Why a Hyperliquid Treasury Firm Wants to Become a US Futures Broker

Hyperliquid Strategies built its business around holding HYPE. Now it wants to help Americans trade on Hyperliquid, too. The Nasdaq-listed treasury firm, which trades as PURR and is chaired by former Barclays CEO Bob Diamond, disclosed in its quarterly results Thursday that a subsidiary has applied to become a futures commission merchant, or FCM. That’s the type of CFTC-registered broker that holds customer funds and handles futures orders. If approved, the unit would carry U.S. client accounts...