Hyperion DeFi reported a record profit of $31.0 million for the second quarter of 2026, nearly quadruple the $8.8 million it booked three months earlier. Gains from the company’s Hyperliquid (HYPE) treasury accounted for almost all of that figure.
The Nasdaq-listed company sits in rare territory. Most digital asset treasury (DAT) firms booked heavy losses over the same period as Bitcoin (BTC) and Ethereum (ETH) both fell.
HYPE Rally Powers a Second Record Quarter
Treasury gains reached $54.8 million during the quarter, up from $21.5 million in the first quarter. The Dallas firm, which switched to a HYPE treasury after operating as eye-care company Eyenovia, now holds 2.04 million tokens worth $132.6 million at quarter’s end. Token count has risen 56% since June 2025.
“Our model is no longer a concept that we ask investors to envision; it has become reality,” the earnings report read.
Meanwhile, per-token value climbed from $36.6 to $65.0 over the period, according to the release. HYPE has since eased, trading near $56 with a market capitalization of around $12.5 billion.
The operating business improved as well. Adjusted gross profit rose 20% to $1.15 million. In addition, operating expenses excluding stock compensation fell 21% to $2.3 million.
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Peer Treasuries Stay Deep Underwater
The contrast with the rest of the sector is stark. Strategy (formerly MicroStrategy), the largest corporate Bitcoin holder, reported a net loss of $8.22 billion for the same quarter. An unrealized loss of $8.32 billion on its Bitcoin holdings drove the figure.
SharpLink recorded a $394.3 million loss on Ethereum markdowns. Both results stem from fair-value accounting, which forces firms to mark treasury assets to market each quarter.
That mechanism cuts both ways. Hyperion booked a profit for the same reason its peers booked losses, because its chosen asset moved higher.
Artemis data shows Hyperion and Hyperliquid Strategies as the only DAT vehicles currently holding unrealized treasury gains. Both hold HYPE.
Meanwhile, Hyperion shares closed at $2.69 on Wednesday, up 1.89%, ahead of the after-hours results. The stock then climbed 5.53% to $2.84 in after-hours trading. Still, HYPD remains down roughly 24% this year.
The company guided to $5 million to $7 million in adjusted gross profit for 2026. It also expects operating cash flow to turn positive by year’s end.
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