Hyperion DeFi winds down Native, Felix deals

Hyperion DeFi, Inc. reports the wind-down of its arrangements with Native Markets and Felix that involved use of its HYPE tokens.

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Form Type

8-K

Rhea-AI Filing Summary

Hyperion DeFi, Inc. reports the wind-down of its arrangements with Native Markets and Felix that involved use of its HYPE tokens.

Native Markets is terminating the Temporary Use Agreement effective June 18, 2026. Hyperion has already received the fees owed and had 300,000 HYPE, plus staking rewards, returned on June 3, 2026. Assets associated with the Native Markets transaction were approximately $10.4 million as of March 31, 2026.

On June 5, 2026, Hyperion agreed with Felix Foundation to wind down the HAUS Agreement supporting Felix’s HIP-3 perpetual futures market. The company expects to unstake 500,000 HYPE on June 22, 2026 and receive remaining payments with tokens fully available by June 29, 2026. Assets tied to the Felix HAUS Agreement were approximately $18.3 million as of March 31, 2026, and Hyperion plans to reposition about 800,000 HYPE into strategies it expects to be more profitable.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Native Markets assets: $10.4 million Felix HAUS assets: $18.3 million HYPE from Native Markets: 300,000 HYPE plus staking rewards +4 more

7 metrics

Native Markets assets $10.4 million Value of assets tied to Native Markets transaction as of March 31, 2026

Felix HAUS assets $18.3 million Value of assets tied to Felix HAUS Agreement as of March 31, 2026

HYPE from Native Markets 300,000 HYPE plus staking rewards Unstaked and returned to Hyperion on June 3, 2026

HYPE to be unstaked from Felix 500,000 HYPE Expected unstaking on June 22, 2026 under HAUS Agreement wind-down

Total HYPE to reposition approximately 800,000 HYPE Tokens Hyperion intends to move into new strategies

Termination effective date June 18, 2026 Effective date for termination of Native Markets Temporary Use Agreement

Felix final payment target date June 29, 2026 Date by which remaining payments are expected and HYPE fully available

Key Terms

USDH stablecoin, Temporary Use Agreement, HYPE Asset Use Service (HAUS), HIP-3 perpetual futures market, +2 more

6 terms

USDH stablecoin financial

"Native Markets announced plans to cease supporting the USDH stablecoin"

Temporary Use Agreement financial

"Native Markets informed the Company that it is terminating the Temporary Use Agreement"

HYPE Asset Use Service (HAUS) financial

"its HYPE Asset Use Service (HAUS) agreement with Felix Foundation"

HIP-3 perpetual futures market financial

"HAUS Agreement associated with their HIP-3 perpetual futures market"

staked financial

"all of our 300,000 HYPE (plus accrued HYPE from staking rewards) have been un-staked"

"Staked" means that someone has committed or invested their money or assets into a project or system, often to support its operation or security. Think of it like putting money into a savings account to help keep the bank running—it's a way of backing a system with your resources, often in hopes of earning rewards or benefits in return. For investors, being staked indicates their active participation and belief in the success of the project.

aligned quote asset financial

"USDC as an aligned quote asset on Hyperliquid"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Hyperion DeFi (HYPD) announce about Native Markets and USDH?

Hyperion DeFi disclosed that Native Markets will cease supporting the USDH stablecoin and terminate its Temporary Use Agreement with Hyperion effective June 18, 2026. Hyperion has received all fees owed and had its 300,000 HYPE, plus staking rewards, returned on June 3, 2026.

How much value was tied to Hyperion DeFi’s Native Markets transaction?

The assets associated with Hyperion DeFi’s transaction with Native Markets were approximately $10.4 million as of March 31, 2026. This figure reflects the value of assets linked to that relationship before the announced termination and return of HYPE tokens to the company.

What is happening to Hyperion DeFi’s HAUS Agreement with Felix Foundation?

Hyperion DeFi agreed with Felix Foundation on June 5, 2026 to wind down their HAUS Agreement tied to the HIP-3 perpetual futures market. The company expects to unstake 500,000 HYPE on June 22, 2026 and receive remaining payments with tokens fully available by June 29, 2026.

What was the value of assets under Hyperion DeFi’s HAUS Agreement with Felix?

Assets associated with Hyperion DeFi’s HAUS Agreement with Felix were approximately $18.3 million as of March 31, 2026. This amount reflects the value linked to that agreement before the planned wind-down and return of staking-related HYPE tokens to the company.

How many HYPE tokens will Hyperion DeFi control after these changes?

Hyperion DeFi expects to control about 800,000 HYPE tokens following the termination of the Native Markets agreement and wind-down of the Felix HAUS Agreement. The company intends to reposition these tokens into strategies it expects will be more profitable going forward.

What role does Coinbase play in relation to USDH and Hyperion DeFi?

Native Markets granted Coinbase the rights to USDH’s brand assets, and Coinbase plans to act as the official deployer of USDC as an aligned quote asset on Hyperliquid. This shift follows Native Markets’ decision to end support for the USDH stablecoin.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/05/2026 - 04:30 PM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 5, 2026

HYPERION DEFI, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-38365		47-1178401
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

3090 Nowitzki Way

Suite 300

Dallas, TX 75219

(Address of Principal Executive Offices, and Zip Code)

(833) 393-6684

Registrant’s Telephone Number, Including Area Code

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

(Title of each class)		(Trading Symbol)		(Name of each exchange on which registered)
Common stock, par value $0.0001 per share		HYPD		The Nasdaq Stock Market (Nasdaq Capital Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01. Other Events.

As Hyperion DeFi, Inc. (the “Company”) has previously disclosed, on May 14, 2026, Native Markets, Inc. (“Native Markets”) announced plans to cease supporting the USDH stablecoin and encouraged all holders to convert their holdings of USDH into USDC stablecoin or cash. Native Markets has granted Coinbase, Inc. (“Coinbase”) the rights to USDH’s brand assets, and Coinbase announced its plan to become the official deployer of USDC as an aligned quote asset on Hyperliquid. In connection with Native Markets’ decision to end support of USDH, the Company reviewed its use of and exposure to USDH with respect to its HYPE Asset Use Service (HAUS) agreement with Felix Foundation (“Felix”) and its agreement with Native Markets.

On May 18, 2026, Native Markets informed the Company that it is terminating the Temporary Use Agreement between Native Markets and the Company, effective June 18, 2026. Under the terms of the Temporary Use Agreement, we received payment of the fees owed to us under the agreement and all of our 300,000 HYPE (plus accrued HYPE from staking rewards) have been un-staked and were delivered back to us on June 3, 2026. As the Company has previously disclosed, the value of the Company’s assets associated with our Native Markets transaction was approximately $10.4 million as of March 31, 2026.

On June 5, 2026, we agreed with Felix to wind down our HAUS Agreement associated with their HIP-3 perpetual futures market. We anticipate unstaking our 500,000 HYPE tokens on June 22, 2026 supporting our agreement with Felix pursuant to the terms of our HAUS agreement with them, and expect that we will receive all remaining payments owed to us under the agreement, and our HYPE will become fully available, by June 29, 2026. As the Company has previously disclosed, the value of the Company’s assets associated with our HAUS Agreement with Felix was approximately $18.3 million as of March 31, 2026.

We intend to reposition the approximately 800,000 HYPE tokens to strategies that we expect to be more profitable in the future.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description

104	Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HYPERION DEFI, INC.

Dated: June 5, 2026	By:	/s/ Hyunsu Jung
		Hyunsu Jung
		Chief Executive Officer

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

3 documents