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The First NASDAQ-Listed Hyperliquid Corporate Treasury - Yield Talks
Recorded: July 2, 2025 Duration: 0:44:40Space Recording
Short Summary
In a recent Yield Talks episode, DeFi Dad and Nomadic explored the launch of Hyperion, a pioneering DeFi project leveraging the Hype token as a treasury asset. The conversation highlighted strategic partnerships, innovative yield generation strategies, and the growing interest from institutional investors, marking a significant trend in the crypto treasury landscape.
Full Transcription
Music Thank you. Music Thank you. Music Thank you. Hey everyone, this is DeFi Dad.
I want to do a quick sound check before we get started.
So yeah, guys, see if you can unmute yourselves.
Check, check. Hey, there we go. Hey, Max, great, great to see you.
Hey, can you guys hear me too? Yep, coming in loud and clear, nomadic.
Nice.
And then, by the way, I want to make sure i get the pronunciation here correct so uh max or um
is it hyunsoo is that how you say your name you nailed the defi dad yeah hyunsoo jung good to
meet you everyone oh there we good there we go yeah hyunsoo great to meet you too um great well
we'll go ahead and get started and just just, yeah, thanks everyone for joining us. Just quick reminder, this is a, you know, we're recording this as a live space, but we'll republish it on the Edge newsletter
through the Edge podcast if you go to the-edge.xyz. So anyways, I'll kick us off.
Anyways, everyone, thanks for joining us. This is Yield Talks on the Edge podcast.
I'm DeFi Dad here with Nomadic. Normally, every week we host a live space to review
new and interesting DeFi to spotlight what we think is an interesting on-chain opportunity.
Today is unique, though, because you are able to ultimately achieve exposure to the Hype token through the offering that is formerly Inovia and now Hyperion. And so we're going to talk about what is, I believe,
the first NASDAQ listed company to use Hype as a treasury reserve asset. We'll talk about
what this means, how this sort of mirrors the playbook of what Saylor did with Bitcoin.
There's been a lot of interest growing in ETH treasury companies. And then there's been a new wave of interest in Seoul
treasury companies. And now we also have hype treasury companies. So if you're into Hyperliquid,
this should be an interesting conversation for you. Hyunsoo, can we kick off with you just
more about the background of Inovia? Just tell us a story of what was Inovia? How did this all
come about with this rebrand into Hyperion? And yeah, really just want to get into the future
of what is Hyperion as a hyper liquid DeFi company. Yeah, definitely. And thanks for making the intro. So I think the story starts even
earlier than that, around January of this year, you know, with the crypto treasury company Meta
and, you know, following Hyperliquid since late 2023, I saw that there was a really interesting
opportunity to have Hyperliquid as a reserve asset. And so, you know, it's having conversations with various folks around making this a reality
and around late May of this year,
effectively was tapped with the idea of,
hey, what if we actually did this
and created a PubCo for a hyperliquid
and hyperliquid related strategies?
And so we went on the public company search,
met with a couple of different ones
and I know Via and the existing team and board were very open minded and engaged with the
idea of adding this strategy to the company.
And so from that decision date to closing, which was about two weeks ago, to now, we've
kind of executed on the vision of bringing in these funds, purchasing
the hype, creating our validator. And now as we look to the future, it's more about how can we
actually create, you know, yield and generate returns on the underlying asset in a way that
no other digital assets can do today. That's kind of the story thus far and how we look forward.
I love it. And I guess going a bit further back in the story, we have one of the biggest
hyperliquid bowls on this space right now with Max. So I believe there's like a connection
between you two. I think I think I saw Max tweet out, did you guys like meet in school
or something? Like maybe just give us some insight into how do you guys know each other
and what's the relationship here between you two i i would love to speak to this because this is this is some great lore for those
that may not be aware of the story but uh way back in 2017 i was studying abroad in edinburgh
at the same time max happened to be as well i didn't know each other before then um had an
opportunity to meet and really connected based on our shared interest of crypto at the time
uh stayed in touch throughout the years and then we both started our professional careers,
myself at EY and Max at Deloitte.
Just had more things to talk about and things really kicked off for us around DeFi summer.
We were following all the sushi, yam, all the fun coins and it brought us to Puerto Rico in 2021. And so we grinded for years
there, and then Max found Hyperliquid, put me on, and the rest is history, as they say.
