Hyperion DeFi (NASDAQ:HYPD), the inaugural U.S. publicly traded entity dedicated to the Hyperliquid ecosystem, today reported financial results for the fourth quarter and full year ended December 31, 2025.
For the fourth quarter, Hyperion reported GAAP revenue of $496,229 and a non-GAAP adjusted gross profit of $820,997, marking an 87% increase over the third quarter of 2025.
This growth was primarily driven by the company’s "triple-dip" strategy, which leverages its HYPE token treasury across multiple revenue-generating activities, including validator commissions, staking rewards, and yield enhancement through on-chain options.
For the full year 2025, adjusted gross profit reached $1.28 million.
The operational momentum was offset by a GAAP net loss of $39.8 million for the fourth quarter, a sharp reversal from the net income reported in the previous period.
The loss was almost entirely attributable to $36.8 million in non-cash treasury losses resulting from a decline in the market price of the HYPE token during the final months of the year.
Management emphasized that these fluctuations are expected, given the company’s strategic commitment to maintaining a large-scale, long-term treasury of native blockchain assets.
As of March 23, 2026, Hyperion’s HYPE treasury has grown to approximately 1.93 million tokens, valued at approximately $73.9 million based on current market rates.
The company also maintained a cash position of $9.2 million.
In a move to further streamline its corporate focus toward pure-play DeFi, Hyperion announced it has executed a letter of intent to monetize its Optejet life sciences asset, with a potential closing targeted for the second quarter of 2026.
Looking ahead, Hyperion provided upbeat guidance for the 2026 fiscal year, projecting adjusted gross profit between $4 million and $6 million.