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Hyperion DeFi CEO Discusses Business Model and Blockchain Infrastructure
In an exclusive interview, Hyperion DeFiCEO Hyunsu Jung spoke with The Fly about the company's business model, its position as the first public Hyperliquid builder, institutional partnerships, blockchain infrastructure maturity, and common misconceptions.THE COMPANY:Hyperion DeFi is a Nasdaq‑listed decentralized finance, or DeFi, company focused on building institutional‑grade products and services on the Hyperliquid blockchain. It provides investors with streamlined access to the Hyperliquid ecosystem, one of the fastest‑growing, highest revenue‑generating blockchains in the world."We build products and services geared toward institutions on the Hyperliquid blockchain," Jung explained to The Fly. "That encompasses validator operations, DeFi monetization, HyperEVM primitives, and various ways to develop recurring, scalable revenue streams using blockchain‑native technology."BUILDING ON HYPERLIQUID:Hyperion is the first U.S. public company developing directly on the Hyperliquid blockchain. Jung said that distinction matters because Hyperliquid's native token, HYPE, offers more utility than other major digital assets."With Hyperliquid, there are more unique forms of utility," he said. "HYPE can be staked with partners to reduce trading fees on the Hyperliquid exchange, staked to launch perpetual markets for real‑world assets through HIP‑3, and used as collateral or gas for on‑chain smart contract applications."He contrasted this with Bitcoin, which he described as "digital gold" with limited yield‑generating utility, and with proof‑of‑stake networks like Ethereum and Solana, which offer staking but fewer native primitives."Hyperion has been a pioneer in implementing strategies no other public company has been able to do," Jung added.WHAT'S NEXT:Hyperion's partnership with Blockdaemon marked an institutional milestone for the company. Blockdaemon will offer Hyperion's Kinetic Hyperion Validator as its premier institutional validator for staking on Hyperliquid."Blockdaemon is working with several institutional clients to bring more staking activity to Hyperliquid, and our validator will be offered as a service," the executive said.Looking ahead 12–18 months, Jung highlighted several new revenue‑generating initiatives.Skew Technologies partnership -Hyperion and Skew are building new perpetuals products on HIP‑3 for the Hyperliquid exchange.Institutional listing service -Clients can launch perpetual markets using Hyperliquid infrastructure tied to Hyperion's 500,000 HYPE stake. Hyperion expects both fixed monthly fees and variable trading‑revenue share.HIP‑4 expansion -Hyperion is also supporting outcome/prediction markets similar to Polymarket."We expect to onboard several more clients and use our HYPE to build products and services that partners on‑chain and off‑chain will pay to use," Jung said. "No other public company holding digital assets has been able to do this at our pace."NEXT PHASE OF MATURITY:Hyperion DeFi's CEO believes blockchain infrastructure is entering a new phase of institutional adoption."There's so much happening—regulatory clarity, major financial institutions like BlackRock, JPMorgan, and Franklin Templeton moving into tokenization, and DTCC exploring tokenized equities and U.S. Treasuries," he said.He also pointed to Robinhood Chain, launched July 1, as a sign of mainstream platforms bringing millions of users on‑chain."You're seeing signals that blockchain infrastructure is becoming more adopted," Jung said. "The biggest question is what regulatory approvals are needed to enable the next substantial influx of capital—and who will benefit when that capital comes on‑chain."Hyperion's focus is positioning itself to serve that institutional flow."We think it'll be a very exciting next few years," he added. "This financial paradigm shift is not stopping anytime soon."MISCONCEPTIONS:Jung said the biggest misconception is that Hyperion is "just a digital‑asset treasury company.""Our tagline is 'more than just HYPE,'" he said. "Many digital‑asset treasury companies trade at a discount to net asset value—they're just holding tokens and hoping they go up. We've completely turned that model on its head."Hyperion uses its digital assets to actively build and support the Hyperliquid ecosystem while generating revenue."We are the most productive with our digital assets," the executive said. He emphasized that Hyperion offers investors simplified access to the Hyperliquid ecosystem's most valuable components."Most institutions see companies like ours as holding companies," Jung added. "But we are truly an operating company doing first‑of‑its‑kind things on‑chain. We're excited to keep building."Meet the Company is The Fly's recurring series of exclusive short interviews with Executive Officers to offer a deeper look inside the company.
Hyperion DeFi Pioneers First-of-Its-Kind On-Chain Strategies
Hyperion DeFi pioneering first-of-its-kind on-chain strategies, Jung says
Hyperion DeFi Enters HYPE Asset Use Agreement with Skew Technologies
Hyperion DeFi entered into a HYPE Asset Use Service agreement with Skew Technologies to deploy 500,000 HYPE to support a new suite of institutional perpetual futures products on Hyperliquid's HIP-3 permissionless markets. This strategic agreement establishes a facility for Skew and other qualified partners to launch custom markets on Hyperliquid, expanding the Company's differentiated revenue-generation strategies on its staked HYPE treasury assets. As part of the agreement, Hyperion DeFi will receive equity participation in Skew as well as a share of all listing service revenues, which include both scaling and fixed components independent of trading volumes.