By the way, I do want to talk more about your interest in Hyperliquid here eventually, like with all that you've seen in crypto and DeFi.
But I think we need a little bit more background just on these crypto treasury companies.
So I think MicroStrategy has been the most iconic, most well-known name in this space.
So maybe you can give us just like a high level overview of like, what is the significance of a crypto treasury
publicly traded company so that we can understand the playbook for Hyperion?
Definitely. Yeah. I mean, you know, say whatever you want about Sailor, but he really is a pioneer
in terms of being so having so much conviction in Bitcoin and then also being able to engineer
the public company that he owned
in a way that they are $100 billion plus company today.
So the way that we understand it
is that these vehicles are effectively able to raise funds
if they don't have the funds already
by issuing shares or convertible debt.
And then they take these funds to purchase crypto assets and
hold them on the balance sheet. And so when you have something outside of cash on the balance
sheet, there are considerations that apply into the NAF, right, the net asset value.
So when you look at most treasury companies today, the big kind of consideration is MNAP,
or the market cap over the net asset value. And so currently the market rewards those
that they have more conviction in. And so if that's the case, you trade at a premium to MNAV
and then you're able to go out into the market, raise more cash and continue this flywheel effect.
Now, the really important distinction that I want to make with Hyperion compared to any other
treasury company today is that we are not a pure treasury company because the asset that we are holding
is not just a static asset.
A hyperliquid is valuable because sure,
you can purchase it and you can stake it
and there is a baseline yield
for helping to contribute to the liveness of the network.
But more importantly, if you look at,
staking delegation fees, HIP3,
things that we may not even be aware of
that are going to continue to be upgrades to the ecosystem.
There is real DeFi deployment that's possible.
And I think that does not exist today.
And then outside of that,
Hyperion is actively looking at, you know,
ways that we can participate more in the ecosystem,
whether that's through venture acquisitions,
more broader strategies that make us a company
beyond just treasury.
And that's kind of our goal and mission going forward.
Maybe this is a question for Max to weigh in on.
So I just want to know, you know, plainly, why hype?
You know, there's lots of different ecosystems you could focus on.
I'm, you know, well aware, Max, you've been one of the most outspoken, visible, hyperliquid
bulls. You're investing across the ecosystem. But yeah, I guess of all the different treasury
reserve assets that you all could go about choosing, talk about why is hype the right
choice for Inovia slash now Hyperion?
Yeah, I think it really just comes down to it being a, you know, combination of good tech and
good economics, right? I think in crypto, it's always, it's rare to find either of those,
let alone in combination with one another.
And so, you know, personally, going back 18 months now, right, when I first came across Hyperliquid,
it was a time in DeFi where I've thought, you know, a lot of smart people were working on a lot of, let's say, centralized exchange crypto users or just less on-chain savvy users really diving into DeFi.
And Hyperliquid was kind of a watershed moment for me, at least, where I really saw that migration start in earnest.
And, you know, looking back eight months from today, you know, with the TGE event around Hyperliquid, right, it was also kind of a watershed moment for how to think about the economics of a successful blockchain network where so much was given away to the community.
you know, hyperliquid core team was able to self-finance and all of that. Right.
You know, Hyperliquid core team was able to self-finance and all of that, right?
So what we're left with, you know,
today is a hype asset that is effectively deflationary where, you know,
protocol revenues go solely to the buyback and let's just say sequestration of
the asset, you know, to the tune of like 10 to 15% annualized,
which is crazy, right.
Relative to every single other asset in this industry.
And the underlying platform is, you know,
growing up into the right by all, you know, relevant metrics.
So I think, you know, whether I peer on,
we're just a normal treasury company,
it's a very competitive asset in that light.
And then to Hansu's point,
even if hype went to $1 tomorrow,
there is innate value in the discounts
stake type gives users
or access to perp market deployments
it will in the coming months,
like this utility that's baked into the asset.
And I think it really is
like that constellation that made this a very comfortable decision, right? Like there are many
treasury company strategies out there at the moment. And I think differentiating yourself
is very difficult, but, you know, we have a great asset that we're targeting and it is, you know,
We have a great asset that we're targeting and it is, you know, I think a very dynamic business that can be built here, you know, beyond just speculation.
So that's what really did it for us.
To your point about there's many treasury companies out there and more coming to market probably every day or week.
