Hyperion to unwind $29M in HYPE after USDH sunset

Hyperion DeFi filed an 8-K after market close Friday saying it will unwind about $29 million in HYPE-token deployments tied to Felix Foundation and Native Markets, returning roughly 800,000 HYPE following Native Markets’ announcement that it will sunset the USDH stablecoin.

Under a HYPE Asset Use Service (HAUS) agreement with Felix, Hyperion will unstake 500,000 HYPE that backed USDH-denominated HIP-3 perpetual futures. The filing sets the unstake date at June 22, with all remaining payments and tokens to be returned by June 29. Felix indicated on May 14 it would discontinue the HIP-3 USDH markets and later deprecated USDH vaults on its Felix Vanilla lending product on June 12. The protocol has not disclosed a specific shutdown date for the HIP-3 markets.

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

Hyperion reviewed its USDH exposure across both agreements before deciding to unwind them. The filing, signed by CEO Hyunsu Jung, states: “We intend to reposition the approximately 800,000 HYPE tokens to strategies that we expect to be more profitable in the future.” Hyperion’s latest disclosures show it holds roughly 2 million HYPE total, so the returned 800,000 HYPE represents about 40% of the firm’s HYPE treasury.

The two agreements were part of Hyperion’s yield approach in which the firm stakes HYPE, deploys the staked HYPE into a HAUS agreement, and collects rewards from the Hyperliquid ecosystem. In its Q1 earnings release, Hyperion reported that strategy generated about 3.1 times the income of base staking yield in the first quarter.

Hyperion shares closed at $2.99 on Friday, nearer to a 52-week low of $2.11 than a 52-week high of $17.18. The filing also shows CEO Hyunsu Jung purchased 8,000 shares on June 1 and June 2 before the 8-K was filed.

Data from Artemis indicate Hyperion holds roughly $35 million in unrealized gains on its HYPE holdings, while broader bitcoin and ether treasury strategies show larger unrealized losses. Hyperion and Felix did not immediately respond to requests for comment.