ICE and OKX Form U.S. Crypto Joint Venture
As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with the "Crypto Currents" weekly from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio.ICE, OKX FORM U.S. CRYPTO JOINT VENTURE:Intercontinental Exchangeand OKX announced Monday thefocused on building next-generation infrastructure for tokenized and digitally native financial products. Subject to certain regulatory approvals, it is expected that the joint venture will operate as a U.S. registered broker dealer and FCM for the purpose of enabling OKX's customers in the U.S. and overseas to access ICE futures and NYSE tokenized equities markets. The 50-50 venture will also explore adjacent opportunities for regulatory-compliant blockchain-enabled markets. The joint venture will be co-chaired by ICE and Governor Andrew Cuomo."The ICE-OKX joint venture is a step towards building the infrastructure that will define how global markets operate in the decades ahead," said Trabue Bland, SVP, Futures Exchanges at ICE. "ICE's global benchmarks and regulated market technology have earned the trust of institutions and traders everywhere and now, through our partnership with OKX, we are working towards extending that reach to OKX's 120M retail traders."BITGO REDUCES WORKFORCE BY 15%:In a Thursday post on X, BitGoCEO Michael Belshe announced that theHe said, "I want to be straight with you about why. The ecosystem has evolved, and the way we build financial services has changed dramatically. To keep winning for our clients, we need to be sharper, more focused, and concentrate our people and energy on the areas that matter most: security, trading, stablecoins, settlement, and AI-powered infrastructure. Getting there means making BitGo more deliberate than it is today. This isn't an easy day. BitGo is built by people I respect and care about, many of whom bleed blue and have given everything to get us here. I'm truly grateful for all of your contributions, and I don't take saying goodbye lightly. By the time you read this message, everyone affected will already have heard directly from their manager and HR. To those of you who are leaving: thank you. You helped shape BitGo into what it is today, and the company will always be better because you were here. I wish you nothing but success ahead. To the team that remains: I know this is still hard. Be good to each other and overcommunicate as we reorganize. We have a clear, strong path forward, and this is a one-time action. We don't anticipate further reductions. I wouldn't make this call if I didn't believe deeply in our future. Let's go build it."The company also announced in a Monday regulatory filing that chief compliance officer Jeffrey Horowitz has retired. BitGo said Horowitz's decision to retire was not as a result of any disagreement with the company on any matter relating to the company's operations, policies, or practices.Additionally on Monday, BitGo announced plans to expand institutional access to certain third-party decentralized finance vault products and onchain lending-related opportunities through a new DeFi vault offering developed with third-party infrastructure providers and risk managers. Among the planned launch partners is Morpho, the decentralized lending infrastructure protocol supporting onchain lending markets.GALAXY INVESTS IN DIGITAL PRIME TECHNOLOGIES:Digital Prime Technologies announced Tuesdayfrom Galaxy Digital. The investment builds on Galaxy's existing relationship with Digital Prime Technologies as a launch participant on Tokenet, the institutional digital asset lending platform that went live in May 2026. Tokenet, developed in partnership with EquiLend, applies proven securities lending workflows, risk controls, and lifecycle management to digital assets, delivering the operational rigor required by institutional market participants. Digital Prime will use the investment to accelerate Tokenet's development and expand its institutional client base. EquiLend's global network continues to provide the distribution foundation for Tokenet to scale within the institutional lending community."The maturation of digital asset lending depends on infrastructure that institutions can trust from day one. Tokenet has been built with that bar in mind, and Galaxy's investment in Digital Prime is a reflection of our confidence in both the platform and the team behind it," said Max Bareiss, Head of Lending, Galaxy.Additionally on Wednesday, KWTX's Adam Schindler reported that Galaxy is planning a new data center project, "Project Merlin," in McGregor, Texas, after city council approval, involving multiple buildings across a 500-acre site northeast of SpaceXfacilities. The company said it will fund the required infrastructure and does not expect significant impact on local residents. In a presentation to the city, Galaxy described the development as a "$400M+" capital investment and said the project would create "30+" full-time jobs with an average annual salary of "$60K+."BRERA HOLDINGS BUYS 1,347 SOL:Brera Holdings, doing business as Solmate Infrastructure, announced Monday it had completed its second purchase of SOL tokens this month, as the company continues to execute on its commitment to grow its SOL holdings. Solmate Infrastructureon June 16, following the acquisition of 1,557 SOL on June 9. Both transactions were completed using the company's cash reserves.Additionally