Something that I've been really curious about and glad
we're talking to you guys because you can give us a ton of insight into this question.
But how are people like yourselves going out there and finding one of these NASDAQ listed
names and getting this done? Give us some insight and details into what goes on behind the scenes to get get
one of these deals done because I'm sure it's not easy but yeah maybe that's one for clients who
yeah definitely I mean it I think the there's there's multiple components here right there's
so many parties involved but functionally if you if you are looking to pivot a company to the strategy where you are accumulating assets on the balance sheet, you have to find one that has fundamentally a very clean or healthy balance sheet.
And if you are a public company that has seen better times, that is going to be the first obstacle that you're likely going to face.
that is going to be the first obstacle that you're likely going to face.
And then in addition to that, you want to get a team and a board
and those that are involved with the existing business that are open to this idea.
Right. Well, you know, whether we're kind of in a bit of an echo bubble in this space,
but to those that have not been exposed to crypto or blockchain
or the kind of strategies that we're doing here at Hyperion,
it may seem very foreign and kind of a big risk to take reputationally as well.
And so our job was to really create and get them to understand why this is important,
why Hyperliquid is important, why Hype is this asset that we're willing to put 40,
$50 million worth of assets and more into, and then get
them to be a part of the strategy, right?
Because we're not taking away the existing businesses.
This is the new business that's being incorporated, but it's going to be something that we entirely
focus on and make as the core function for what we do as we go forward.
Hey, so one other thing I've been curious about is, like, how many people does it take to run this sort of thing?
Like, I have no idea, headcount for Hyperion, for example. And then also, you know, is this like full time for everybody on the team?
And then how is the team kind of compensated as well while they're running something like this?
Yeah, I can speak to that.
So a little bit about my background, right?
I just finished a four-year tenure at Dharma Capital.
So asset manager, registered with the CFPC and the NFA, managing over a bill in capital.
And at my time there, I was brought on to engineer and deploy,
call it the first asset use product. And it was built for Filecoin. It effectively enabled us
to work with over 50 data center teams globally, deploying the asset via smart contract on the
Filecoin blockchain, while there were contracts that were written in the physical world that
determined the conditions and returns and the other covenants and so forth.
Right. And I was running that as pretty much a one one man operation.
And in my time there, you know, we were generating, call it anywhere from 20, 20 percent upwards yield on over 300 million dollars worth of assets deployed.
And I was like, this is a really efficient business. It can.
And I was like, this is a really efficient business.
This is where smart contracts and blockchains really enable a kind of scalability that isn't
really seen other than very advanced tech companies.
And so with Hyperliquid, there was just the same opportunity.
So as we are speaking today for the Hyperion vertical of the business, it's me with immense amount of support from Max.
And then the great thing about Hyperliquid community,
is that people are so willing to find ways to help
co-market, co-brand like we did with Kinetic
and continue to just create this virtual cycle effect.
I think that's been the most impactful part
of being the public company
that represents Hyperliquid and the things that we can do adjacent to that.
And then, you know, briefly to comp structure, right? For anyone that's kind of looking at,
you know, the amount of funds that were raised and what that kind of means for dilution,
everything going forward, everyone that is part of this investor group and myself
are aligned because we have milestones.
So for myself specifically, Hyperion essentially has to get to a billion dollars.
There are milestones along the way, but my personal goal is that this is the largest and the most successful DeFi company
that happens to have a hype treasury, but is doing so much more beyond that.
And we are bridging public markets.
We are bridging the crypto space and we are bridging all sorts of investors into this
foundational element that does not yet exist in the market today.
Hyunsoo or Max, I want to talk about like, who is this offering ideally designed for?
this offering ideally designed for?
You know, we've got crypto natives,
hyper liquid natives who already hold hype
and they know how to access the platform.
They're very likely staking a majority of their hype.
There is an opportunity here for that levered exposure,
but I'm also wondering, like, are you targeting institutions?
Like, are you having conversations with institutional type investors?
Yeah, I'll start this off and Max feel free to chime in.
But, you know, right after we announced, we received an immense amount of inbound.
So I can't speak to all the details, but call it foreign family offices,
large institutional players.
I mean, you would be surprised to realize how much friction there is still for any level of investor to access hype.
Right. I think Jeff and the core team did a really interesting job by making it only accessible on the Hyperliquid platform.
