Hyperion DeFi Inc (HYPD) 2025 Q3 法說會逐字稿

Greetings and welcome to Hyperion DeFi's Q3 '25 earnings call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Hyperion DeFi 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Jason Assad. Thank you, Jason. You may begin.

現在我將把會議交給傑森·阿薩德。謝謝你，傑森。你可以開始了。

Good afternoon, and welcome to Hyperion DeFi's 2025 third-quarter earnings call. Joining me today are Interim CEO, Hyunsu Jung; and CFO, David Knox.

下午好，歡迎參加 Hyperion DeFi 2025 年第三季財報電話會議。今天與我一同出席的有臨時執行長鄭賢洙（Hyunsu Jung）和財務長大衛·諾克斯（David Knox）。

Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project and similar expressions, which indicate forward-looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC available on sec.gov and in the Investor Relations section of our website at hyperiondefi.com.

在開始之前，請注意，我們今天的發言可能包含前瞻性陳述。這些聲明存在風險和不確定性，實際結果可能與聲明內容有重大差異。在本次電話會議中，我們可能會使用諸如預期、可能、使能夠、估計、打算、期望、相信、潛在、將、應該、預測等詞語以及類似表達，這些詞語表明了前瞻性陳述。有關這些風險和其他風險的更全面討論，請參閱我們在 sec.gov 和我們網站 hyperiondefi.com 的投資者關係部分向美國證券交易委員會提交的文件。

We'll also reference certain non-GAAP financial measures today. Please refer to our earnings release and earnings supplement on our website for a full reconciliation of these non-GAAP measures to the most comparable GAAP measures.

今天我們也會提到一些非GAAP財務指標。請參閱我們網站上的獲利報告和獲利補充資料，以了解這些非GAAP指標與最可比較GAAP指標的完整調節表。

We will start this morning's call with prepared remarks from Hyunsu and David, followed by Q&A. Questions may be submitted via email to ir@hyperiondefi.com.

今天早上的電話會議將首先由 Hyunsu 和 David 發表準備好的講話，然後是問答環節。如有疑問，請發送電子郵件至 ir@hyperiondefi.com。

I'll now turn the call over to our Interim CEO, Hyunsu Jung.

現在我將把電話交給我們的臨時執行長鄭賢洙。

Thank you, operator, and good afternoon, everyone. Welcome to Hyperion DeFi's third-quarter 2025 earnings call. our first full quarterly earnings call since completing our strategic transformation from a biotech company to the first US publicly listed digital asset treasury company focused on the Hyperliquid ecosystem.

謝謝接線員，大家下午好。歡迎參加 Hyperion DeFi 2025 年第三季財報電話會議。這是我們自完成從生技公司到美國首家專注於超流動性生態系統的上市數位資產管理公司的策略轉型以來，首次舉行完整的季度財報電話會議。

Now, before I dive into our Q3 achievements, I want to acknowledge that this has been an extraordinary year for Hyperion DeFi. We successfully executed what I believe is one of the most significant corporate transformations in the recent public market history. Pivoting from Eyenovia's ophthalmic technology focus to establishing ourselves as a premier institutional gateway to defy innovation.

現在，在我深入探討我們第三季的成就之前，我想先說明，對於 Hyperion DeFi 來說，今年是非同尋常的一年。我們成功完成了我認為是近期公開市場史上最重要的企業轉型之一。Eyenovia 從專注於眼科技術轉向將自己打造成為引領創新的頂級機構門戶。

Today, Hyperion DeFi stands as the first US public company building a strategic HYPE token treasury. We're not simply holding digital assets. We're actively participating in the sustainable growth and governance we believe will become the backbone of next-generation financial services, the Hyperliquid blockchain.

如今，Hyperion DeFi 已成為美國第一家建立策略性 HYPE 代幣金庫的上市公司。我們不僅僅是持有數位資產。我們正在積極參與永續成長和治理，我們相信這將成為下一代金融服務——超流動性區塊鏈——的支柱。

Our thesis is straightforward, traditional finance undergone its most significant transformation since the advent of electronic trading. Hyperliquid represents the convergence of institutional grade performance for decentralized innovation, offering up to 100,000 transactions per second with subsecond finality, all fully on chain. As institutions increasingly recognize utility of blockchain adoption, we believe Hyperliquid infrastructure advantages position it to capture significant market share and not only the extensive derivatives market, but also as part of its larger role as a sustainable layer one blockchain ecosystem.

