Hyperliquid Strategies Filed as an FCM. Can HYPE Hit $150 by 2028?

Hyperliquid Strategies (NASDAQ: PURR) reported $620.6 million in net income for the quarter ending September 30, 2026, and said a subsidiary applied to become a futures commission merchant (FCM), a brokerage that holds customer funds and places futures trades under Commodity Futures Trading Commission (CFTC) oversight. The application is still pending, with no assurance on its timing or approval.

Management at Hyperliquid Strategies says the company is the largest treasury company built to hold Hyperliquid (CRYPTO: HYPE), the native token of the top perpetual-futures decentralized exchange by volume and open interest. HYPE traded at $78.22, down 0.5% over 24 hours and 13.0% over the past week, 20.2% below its $97.96 all-time high from September 23, 2026, with a market cap of about $18.74 billion and a rank of 11th.

Shares of PURR traded at $8.71, down 0.6%, and Hyperliquid ETFs posted a $3.0 million net outflow on November 5, 2026, split between $2.2 million from the Bitwise Hyperliquid ETF (NYSEARCA: BHYP) and $0.8 million from the Grayscale Hyperliquid Staking ETF (NYSEARCA: HYPG).

So does a broker application from a treasury firm give HYPE a credible path to $150 by 2028? Reaching that target needs a 1.92x multiple, a 91.8% rise from $78.22.

What HypeStrat Markets Would Do, and How PURR Earns Revenue Today

HypeStrat Markets, the subsidiary, filed with the CFTC to register as an FCM for HIP-3 markets, Hyperliquid’s framework letting outside teams launch markets after staking HYPE, pending approval. COO Jeroen Nieuwkoop called the application early-stage on the November 5 call, floating “maybe three, four, five, or six months” with no firm launch date.

David Schamis, speaking for the company on the call, described HypeStrat as a “fully aligned, neutral FCM for Hyperliquid customers in the U.S.,” with no plans to operate markets or act as an exchange or clearinghouse. He estimated the build cost at a one-time “single-digit million dollars,” against about $800,000 in development costs this quarter, and said the unit would grow only if it became profitable soon.

The company’s revenue today comes from staking, locking tokens to secure the network, plus interest. That’s $12.3 million from staking and validator commissions, $1.0 million from cash interest. The $620.6 million in net income came mostly from $803 million of unrealized gains on HYPE still held, after HYPE rose from $65.04 to $90.99 over the quarter, per CFO Brett Beldner.

The company raised $911 million through equity offerings and deployed $802 million, spending $785 million on 9.1 million HYPE tokens. That brought its treasury to 38.5 million HYPE, near the 38.9 million reported by October 28, plus $17 million spent buying back 2.7 million PURR shares.

Quarter-end cash stood at $254.6 million, with no debt and $3,764.3 million in total assets. At $78.22, the 38.5 million HYPE tokens are worth about $3.01 billion, roughly 16.1% of HYPE’s total supply.

Hyperliquid Strategies Never Named a Settlement Asset for US Clients

The announcement did not specify which asset US clients would deposit as margin or receive at settlement. Hyperliquid’s perpetual markets require margin in USD Coin (CRYPTO: USDC), a stablecoin pegged to the dollar. Management said 90% of the platform’s USDC revenue goes back to buybacks and HYPE holders, so an FCM client could trade every day without holding a single HYPE token.

The token and the FCM are linked through the protocol instead. HIP-3 deployers must stake HYPE to launch a market, and 99% of protocol fees go toward buybacks, which have used $1.4 billion to retire 48.3 million HYPE since inception. More US trading volume could mean more fees and buybacks, but that depends on regulators approving the markets first. An FCM with no approved markets would help neither PURR nor HYPE much.

Management acknowledged that a rival FCM could win the US business, but said HYPE still benefits either way from a smoother customer experience and a successful HIP-3 launch, good for the token, a caution for shareholders, since any registered FCM could compete for the same clients.

It also said its priority is “the value of our tokens,” a bullish line from a large holder. Asked about supplying HYPE stake to outside deployers for a cut, Schamis said, “the answer is definitely maybe,” naming no partners.

HYPE trades below its 20-day moving average of $81.41 and its 50-day average of $85.73, though it holds above the 200-day average of $67.60, meaning sellers have controlled recent weeks. PURR’s own stock price looks like the bigger driver of HYPE buying ahead.

The company issued 74.6 million shares at an average net price of $12.20, about 1.15 times mNAV, the ratio of its market value to its holdings’ value. With PURR at $8.71, the buyback program was raised to $100 million on October 23.

Does the FCM Filing Bring HYPE Any Closer to $150 by 2028?

Not yet. The filing gives PURR a possible brokerage business; HYPE gains only once regulators approve both the broker and the markets it would serve. Hitting $150 by 2028 needs a 1.92x multiple, a 91.8% rise from $78.22, and a market value of $35.91 billion at the current supply.

Management offered no HYPE price target, and any Hyperliquid price prediction for 2027 or 2030 found online is somebody’s guess; the math still needs HYPE to clear its $97.96 record. An approved FCM in the NFA’s registry within the six-month window management suggested, and a treasury update above 38.9 million HYPE, are the milestones to watch. Neither happening by mid-2027 would make $150 by 2028 a stretch.

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