TL;DR
Hyperion DeFi Inc., the publicly traded digital asset treasury behind Hyperliquid, announced a new plan to increase revenue by using its HYPE token holdings as collateral for options contracts. The company, listed on Nasdaq under the ticker HYPD, holds more than 1.8 million HYPE tokens, valued near $64 million as of early December. The approach adds a new income stream without changing the firm’s exposure to the token itself.
However, company executives stress a clear boundary. Hyperion does not engage in directional trading or price speculation. Chief Financial Officer David Knox explained that the treasury supplies collateral to support the writing and settlement of options.
“By deploying transparent, on-chain options vaults directly on Hyperliquid, we expect to improve execution efficiency and pricing across counterparties while further optimizing yield on our HYPE holdings,” Hyperion CEO Hyunsu Jung said.
In return, the firm collects premiums and transaction fees, which add to existing income from staking HYPE tokens. Meanwhile, the structure keeps the treasury aligned with a low-risk mandate focused on yield generation.
At the operational level, Hyperion deploys on-chain options vaults directly on Hyperliquid. Therefore, the company aims to improve execution speed and pricing across counterparties. Chief Executive Officer Hyunsu Jung said the design supports transparent settlement and more efficient capital use while optimizing returns on HYPE reserves. In addition, the Rysk protocol supports the launch by providing tools for options strategies such as covered calls and cash-secured puts, all executed on-chain.
Meanwhile, Hyperion plans to expand access over time. The firm intends to open the vault to other institutional HYPE holders, creating shared infrastructure for options activity. As a result, the treasury positions itself as a service provider rather than a trader. The shift follows Hyperion’s rebrand in mid-2025, when the company defined its role as a dedicated HYPE treasury.
However, market reaction proved cautious. HYPD shares fell more than 13%, trading near $3.50, as a broader crypto selloff erased roughly $750 billion from total market value. Even so, Hyperion maintains its operational course, relying on fee-based revenue and on-chain transparency rather than price forecasts to support its balance sheet.
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