Hyperion DeFi posts $39.6M Q3 profit as HYPE treasury grows

In its November 12 earnings report, Hyperion said it recorded a third consecutive quarter of record net income, compared with $31 million in Q2 and $6.6 million in the same period last year. Adjusted gross profit climbed 143% quarter over quarter to $2.8 million, exceeding the company’s guidance of $2 million to $2.5 million. Core operating earnings reached $555,177, reversing a $1.2 million loss in Q2 and marking the first positive result since Hyperion adopted its DeFi strategy in June 2025.

“We are pleased to report a third consecutive quarter of record Net Income,” CEO Hyunsu Jung said. He said the company had achieved breakeven or better core operating profit and cash flows ahead of schedule.

Hyperion ended September with about 1.85 million HYPE tokens, down from 2.04 million at the end of June after selling roughly $13 million worth. The sales helped repay approximately $8.6 million in principal and interest owed to Avenue Capital, eliminating the remaining legacy debt. As HYPE’s quarter-end price rose from $65 to $90.80, the treasury’s reported value increased 27%, from $132.6 million to $167.9 million. The remaining tokens had an aggregate acquisition cost of about $74 million, or $40 per token. Net asset value rose to $182.4 million from $134.2 million in Q2.

Treasury gains contributed $48.1 million during the quarter, while adjusted EBITDA was $48.7 million, down from $53.7 million in Q2. Hyperion ended September with $14.5 million in cash, cash equivalents and stablecoins, compared with $11.8 million three months earlier. It also began a $20 million share repurchase program announced September 8, buying 240,124 shares during September at about a 30% discount to reported net assets.

DeFi operations also contributed to results. Ecosystem rewards generated $1.25 million, including $505,000 attributed to 10 million DoubleZero tokens and $750,000 in equity owed by Skew Technologies. Staking income rose 49% to $785,000, yield enhancement activities contributed $381,000, and DeFi monetization revenue more than doubled to $334,000. Hyperion said its September collaboration with DoubleZero on Hyperliquid data feeds could create revenue from market-data distribution. Its validator had about 6.3 million HYPE delegated as of October 31, with Blockdaemon and Gemini among the platforms using its staking infrastructure.

The company maintained its 2026 adjusted gross profit forecast of $7 million to $8 million, about six times its reported 2025 result. Adjusted net operating cash flow was $62,695, versus a $2.1 million outflow in Q2; GAAP operating cash flow remained negative at about $1.6 million. Operating expenses excluding stock-based compensation fell 48% year over year to $2.24 million. Hyperion also said it is entitled to a share of future lending revenue under an institutional credit partnership with Anchorage Digital and HyperLend through the Aviya platform, announced in September.