on Monday, RBCH, an over 10% shareholder of Brera, announced that it had filed a derivative lawsuit, on behalf of the company, against its current officers and directors, for claims of "breach of fiduciary duty, shareholder oppression, and related claims arising from a systematic pattern of self-dealing that has caused tens of millions of dollars in harm to the company and its shareholders." RBCH is the single largest outside shareholder of Brera, having committed $50M in the company's September 2025 $300M PIPE Transaction. RBCH said, "Since the investment, the company's officers and directors have used the investor capital to enrich themselves through a series of conflicted, and wasteful transactions, while simultaneously deploying defensive measures, including baseless claims against RBCH and other concerned parties, to entrench their positions and prevent shareholders from taking corrective action."On Wednesday, Brera responded to the lawsuit in a statement that read, in part, "We are currently engaged in a critical effort to protect the company and its shareholders from what we believe is a fraudulent campaign by the RockawayX Managing Partner and CEO, Viktor Fischer, aimed at exploiting the company and its assets for personal gain. What began as an attempt to extract approximately $200M from the company, as described in the company's lawsuit against Mr Fischer and his company RX, has evolved into a broader false attack that has negatively impacted market perception and contributed to a significant discount in the company's valuation. Mr Fischer, through RockawayX, raised $50M from his investors and invested in Solmate in an attempt to enrich himself by selling his company for $200M, a valuation based on misleading financial statements provided to Brera Holdings. Through diligence and professionalism, the Board identified the misleading information and protected shareholders by walking away from the transaction and filing a lawsuit in Delaware alleging fraud and intentional misrepresentation. Our priority is clear: defend the interests of all shareholders, safeguard the Company's assets, and ensure that corporate resources are used to create value for investors rather than serve individual interests."RBCH responded on Thursday, stating in part, "The allegations made by Brera against RockawayX in its June 24 statement are false, misleading, and a retaliatory response to the derivative lawsuit filed by RBCH just days prior. RockawayX disputes these allegations entirely and will defend itself vigorously through appropriate legal channels. Brera's statement yesterday fails to address any of the specific allegations contained in RBCH's derivative complaint filed in the Supreme Court of the State of New York on June 22."ETHLABS LAUNCHES TO ACCELERATE ETHEREUM ADOPTION:A coordinated group of Ethereum ecosystem stewards announced Monday the launch offormed to ready Ethereum for the next phase of institutional adoption. The funding effort is led by Bitmine Immersion Technologies, Sharplink, Ethereum co-founder Joe Lubin and other key Ethereum ecosystem contributors including Anchorage, Octant and SNZ.Ethlabs said, "As stablecoins, tokenized real-world assets, funds and autonomous AI commerce move onchain, they are converging on Ethereum as the neutral, credibly permissionless settlement layer for the global economy. Ethlabs exists to ensure the network is ready to absorb that demand at scale, advancing a faster Ethereum with trustworthy interoperability, so institutions building on Ethereum can do so with the neutrality, resilience, privacy and security they require. Cofounded by five former senior Ethereum Foundation researchers: Ansgar Dietrichs, Barnabé Monnot, Caspar Schwarz-Schilling, Josh Rudolf and Julian Ma, Ethlabs brings together researchers responsible for key contributions to finality, scaling, data availability, the virtual machine and protocol economics — the technologists who have guided the network through its most consequential upgrades over the past decade. This initiative gives that work a dedicated institutional home with stable, long-term funding."Bitmine also announced Monday that itsAs of June 21, the company's crypto holdings are comprised of 5,672,956 ETH, 205 BTC, an $180M stake in Beast Industries, an $104M stake in Eightco Holdingsand total cash and marketable securities of $601M. Bitmine's ETH holdings are 4.7% of the ETH supply.OTHER CRYPTO NEWS:StrategyacquiresStrivepurchases 759 bitcoin, reportsHyperscale Datareportsenters MSA for AI compute capacity in Michigan, receives utility 'will serve' determination in MontanaEightco Holdings reportsBTIG raises Core Scientificprice targetRiot Platformsprice target raised, Cipher Miningprice targetNakamotocloses legacy healthcare clinics amidCitizens initiates Mara Holdingswith, BitdeerwithCleanSparkwith, Keel InfrastructurewithHut 8initiated withprice target raised to $150 from $115 at BTIGLion GroupannouncesHyperion DeFipartners withCantonlaunchesLM Fundingexpands intoSUI GroupexpandsHive Digitalsignswith Swedish companyHeartSciences, Fortitude announcesCRYPTO STOCK PLAYS:Publicly traded companies in the space include Bit Digital, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Strategy, Riot Platforms and TeraWulf.PRICE ACTION:As of time of writing, bitcoin dropped roughly 6% this week to $59,067 in U.S. dollars, according to CoinDesk.
