Hyperion DeFi Inc (NASDAQ: HYPD) is a decentralized finance company that builds and holds a strategic treasury of HYPE tokens, the native token of the Hyperliquid proof-of-stake blockchain, while also maintaining legacy digital ophthalmic technology operations. The company generates income primarily through staking yields on HYPE tokens held in its treasury, with approximately 939,074 HYPE staked directly to the Kinetiq x Hyperion validator as of December 31, 2025. Formerly known as Eyenovia Inc, the company reoriented its core strategy around the Hyperliquid ecosystem following a corporate pivot. Hyperion DeFi raised approximately $39.4 million net of offering costs through common stock sales during the year ended December 31, 2025. The company carries debt under a loan agreement with an interest rate reduced to 8.0% per the Fourth Amendment executed June 17, 2025, maturing July 1, 2028. Principal offices are located in Laguna Hills, California, with additional leased space in New York City. The company received a Nasdaq stockholders' equity deficiency notice on April 29, 2025.

Revenue model

Staking yields on HYPE tokens held in the company treasury, earned by delegating HYPE to validators on the Hyperliquid proof-of-stake blockchain. The company also retains legacy ophthalmic technology operations, though revenue specifics from that segment are not quantified in the available filing excerpts.

Products and services

HYPE token treasury holdings staked to the Kinetiq x Hyperion validator on the Hyperliquid L1 blockchain. Liquid staked HYPE derivatives including HiHYPE, kHYPE, and kmHYPE. HYPE Asset Use Service (HAUS) agreement with Felix, an HyperEVM protocol enabling on-chain utility for staked HYPE. Legacy digital ophthalmic technology platform retained from the former Eyenovia Inc business.

Customers and end markets

The filing excerpts do not specify end customers or customer counts for the HYPE treasury strategy. The Hyperliquid blockchain serves cryptocurrency traders using perpetual futures contracts and DeFi application users with compatible wallets such as MetaMask, Phantom, and Coinbase Wallet.

Value-chain role

Hyperion DeFi acts as a corporate holder and staker of HYPE tokens, providing shareholders with public-equity exposure to the Hyperliquid blockchain ecosystem. The company delegates staked HYPE to validators and participates in on-chain DeFi protocols through agreements such as HAUS with Felix.

Geographic exposure

Principal executive offices in Laguna Hills, California. Additional office space in New York City, New York. Approximately 12,000 square feet in Reno, Nevada fully subleased as of December 31, 2025. The Hyperliquid blockchain is accessible globally subject to jurisdiction-level geo-blocking by interface operators.

Source: SEC 10-K, filed 2026-03-30

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