我們的論點很簡單，傳統金融自電子交易出現以來經歷了最重大的變化。Hyperliquid 代表了機構級性能與去中心化創新的融合，每秒可處理高達 100,000 筆交易，並具有亞秒級的最終確認能力，所有交易均完全在鏈上完成。隨著各機構越來越認識到區塊鏈應用的實用性，我們認為 Hyperliquid 基礎設施的優勢使其能夠佔據重要的市場份額，不僅在廣泛的衍生性商品市場，而且在其作為可持續的底層區塊鏈生態系統的更大作用中。

Let me briefly outline why our conviction on Hyperliquid is so strong and why we decided to establish a digital asset treasury focused on HYPE, its native token. All information is as of October 31, 2025, and based on external resources. Hyperliquid is the number one revenue-generating blockchain and number 11 cryptocurrency by market cap, both figures excluding stablecoins. Hyperliquid generates annualized revenue of approximately $1.3 billion based on an October 2025 observed run rate of $3.5 million per day.

讓我簡要概述我們為什麼對 Hyperliquid 充滿信心，以及為什麼我們決定建立一個專注於其原生代幣 HYPE 的數位資產庫。所有資訊截至 2025 年 10 月 31 日，均基於外部資源。Hyperliquid 是營收最高的區塊鏈，也是市值排名第 11 的加密貨幣（這兩個數字都不含穩定幣）。根據 2025 年 10 月觀察到的每天 350 萬美元的運行率，Hyperliquid 的年化收入約為 13 億美元。

Additionally, platforms built on Hyperliquid earn approximately $2 million in fees per day, bringing the total fees to approximately $5 million per day across the blockchain and platforms. Approximately 99% of Hyperliquid revenues are used by the Hyperliquid Assistance Fund, which is cumulatively purchased and owns 34.25 million HYPE tokens with a market value of approximately $1.45 billion. There have been over 800,000 cumulative Hyperliquid marketplace users since inception.

此外，基於 Hyperliquid 構建的平台每天可賺取約 200 萬美元的費用，使整個區塊鏈和平台每天的總費用達到約 500 萬美元。Hyperliquid 收入的約 99% 被 Hyperliquid 援助基金使用，該基金累計購買並擁有 3,425 萬枚 HYPE 代幣，市值約為 14.5 億美元。自成立以來，Hyperliquid 市場累計用戶已超過 80 萬人。

The Hyperliquid token maximum supply is 1 billion, of which circulating supply is approximately 337 million and corresponds to a market capitalization of approximately $14.3 billion. Daily trading volume on Hyperliquid exceeds $12 billion. Cumulative Hyperliquid fees have exceeded $700 million from inception and cumulative cryptocurrency perpetuals trading volume on hyper-liquid has exceeded $3 trillion since inception.

Hyperliquid 代幣的最大供應量為 10 億枚，其中流通供應量約為 3.37 億枚，對應的市值約為 143 億美元。Hyperliquid平台的每日交易量超過120億美元。自成立以來，Hyperliquid 的累積手續費已超過 7 億美元，自成立以來，Hyperliquid 上的加密貨幣永續合約累積交易量已超過 3 兆美元。

With that in mind, what sets Hyperion DeFi apart from other digital asset treasury companies as our comprehensive ecosystem engagement strategy. While companies like MicroStrategy pioneered the corporate Bitcoin treasury model and others that followed with various token strategies, our approach of hyper liquid goes far beyond simple accumulation. The market opportunity we're addressing continues to expand rapidly, upcoming network upgrades, such as the recently announced HIC3 are expected to create new opportunities for users, ranging from retail to institutions to participate in the ecosystem.

考慮到這一點，Hyperion DeFi 與其他數位資產管理公司最大的區別在於我們全面的生態系統參與策略。雖然像 MicroStrategy 這樣的公司率先推出了企業比特幣金庫模型，其他公司也紛紛效仿，提出了各種代幣策略，但我們的超流動性方法遠遠超越了簡單的累積。我們所關注的市場機會正在迅速擴大，即將進行的網路升級，例如最近宣布的 HIC3，預計將為從零售到機構等各類用戶創造參與生態系統的新機會。

For example, the requirement for 500,000 HYPE stage to launch new perpetual futures market has generated and is expected to continue to generate natural demand for large, long-term token positions, which is exactly what we've worked to build through our strategic accumulation. Our competitive positioning is unique. As the first and largest public company focused on HYPE, we believe we have advantages in capital access, regulatory compliance, and institutional credibility that will be difficult for competitors to replicate. We also continue to develop what we expect to be long-term relationships with various participants in this space, ranging from protocols to major market makers and execution counterparties.

例如，啟動新的永續期貨市場需要 50 萬個 HYPE 階段代幣，這已經並將繼續產生對大型、長期代幣部位的自然需求，而這正是我們透過策略累積努力建構的。我們的競爭優勢獨一無二。作為首家也是規模最大的專注於高潛力領域的上市公司，我們相信我們在資本取得、監管合規和機構信譽方面擁有競爭對手難以複製的優勢。我們也將繼續與該領域的各種參與者建立我們期望的長期合作關係，包括協議方、主要做市商和執行對手方。

One of our most significant Q3 achievements was launching our first HYPE asset use service agreement with proprietary trading firm Credo. This innovative structure allows institutional clients to utilize our stake type position to reduce their transaction costs on hyper-liquid while both parties share the resulting fee savings. This model demonstrates how our treasury position and create unique revenue opportunities that extend far beyond symbol token appreciation.

