Hyperliquid Strategies is expanding toward regulated U.S. markets after building a $3.5 billion HYPE treasury. The Nasdaq-listed company held approximately 38.52 million HYPE worth $3.505 billion as of September 30, representing roughly 16% of an estimated 238 million circulating tokens as of October. A subsidiary has applied to become a futures commission merchant (FCM), a regulated intermediary for futures markets, to carry U.S. client accounts for permissioned markets deployed on Hyperliquid under the proposed HIP-3 framework. Approval and timing are not guaranteed, and those markets would require separate regulatory acceptance. In the third quarter, the company acquired approximately 9.1 million HYPE tokens for about $785 million, repurchased roughly 2.7 million PURR shares for $17 million, and raised $911 million, although available disclosure provides no further details about the fundraising. Third-quarter net income reached $620.6 million, driven mainly by $803 million in unrealized HYPE gains rather than recurring operating revenue. Staking revenue and validator commissions totaled $12.3 million, while interest income was $1 million. The gains were partly offset by a $172.3 million income tax provision and $15.3 million in equity-facility expenses. The company deployed $802 million during the quarter, held $254.6 million in cash and cash-like instruments, reported no debt, and had total assets of $3.764 billion. It also reported approximately $834 million in value accruing to the broader Hyperliquid ecosystem during the 12 months ended September 30, much of it linked to trading activity and token buybacks.