So as Hyperion exists today, we are effectively the public vehicle to get exposure to hype.
We call it Hype Exposure Plus
because we are going to be doing things
both on the off-chain strategy side
as well as within the Hyper EVM
and call it the DeFi strategies.
And so it's for anyone that kind of wants to hands off,
you know, we are, I fundamentally believe in hype.
I believe in what the team is doing.
I believe in their ability to execute
and we kind of handle the rest.
So it's easier than you know, you bind the hype yourself, staking it, figuring out the tax on the income and all those components.
We immediately accrue additional hype per share for you, right?
Hypershare.
So that's what we think makes it really interesting.
And again, we're seeing interest from both the institutional and the retail side.
And so it's just a really well-positioned product, but we don't take that lightly, right?
We don't think that we've already won or we've won Mindshare.
We want to keep going from here because there's so much that's still yet to be done for Hyperliquid and this ecosystem.
And, Sue, I feel like you were dropping like new fresh memes there, like Hypershare, love that.
Hype Plus, so easy, right to the dome, love it.
I want to get to the on-chain exciting stuff here, but I don't want to gloss over some
of this, I don't know if it's off--chain trad fi savviness as well that goes with running
these uh type of operations so like we've seen with micro strategy kind of they blazed the trail
and they've been at this for a while uh and they've launched all these extra products like strike
stride strife i won't pretend to understand them all but what i sort of see is just this like
you know there's like a traditional operator sappiness as well, that goes with this like, on chain component
that I know you guys are going to dive into, but maybe just linger a bit longer before
we get into the, you know, fund DeFi stuff. What else are you doing on this like, off
chain side of things to stay competitive in that side of the market as well.
Yeah, definitely. I think that the benefit that companies like Strategy and MetaPlanet and some of the
treasury companies that have been around longer with larger floats and so forth, they are able to
utilize more, call it exotic products.
For where Hyperion is today,
and our core focus is very simple.
If we can raise money, we can bring in additional funds,
we are putting that into purchasing hype.
And on our side, we are more so interested in
what is the ecosystem doing?
What are the front end builders, what are they building?
What kind of front ends are being built?
What kind of teams are looking to deploy new markets?
And how can we be there first and showcase to the rest of the ecosystem and the rest
of the world that there is something very real happening here?
So not to deviate too far away from your question, but the way that we're moving right
now is very simple.
We would offer shares, preferred shares.
We're not interested in taking on additional debt through a convertible debt instrument. We think that there
is more to show and that there will be continued, call it capital deployer interest from port to a
company that is doing more than just, you know, trying to create this flyable effect to purchase
the asset. Our strategies go far beyond that.
Awesome. And you mentioned MetaPlanet in there. I saw Dylan LeClaire on a podcast recently, and he said something that kind of surprised me.
I didn't know that there was ways for these companies to create like operating revenue without having a core business.
But he mentioned on this pod that MetaPlanet was
making 88% of their revenue from selling options. Is that like a strategy down the road you
guys will think of as well?
Yes, definitely. Great that you brought that up. Yeah, we're in conversations with a few
teams already that have options desks for Hyperliquid. It is a great strategy. It's
something that I've had exposure to before
in my previous role at Dharma. But what I found though is that sometimes you are, it's
good when you're in a defensive position, but when you need to purchase the hype and
the demand that we see for hype in general, we want to more so focus on strategic deployments
of capital to purchase the hype as we need it and to
build up a treasury. So it is a good revenue generating venue and we will be using that
as well for off-chain.
One of the reasons I was excited to hear about Hyperion and one of the reasons I was excited for ETH treasury companies as well is just the
fact that you're building a treasury company on top of an asset that benefits from smart contracts.
So everything you guys just called out, the problem with Bitcoin is there's no native DeFi
for Bitcoin. And so there's lots of opportunity here to be able to generate staking revenue.
And then there's all the other DeFi available on chain. So maybe we start with the staking side
of the business. What can you tell us about how you're partnering with Kinetic? And then I want
to get into all the other sorts of opportunities or strategies that might be used by Hyperion.
Max, do you want to take this one?
Sure.
All right.
So, you know, we, I guess, are imminently live with Kinetic on this mainnet validator.
We're finalizing the process to, you know,
become activated, basically.
