# It Invested $785 Million in This Altcoin: Quarterly Profit Hit $621 Million

> Hyperliquid Strategies reported net income of $620.6 million for the quarter ended September 30, supported by unrealized appreciation in its HYPE holdings, while allocating $785 million to token purchases during…

**Hyperliquid Strategies reported net income of $620.6 million for the quarter ended September 30, supported by unrealized appreciation in its [HYPE](https://koinbulteni.com/en/coins/hyperliquid) holdings, while allocating $785 million to token purchases during the same period.**

According to a company statement cited by Wu Blockchain, **Hyperliquid Strategies, the largest publicly traded HYPE treasury company**, recorded **$803 million in unrealized gains** on its token holdings during the quarter. This appreciation was the primary source of its net income.

Unrealized gains refer to increases in the value of tokens held. Thus, behind the **$620.6 million in net income**, changes in the value of the company’s holdings stood out more than proceeds realized by selling HYPE for cash.

### Approximately 9.1 million HYPE purchased during the quarter

During the same period, the company **raised $911 million in capital through equity** and used **$785 million of it to purchase approximately 9.1 million HYPE**.

**As of October 28, its total holdings had reached approximately 38.9 million HYPE**, and the company reported an average cost of **$56.35** per token. This average reflects the reported cost of its total HYPE holdings, not just the tokens purchased in the most recent quarter.

### Application to provide futures services in the U.S.

An affiliate of Hyperliquid Strategies **applied to register as a futures commission merchant (FCM) in the U.S.** If approved, it plans to **offer perpetual futures services to U.S. customers in the permitted markets proposed under Hyperliquid’s HIP-3 framework**.

Perpetual futures are derivative contracts that do not have to be closed at a specific expiration date. The affiliate’s plans to provide services in this area are subject to approval of its regulatory registration application.