<div id="readability-page-1"><div>Hyperion DeFi (NASDAQ: HYPD), the first U.S. publicly listed Hyperliquid treasury company, is winding down two of its largest HYPE token deployment agreements in the wake of stablecoin USDH's announced sunset, according to an 8-K filed after market close on Friday.On Friday, the Dallas-based company agreed with Felix Foundation, a lending protocol on Hyperliquid, to wind down a HYPE Asset Use Service (HAUS) agreement supporting Felix's HIP-3 perpetual futures markets. Hyperion will unstake the 500,000 HYPE backing the deal on June 22, with all remaining payments and tokens returned by June 29.Felix signaled on May 14, the same day Native Markets announced the USDH sunset, that its USDH-denominated HIP-3 markets would be discontinued following a future announcement, while leaving Felix Vanilla USDH lending unchanged at that time. On Friday morning, hours before Hyperion's 8-K, Felix said it would deprecate USDH vaults on Felix Vanilla on June 12. The protocol has not yet publicly disclosed a specific shutdown date for the HIP-3 USDH markets backed by Hyperion's HAUS agreement.Separately, Native Markets, the original developer behind Hyperliquid's bespoke USDH stablecoin, terminated its Temporary Use Agreement with Hyperion effective June 18. The 300,000 HYPE associated with that deal was returned on June 3.Both deals were tied to USDH infrastructure: the Felix agreement supported USDH-denominated HIP-3 perpetual futures markets, while the Native Markets Temporary Use Agreement was tied to the stablecoin's underlying operations.Assets associated with the Felix arrangement were valued at approximately $18.3 million as of March 31, while those tied to the Native Markets arrangement were valued at approximately $10.4 million, Hyperion said in the filing.The unwinds follow Native Markets' May 14 announcement that it would cease supporting USDH and allow the brand assets to be purchased by Coinbase, which plans to deploy USDC as the &#34;aligned quote asset&#34; on Hyperliquid. Hyperion said it reviewed its USDH exposure across both agreements before deciding to wind them down.&#34;We intend to reposition the approximately 800,000 HYPE tokens to strategies that we expect to be more profitable in the future,&#34; the company said in the filing, signed by CEO Hyunsu Jung. Hyperion holds about 2 million HYPE total per its latest disclosures, so the 800,000 HYPE coming back represents roughly 40% of the firm's treasury.The two deals were marquee pieces of what Hyperion calls its &#34;triple-dip&#34; yield strategy, in which the company stakes HYPE, deploys the staked HYPE into a HAUS agreement, and collects Hyperliquid ecosystem rewards. The company said in this year's Q1 earnings release that the strategy generated 3.1x the income of base staking yield in the first quarter.Hyperion shares closed at $2.99 on Friday, closer to its 52-week low of $2.11 than its 52-week high of $17.18. Jung purchased 8,000 shares in the open market on June 1 and June 2, before the filing.The repositioning comes at an unusual moment for crypto treasury companies. Hyperliquid treasury firms are the only digital asset treasury segment still in unrealized profit, according to data from Artemis, with Hyperion sitting on roughly $35 million in paper gains on its HYPE holdings. By contrast, bitcoin treasury Strategy is carrying roughly $12.8 billion in unrealized losses and ether treasury Bitmine $10.5 billion as the underlying assets trade sharply below historical highs.Hyperion DeFi and Felix Foundation did not immediately respond to requests for comment from The Block.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</div></div>

HYPD

Hyperion DeFi (NASDAQ: HYPD) is winding down two major HYPE token agreements with Felix Foundation and Native Markets, totaling $29 million, following the sunset of the USDH stablecoin. The company plans to reposition approximately 800,000 HYPE tokens into more profitable strategies. This move affects Hyperion's 'triple-dip' yield strategy, which previously generated significant returns.

Hyperion DeFi to unwind $29 million in HYPE deals with Felix, Native Markets as USDH sunsets