And so that gives us a baseline yield
and others can participate as well.
In particular, right, we're excited about the fact
that Finetic will be doing, you know,
a lot of institutional business development
for hype, stake type in general.
And this validator will be at the heart of that.
And so that is our inaugural revenue line.
And then from there on, we essentially have, I would say, two additional platforms.
The first is the on-chain kind of utilization of HYPE, where because of the utility HYPE has,
Hyperion has the ability to enter into bilateral agreements with other entities that could make use of that HYPE.
I think the lowest hanging fruit at the moment is just the fact that Staked HYpe allows you to have trading fee discounts at the hyperliquid network level.
So, you know, trading firms that do not want to have directional exposure on the balance sheet or do not want to take on the hassle of hedging, you know, a hyped stake could work with Hyperion to essentially lease StakeType and, you know, reap the fee discounts.
Same will go for what's called staking referral bonuses,
which is not live on mainnet yet,
but basically an interface operator would be able to attach, you know,
some amount of least stake hype to their builder code.
And so all of the users a given interface, you know,
handles the transactions of,
they all get to benefit downstream from these fee discounts as well.
So we're definitely excited to, you know,
come up with some new IP on that front and kind of sign some pilot
agreements along those lines here in the coming weeks and months.
And then the other platform, right, just becomes deploying hype upon the Hyper-EVM itself.
You know, obviously, there will be significant opportunities around, I think, liquid staking,
providing the liquidity for such a system, as well as participating in borrow and lend markets that are deployed there as well.
And so all of these venues, whether they're on-chain or off-chain, provide a way for us to create, I would say, reliable revenues on top of the hype treasury balance and continue compounding that balance sheet.
And I'll add really quickly.
Go ahead.
No, no, you go ahead, please.
Yeah.
So I'll add really quickly that obviously everyone here in the market broadly is aware
of Robinhood moving into perpetuals, Coinbase coming to that market and there is call it FUD around, you know, is can Hyperliquid be competitive?
What are they going to do when, you know, new players eat Hyperliquid's lunch?
And I think fundamentally what I've seen is that to be a front end that is competitive,
maybe the users initially don't care about, you know, if you're paying a hundred bips
versus 10 bps,
but that is going to matter more as these things can become more competitive and
more so as hyper-financialization continues and more and more users globally
come online to participate in markets.
And when I talk to these teams that are building the front ends,
very, very sharp young people that are really you know, really good around the UI, UX that
they've grown up around. And we have a way to basically support them by deploying the asset
that we hold on the balance sheet, make them competitive, you know, engage with them for the
longer term and help them, you know, build out protocol applications that can be accessed globally.
It's a really, really exciting way to scale that, you know,
companies like Robinhood or Coinbase or others don't necessarily, may not necessarily be able
to do as quickly as the market seems to expect. And so that's why we want to push hard on the
lead that we have here and support the people in the ecosystem. And we believe that this will play
out in the right way as we continue to move forward.
Man, there's so much in there.
I think just listening to you both answer that question, there's a lot on the DeFi side
that I wasn't even giving credit to.
Max, that one thing you mentioned about just trading desks, wanting to take advantage of
the cheapest trading fees, but not necessarily having to get long hype themselves,
although they probably should, let's be honest.
But yeah, being able to tap into you guys to lend that needed hype, that's like a whole different business line I wasn't even anticipating.
And then one other one that I don't know where, if this was one of you guys that I was talking to you offline,
but there's potential
here for HIP3 as well, I believe. So could one of you maybe just explain what HIP3 is and how
Hyperion could tap into this potential as well? Sure. So for those who aren't familiar with it, HIP3 will allow anyone to deploy markets on top of Hyperliquid and no longer will it be just by validator designation.
And the mechanics of it are that you have to put up a bond of one million hype, which is a lot.
of 1 million hype, which is a lot.
And once you are bonded,
you can then participate in deployment right auctions, right?
So, you know, if you're bonded
and you want to spin up five new perp markets,
now you basically are whitelisted
to participate in the next five auctions.
And they, you know, function similarly to the current spot market deployment right auctions
that occur in Hyperliquid Today, right, where it's just a descending auction every 31 hours.
And, you know, the subsequent auction starts at double the previous close.
