Hyperion DeFi unwinds $29 million HYPE deployments as USDH phaseout reshapes strategy

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Hyperion DeFi unwinds $29M HYPE

Highlights

Hyperion DeFi is unwinding two USDH-linked agreements, redeploying roughly 800,000 HYPE tokens worth $29 million as USDH exposure is phased out.
Felix Foundation and Native Markets arrangements, valued at $18.3 million and $10.4 million respectively as of March 31, end on June 22 and June 18.
Hyperion's repositioning follows Coinbase's USDH brand acquisition plans, while Hyperliquid treasury companies like Hyperion report $35 million in paper profits amid sector-wide unrealized losses.

USDH-linked agreements wind down in June

The Block reports that Hyperion DeFi, a Nasdaq-listed U.S. crypto treasury company focused on Hyperliquid, is unwinding two agreements connected to USDH infrastructure following an 8-K filing made after the market close on Friday.

Under one agreement, Hyperion and Felix Foundation are winding down a HYPE Asset Use Service arrangement that supports Felix's USDH-denominated HIP-3 perpetual futures markets. Hyperion is set to unstake 500,000 HYPE on June 22, with remaining payments and tokens due back by June 29.

Separately, Native Markets terminated its Temporary Use Agreement with Hyperion effective June 18, and the 300,000 HYPE tied to that deal was returned on June 3. Hyperion said assets linked to the Felix arrangement were worth about $18.3 million as of March 31, while those tied to Native Markets were valued at about $10.4 million.

Treasury redeployment and sector implications

Hyperion says it reviewed its USDH exposure across both arrangements before deciding to exit them, after Native Markets announced on May 14 that it would stop supporting USDH and allow Coinbase to acquire the brand assets for a planned USDC rollout on Hyperliquid. In the filing signed by Chief Executive Hyunsu Jung, the company says it intends to redirect the roughly 800,000 HYPE tokens into strategies it expects to be more profitable.

The two agreements have been central to Hyperion's so-called triple-dip yield strategy, which combines HYPE staking, HAUS deployment and ecosystem rewards. In its first-quarter earnings release, the company said that approach generated 3.1 times the income of base staking yield.

The repositioning comes as crypto treasury companies face uneven asset performance across the sector. Data cited from Artemis shows Hyperliquid treasury firms remain the only digital asset treasury segment still sitting on unrealized gains, with Hyperion holding about $35 million in paper profits on its HYPE position, while bitcoin and ether treasury peers are carrying large unrealized losses.

Our earlier report on the sharp semiconductor sell-off explained how a sudden reversal in chip stocks drove a jump in volatility, heavy options activity and a more defensive tone across markets. It also noted that rising Treasury yields and risk-off positioning were weighing on technology, bonds and crypto-linked trades, with bitcoin briefly dipping below $60,000 amid the broader de-risking move.

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