Hyperion DeFi (Nasdaq: HYPD), the first U.S.-listed company building on Hyperliquid, announced record net income of $31 million for the second quarter, more than tripling its $8.8 million profit in the first quarter. A year earlier, the company had posted a net loss of roughly $9 million. In addition, adjusted EBITDA came in at $53.7 million, and shares rose about 5% in after-hours trading following the results.
The main driver was the company’s crypto treasury strategy. Hyperion held about 2 million HYPE worth $133 million at the end of June, up from $71 million three months earlier. With 15.16 million shares outstanding as of May 13, that positions the company at approximately 0.13 HYPE per share, equivalent to roughly $8.78 per share in HYPE exposure at the reported valuation.
Hyperion’s performance stood out during a difficult quarter for crypto. According to CoinGecko, the total crypto market capitalization fell 12.6% to $2.1 trillion, while average daily trading volume dropped 20.9%. Top centralized perpetual exchanges handled $12.7 trillion in volume, down 10%, but Hyperliquid continued gaining ground in on-chain derivatives. Hyperliquid processed $190.28 billion in April alone and has handled $272.39 billion in TradFi perpetual volume from January 2025 through May 2026.
CEO Hyunsu Jung emphasized the broader shift: “We have redefined what it means to be a digital asset treasury.” The company is also deploying HYPE through its Hype Asset Use Service. It allocated 500,000 HYPE to Entropy for HIP-3 markets and another 500,000 HYPE to Skew Technologies for HIP-4 outcome markets. After ending previous HAUS arrangements, Hyperion freed up 800,000 HYPE and has routed 1 million HYPE toward HIP-3 and HIP-4 projects since June.
The token’s buyback mechanics remain central to the investment thesis. Coinbase Institutional previously noted that 97% of Hyperliquid fees were used to buy back HYPE; a May 19 SEC filing update said 99% of protocol fees now go to an Assistance Fund that purchases and burns HYPE. As of August 13, HYPE traded near $56.50, up 0.64% over the previous week, according to CoinMarketCap. The results highlight both the upside and the risk of relying on a volatile token-driven treasury.