And so what's interesting about this, right, is that, you is that you no longer have to rely on either Hyperliquid Labs or the validator set to basically approve a perp market. example, to have a specific focus, right? Maybe it's relevant macro markets or things like US
equities, or maybe even like really exotic stuff. They could spin up their own front end, they could
surface these markets that they themselves have deployed, they are earning fees on those markets.
And, you know, basically get to kind of plug in to the existing liquidity network
that exists, right?
Because for a hyperliquid user, they're just moving over from one market to the next and
there's minimal friction involved with that.
And I guess this last point I would make is that, you know, the, there,
there is the capacity for slashing.
So obviously that market deployer has 1 million hype just sitting there.
I think currently the, my understanding is that social consensus.
So if you instantiate a perp market with a shoddy Oracle,
people lose money for, you know, for example, you do risk losing a portion
of that 1 million hype. But yeah, so that's HIP3 in a nutshell. And we're in a unique position to
be able to extend large loans of hype to teams who are keen on building on that model.
in our building on that model.
Guys, what can you tell us about potential strategies
using Hyper EVM?
Like, could Hyperion deploy Hype into, like, a looping position?
You know, could you foresee there being, you know, lending and borrowing?
I mean, something you could go as simple as using Felix
to do some borrowing against K-Hype
and then be able to hold a larger position,
get some more leverage,
or even spin up a higher leverage looping position.
But anyways, what are your thoughts on that?
Yeah, definitely.
We kind of haven't been around in the space for as long as we have,
we're familiar with really intricate ways to create strategies to build leverage and
gain additional yield on the core assets. But for us, what's most important is that
we don't put risk to the treasury position that we built in our hype.
So in terms of hyper EVM deployments, our process so far has been understanding which
teams, what they're building, how vetted are they, how many audits they've done.
We're not willy nilly deploying assets into the hyper EVM.
I think in a way that, you know, I don't want to say it's, it's going to be very precise,
very research strategies. And it won't be, I guess, at least to start a large portion of the
hype that we hold, because we don't want to put those assets at risk, right? Smart contract risk,
you know, deleveraging those those components could put the assets that we've put a lot of
effort into accumulating at risk. We again, we are interested more so on the,
what's happening on HyperCore,
but we welcome conversations with teams that are building.
Our strategies are not limited to just borrowing,
lending, LP and so forth.
We are also looking to do discretionary venture,
TVL deployments.
It really is anything that we can do as an operating company,
but we are going to be extremely cautious about,
you know, who we engage with and how we engage with the whole world that's available within the
HyperEVM. I have a quick follow-up. So assuming you start interacting with some of these protocols,
there's potential for airdrops to be accrued to Hyperion. How would you as this entity handle,
you know, receiving a massive airdrop?
Yeah, I mean, I would say that the custody support
that we have for Hyperion does enable us to receive
all of the assets that we may get from potential airdrops.
Again, I think it comes down to the
team, why we received the airdrop, what is their intention behind it. For example, we know that
there are some teams that are looking to create a mechanism from the fees that they earn to buy
back their own token, right? And if we see that there is a lot of momentum and use case, if there
are, call it institutional players that are leveraging certain protocols and they become kind of clear winners, then why not continue to support them,
find ways to, again, compound our position. We're not really here for the short term of,
oh, great, $10,000 airdrop, sell it to USDC. There may be some times when it is better to take that
and to accumulate more hype. And that
is one of the advantages that we can have in our position. But again, it's a case by case basis,
we want to understand and continue to work with the teams that are building on this ecosystem.
And we believe that there will be more winners on this network than just hype and what's perceived
to be the current winners. There's still a lot more coming.
So guys, there are other hype treasury companies.
I'm curious, how are you looking to differentiate yourselves
from these competitors?
Yeah, definitely.
I mean, for the ones that are publicly out there today,
they don't hold enough hype yet
to be as competitive as Hyperion, right? So for call it
the 1.3 million hype that we've accumulated to date, we pretty much have targets for all of that.
We're in conversations with various front end builders, we're talking to a very large team
about a potential HIV three deployment. So call it the hype is accounted for, and we are moving fast to accumulate more. And then for those that are not at the market yet today, it's great because I think
that it showcases to, again, not just in the crypto space, but Wall Street institutions and
funds and so forth that Hyperliquid is going to be a very in-demand asset that has tangible
utility. And then I think we will see broader deviation from companies that are holding hype
compared to those that are holding, call it, less robust coins.
