#What is happening with Hyperion DeFi's strategic treasury?
Hyperion DeFi, recognized as the first publicly traded US firm utilizing a strategic treasury of Hyperliquid’s native HYPE token, is now unwinding two significant deployment agreements that total $28.7 million. This decision comes in light of the collapse of USDH, the stablecoin associated with these agreements, effectively rendering it nonviable.
On June 6, the company disclosed plans to terminate agreements with both Felix Foundation and Native Markets, allowing for the redeployment of roughly 800,000 HYPE tokens into what they describe as higher-yield strategies. This figure represents nearly 40% of Hyperion’s total treasury, which comprises about 2 million tokens.
#What agreements are being terminated?
The primary agreement in question is the 500,000 HYPE HAUS agreement with Felix Foundation, valued at around $18.3 million as of the end of March. This particular deal was designed to facilitate USDH-denominated transactions within the HIP-3 perpetual futures markets.
The second agreement involves a 300,000 HYPE Temporary Use Agreement with Native Markets, which held a value of $10.4 million as of the same date. This initiative aimed to enhance the overall economics of USDH. On June 3, Native Markets pro-actively returned the 300,000 HYPE tokens, preceding the official termination date of June 18.
For the Felix Foundation arrangement, the process of unstaking is slated for June 22, with a complete return of the tokens expected by June 29.
#Why did the USDH collapse affect the agreements?
The initial trigger for this situation occurred when Native Markets declared on May 14 that it would discontinue support for USDH altogether. Following this, Native Markets moved its brand assets to Coinbase in order to transition towards USDC deployment within Hyperliquid’s ecosystem.
#How is Hyperion managing this transition?
Despite this substantial unwinding of nearly half its treasury out of active agreements, CEO Hyunsu Jung retains confidence in Hyperion’s financial projection for 2026. The company maintains a forecast for adjusted gross profit between $5 million and $7 million. Jung has also made it clear that other residual HAUS agreements, unrelated to the USDH ecosystem, will remain intact.
On June 6, the same day of the announcement, Hyperion’s shares closed at $2.99, marking a critical point for investors to observe in light of these changes.