-let-hyperliquid-strategies-do">Tokenized Sotcks: What Would an FCM License Let Hyperliquid Strategies Do?</h2>
Hold American traders’ accounts and money for Hyperliquid markets. A futures commission merchant is the broker in US futures: it takes customer deposits and margin and places orders on regulated exchanges.
The accounts would be for HIP-3 markets, the upgrade that lets outside teams launch their own markets on Hyperliquid. “Independent operators would run their own market in a compliant manner, while the chain underneath would stay a neutral infrastructure layer,” the company said in its release.
CEO David Schamis tied it to the HYPE bet. “Setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore,” Schamis said.
It fills the last gap in a plan that has moved fast. On October 29, NYSE owner ICE&nbsp;<a rel="noopener noreferrer nofollow" href="https://ir.theice.com/press/news-details/2026/Intercontinental-Exchange-and-TradeXYZ-to-Bring-Hyperliquid-Based-Perpetual-Markets-Onshore/default.aspx">agreed to run an exchange and clearing house</a>&nbsp;for markets designed by TradeXYZ, the team behind trade.xyz. An FCM would give US traders an account to reach them.
There is a catch. “There can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3 markets,” the firm said. And a group backed by Cboe and Citadel Securities&nbsp;<a rel="noopener noreferrer nofollow" href="https://www.businesswire.com/news/home/20261102755217/en/">sued the CFTC</a>&nbsp;on November 3 to stop US stock perps altogether.
Discover:&nbsp;<a rel="noopener noreferrer nofollow" href="https://tokenist.com/tokenized-stocks-okxice-objections-crypto-stocks/">JPMorgan and Coca-Cola Block Tokenized Stocks on OKXICE as Objectors Hit 33. Coinbase and Robinhood Stay Out of the List</a>
<h2 class="wp-block-heading" id="tokenized-stocks-now-trade-more-than-crypto-on-hyperliquid">Tokenized Stocks Now Trade More Than Crypto on Hyperliquid</h2>
By $60 million over the last day. Trade.xyz lists 143 markets, and its $9.75 billion edged past the $9.69 billion traded across Hyperliquid’s 235 crypto perpetuals, with $4.43 billion in open interest on the stock side.
These are perpetual futures that track a share price. Traders get price exposure around the clock with leverage, but no share changes hands.
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The chip selloff did the rest. Six chip and memory markets in trade.xyz’s top 10 traded $3.59 billion between them, 37% of the total:
<ul>
 <li>SK hynix:&nbsp;$1.0 billion, down 8%</li>
 <li>SOXL, a 3x chip ETF:&nbsp;$772 million, down 24%</li>
 <li>SanDisk:&nbsp;$710 million, down 13%</li>
 <li>Micron:&nbsp;$478 million, down 9%</li>
</ul>
The XYZ100 tech index led everything at $1.31 billion, ahead of the S&amp;P 500 at $1.0 billion. Both fell 4%.
Discover:&nbsp;<a rel="noopener noreferrer nofollow" href="https://tokenist.com/crypto-stocks-edge-up-before-the-bell-as-50-companies-now-block-tokenized-shares-what-is-happening-in-the-market/">Crypto Stocks Edge Up Before the Bell as 50 Companies Now Block Tokenized Shares: What Is Happening in the Market?</a>
<h2 class="wp-block-heading" id="where-did-hyperliquid-strategies-13-3-million-come-from">Where Did Hyperliquid Strategies’ $13.3 Million Come From?</h2>
Almost all of it from staking. HYPE staking and validator commissions brought in $12.3 million, and interest on cash added $1.0 million.
The $620.6 million profit came from the token. It booked $803 million in unrealized gains on HYPE, less a $172.3 million tax provision.
That mark has already slipped. The company held 38.52 million HYPE on September 30, worth $3.51 billion at $90.99. At Friday’s $77.75, the same tokens are worth about $510 million less.
The rest of the quarter:
<ul>
 <li>HYPE bought:&nbsp;the treasury grew from 29.3 million to 38.5 million tokens, and stood at 38.9 million on October 28 at a blended cost of $56.35</li>
 <li>Shares raised:&nbsp;$911 million through its equity facility</li>
 <li>Shares bought back:&nbsp;$17 million for 2.7 million PURR shares</li>
 <li>Cash:&nbsp;$254.6 million, with no debt</li>
</ul>
PURR has lost 29% since closing at $12.29 on October 29, the day of the ICE deal. At $8.76, it sits below the $10.36 average price at which it has sold shares.
<h2 class="wp-block-heading" id="hype-price-analysis-can-74-hold">HYPE Price Analysis: Can $74 Hold?</h2>
HYPE trades at $77.75, down 6.9% in 24 hours and 15.2% in a week. It has given back the whole ICE rally, which peaked at $97.74 on Binance on October 29, and sits 20.6% under its $97.96 record from September 23.
The Crypto Fear &amp; Greed Index dropped to 28, Fear, from 50 a day earlier.
Resistance is at $83.35, the 0.618 Fibonacci level, then $97.74. Support is at $76.15, then $74.45, the October 24 low and its lowest price on Binance since trading opened there in September.
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The weekly chart takes a longer view. HYPE is up about 88% from $41.36 a year ago and has not traded below its 20-week EMA, now at $74.92, since mid-August. That EMA sits within 50 cents of the $74.45 low, so the two supports stack up in the same place. The 50-week EMA is far lower, at $60.25.
Hyperliquid Strategies still sits on a 38% gain over its HYPE cost. The license, if it comes, would give it a second business beyond staking, as long as the courts let stock perps onshore at all.
The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/tokenized-stocks-hyperliquid-strategies-fcm/">Hyperliquid Strategies Files to Carry US Accounts on Hyperliquid’s Tokenized Stocks Markets, and Stock Trading There Just Passed Crypto</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.

Hyperliquid Strategies Files to Carry US Accounts on Hyperliquid’s Tokenized Stocks Markets, and Stock Trading There Just Passed Crypto

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