And so we welcome others.
We are very thankful to those in the hyperlifor community
and others that have really rallied behind us.
And they'll tell me they hold Inoviaia and they'll talk about the 2020 vision memes.
And it's really great.
And we're really grateful.
But the job's not finished.
We're going to keep going.
We're going to keep pushing hard.
And we're very long term aligned because we want Hyperliquid to win.
And as a result of that, Hyperion will win.
I was just chuckling over here at the 2020 vision memes. Amazing stuff. I want to ask you just like a more broader question about these treasury codes kind of moving forward.
You know, I think we're early days, but there's just going to be a ton more. Like we see this in crypto when anything successful, you know, we get a fire hose of it down our throats essentially so
more are coming do you think these will always kind of trade at this nav premium like so the
it's the way they're kind of uh kind of categorizing this is like m nav and right now
last i checked anyways if you take kind of all the treasury codes that have launched, I think taking out one that was like a crazy outlier, you get this like MNAV premium up between four and four and a half X.
So a lot of these traded a premium micro strategy, which is now strategy trades that are last I checked was around two X MNAV of two.
So, yeah, do you think this kind of carries on?
I guess, like, what are the factors that are creating these elevated MNAVs?
And then is this something that you think compresses over time?
And I know I threw a lot at you, but tackle that any way you can.
Definitely.
I think that, as we talked about a little bit earlier, MNAV almost gets restrictive at a certain point.
talked about a little bit earlier, MNAP almost gets restricted at a certain point. I've talked
to a lot of very elite funds and banks and other institutional players that are frankly exhausted
by the amount of pitches that they're getting around new pubcos. And they don't have a very
meaningful strategy and they just want to raise money and buy assets, which, you know, that could be great. But again, Hyperion is our goal is not to
be just a treasury company. Owning hype and having it on our balance sheet and staking and deploying
it is just step one in this strategy. I'll make it very clear that we are just getting started.
The deployments that we will do with the other builders and other teams within this ecosystem
will be eventually showcase like
what is possible on this network where you already have immense volume immense quick execution great
liquidity right there there is really something so different here and that is why we were so inclined
to to go all in on this um and then in terms of yeah i, I expect margins to compress for these companies as they
grow larger, right? That's just generally the way that things move. But there are even smaller ones
that, you know, don't trade at a premium. And I think it's also tied to investor confidence and
just generally their ability to execute on what they say they do. The distinction between others
and Hyperion is that in the two-week period that we've closed and officially announced, we've done everything that we said we have.
Right. We purchased over a million hype. We've we've we created our own validator.
It's staked. It needs to be active. So I will admit that.
But, you know, we're and then we're already in conversations with teams about deploying the hype.
So the next things are to keep doing what we say we're doing.
And we hope that those in the community and those outside of crypto recognize that something really, really big is happening here.
And then, you know, if we traded a premium to MNAP, that's great. But the business is more than just
what the assets are that we hold on the balance sheet.
Guys, I think this is a good place for us to start to wrap up so first off everyone thanks for joining
us I want to remind our listeners that they can learn more about Hyperion by going to
hyperion defy.com they should follow Hyperion defy on x follow max's personal handle. It's F-I-E-G-E underscore Max. And then Hyunsoo, Max, just thank you for
your time. Thanks for coming on. Congrats on everything that's in motion. Congrats on the
ongoing rebrand. And I'd leave you with any final word for us.
I think this was our first official, call it like Twitter spaces public presentation.
So thank you, DeFi Dad, Nomadic for having us.
This was a really great experience.
I hope the listeners were able to learn a little bit more about Hyperion and what we're
doing.
And for those that are, call it, hyped community members, we really appreciate you and we will continue to do our best
to do right by those that are involved with us.
And I'll pass it off to Max.
I don't think I could put it much better.
So yeah, thanks for having us.
And thank you, Jeff.
All right, everyone.
Thanks for joining us.
And another reminder that this will be republished as a podcast on the Edge podcast. So if you subscribe at our link tree, it's edge underscore pod or go to the hyphen edge dot XYZ. And if you subscribe there, you'll get an instant notification once we fired off through the newsletter there. But otherwise, thanks for joining.
Have a great day, and we'll see you next time.
Thanks, everyone. Hyperliquid.
Thanks, Gens. 2020 Vision.