Intercontinental Exchange and OKX Form 50-50 Joint Venture
Intercontinental Exchange and OKX announce a 50-50 joint venture to bring NYSE tokenized equities and ICE futures to crypto traders, with former New York Governor Andrew Cuomo set to co-chair. Strategy and Strive each disclose fresh bitcoin purchases, while Bitmine Immersion closes in on holding 5% of all circulating ether and Sharplink prices a premium offering to accumulate more. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.INTERCONTINENTAL EXCHANGE OKX VENTURE:Intercontinental Exchangeand crypto exchange OKX announced a 50-50 joint venture to build next-generation infrastructure for tokenized and digitally native financial products, with the venture expected to operate as a U.S. registered broker-dealer and futures commission merchant,. The venture will be co-chaired by Intercontinental Exchange and former New York Governor Andrew Cuomo, and is designed to enable OKX's customers in the U.S. and overseas to access ICE futures and NYSE tokenized equities markets,. The venture follows Intercontinental Exchange's March strategic investment in OKX and is subject to regulatory approvals; Cuomo first began working with OKX in 2023.BITCOIN TREASURY DISCLOSURES:, Strategydisclosed it sold 2,714,839 shares via its ATM during June 15-21 for net proceeds of $335.5M and used those proceeds to acquire 520 bitcoinat an average of $67,068 per coin. Strategy now holds 847,363 bitcoin at an aggregate cost of $64.1B, an average of $75,651 per coin, with a $1.4B reserve earmarked to service preferred dividends and debt interest. $25.4B remains available under its ATM program, with no preferred shares sold during the period., Striverevealed it acquired 759 bitcoin at an average of approximately $65,850 per coin during June 15-21, lifting total holdings to 19,864 bitcoin. The filing also reflects the previously completed acquisition of Semler Scientific, which closed in January, folding its bitcoin holdings into Strive's balance sheet.BITMINE CLOSES ON 5% ETHER TARGET:Bitmine Immersionthat total crypto and cash holdings reached $10.7B as of June 21, with 5,672,956 etheron hand at $1,733 per coin, representing 4.7% of total ether supply. Of that total, 4,718,677 ether valued at $8.2B are staked on its proprietary MAVAN, Made in America Validator Network, platform. Bitmine Immersion added 52,203 ether during the prior week. At 94% of its stated goal of owning 5% of all circulating ether, Bitmine Immersion now operates one of the largest single-entity staking positions globally. That staking concentration means the company's yield income is directly tied to on-chain validation fees and MEV, exposing its revenue line to Ethereum protocol-level decisions in a way that no traditional financial statement framework fully captures yet.SHARPLINK RAISES AT PREMIUM FOR ETHER:Sharplinkpriced a $75M registered direct offering of approximately 10M shares at $7.49 per share, a 41% premium to its June 18 closing price of $5.29, with proceeds designated for additional ether accumulation, stock repurchases, and general corporate purposes,. Closing is expected June 23. A direct offering priced at a 41% premium, rather than a discount, implies institutional demand for ether-proxy equity at a level that commands a substantial spread over spot.MINING AND CORPORATE ACTIONS:, Olenoxrevealed an agreement to acquire 100% of CS Digital Ventures, a digital infrastructure and bitcoin mining company operating energy-intensive data centers, for total consideration of up to $50M, comprising $14M in newly issued Series E Convertible Preferred Stock, a $16M unsecured promissory note, warrants for 1.5M shares in three tranches at $5.00, $7.00, and $9.00 per share, and up to $20M in earnout preferred stock tied to post-closing revenue and EBITDA milestones. BitFuFuseparately announced its board approved a $5M share repurchase program for Class A ordinary shares over 24 months commencing June 24, funded from existing cash,. Genius Groupcompleted the second and largest tranche of its 13.2M share buyback mandate, repurchasing 6,037,851 Class A shares in an off-market transaction; combined with a separate 20M share cancellation from an asset purchase agreement, total shares removed from Genius Group's issued capital over eight days reached 32.6M,.INSTITUTIONAL DEFI AND PARTNERSHIPS:Hyperion DeFiannounced a partnership with Blockdaemon, which secures over $110B in digital assets for more than 400 institutions, to operate the Kinetiq X Hyperion Validator and expand institutional staking and DeFi services on the Hyperliquidnetwork,., Lion Grouprevealed entry into an agreement with Meili Capital Management to participate in the acquisition of a 10% equity interest in PT Nusantara Bumi Sangkara for $12M, with consideration payable in cash, Lion Group shares, or shares of a designated affiliate.PRICE ACTION:As of time of writing, bitcoinwas trading at $65,037.01, while etherwas trading at $1,753.17, according to.
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