第三季我們最重要的成就之一是與自營交易公司 Credo 達成了首個 HYPE 資產使用服務協議。這種創新的結構使機構客戶能夠利用我們的權益類型部位來降低其在超流動性資產上的交易成本，同時雙方共享由此節省的費用。該模型展示了我們的資金狀況如何以及我們如何創造獨特的收入機會，這些機會遠遠超出了代幣升值。

We're essentially monetizing our stake in the network infrastructure while maintaining full ownership of our underlying assets, a business model that we believe has no equivalent in traditional finance.

我們本質上是在將我們在網路基礎設施中的股份貨幣化，同時保持對底層資產的完全所有權，我們認為這種商業模式在傳統金融領域是沒有類似的例子。

Our vision extends beyond generating robust revenues on our treasury assets. We're actively supporting the build-out of institutional infrastructure to bridge traditional finance and decentralized finance. The appointment of David Knox is our Chief Financial Officer, exemplifies the strategy. David previously served as both Head of Capital Markets and Head of Finance for Global Credit and Financial Services at PayPal. He brings deep experience in scaling institutional financial product, and we believe has expertise in structured products and capital markets positions us to develop sophisticated financial services built on Hyperliquid's infrastructure.

我們的願景不僅限於利用國庫資產創造豐厚的收入。我們正在積極支持建立連接傳統金融和去中心化金融的機構基礎設施。任命大衛·諾克斯為財務官，正是這項策略的體現。David 先前曾擔任 PayPal 的資本市場主管和全球信貸及金融服務財務主管。他在擴大機構金融產品規模方面擁有豐富的經驗，我們相信他在結構化產品和資本市場方面的專業知識將使我們能夠基於 Hyperliquid 的基礎設施開發複雜的金融服務。

It may be difficult to recognize now but Hyperion DeFi is in the early phases of building out a unique strategy that we anticipate will benefit from a flywheel effect that circulates both on and off chain. We're not waiting for others to start this flywheel. We're accelerating it day by day alongside other ecosystem builders, developing institutional grade products and services that leverage Hyperliquid's unique blockchain technology while meeting the regulatory and operational standards that traditional institutions require.

現在可能很難看出，但 Hyperion DeFi 正處於建立獨特策略的早期階段，我們預計該策略將受益於鏈上和鏈下循環的飛輪效應。我們不會坐著等別人來啟動這個良性循環。我們正與其他生態系統建構者一起，日復一日地加速推進這一進程，開發機構級產品和服務，利用 Hyperliquid 獨特的區塊鏈技術，同時滿足傳統機構要求的監管和營運標準。

Our financial strategy is designed to create long-term shareholder value through multiple pathways. First, direct exposure to HYPE token appreciation as we expect the hyper-liquid ecosystem to continue to grow and capture market share in decentralized derivatives.

我們的財務策略旨在透過多種途徑創造長期股東價值。首先，我們預期高流動性生態系統將繼續成長並在去中心化衍生性商品市場中佔據份額，因此可以直接受益於 HYPE 代幣的升值。

Second, we anticipate recurring revenue from our growing portfolio of DeFi services, including validation, asset used services, and future product offerings.

其次，我們預計不斷成長的 DeFi 服務組合將帶來經常性收入，包括驗證、資產使用服務和未來的產品供應。

Third, the potential for strategic partnerships or acquisition opportunities as we expect traditional financial institutions to seek exposure to DeFi infrastructure.

第三，我們預期傳統金融機構將尋求投資 DeFi 基礎設施，因此存在策略合作或收購機會的可能性。

And fourth, optionality around our legacy assets, including the potential for [UFD] monetization through strategic partnerships.

第四，圍繞我們遺留資產的選擇權，包括透過策略合作實現 [UFD] 貨幣化的潛力。

I want to provide a quick rundown of our six business activities in Q3. Number one, stake and rewards. This starts with our Kinetiq x Hyperion Validator. The company stakes it HYPE to its Validator and earns HYPE rewards.

我想簡要概述我們第三季的六項業務活動。第一，風險與回報。首先，我們推出了 Kinetiq x Hyperion 驗證器。該公司將HYPE代幣質押給驗證者，並獲得HYPE獎勵。

Number two, Validator commissions. The company operates its Validator under a joint Validator operators agreement together with Kinetiq and [HIP3], earns commissions on rewards delivered to third-party tokens delegated to the Validator.

第二點，驗證者佣金。該公司與 Kinetiq 和 [HIP3] 共同簽署驗證器運營商協議，運營其驗證器，並從交付給委託給驗證器的第三方代幣的獎勵中賺取佣金。

Number three, yield enhancement. The company pursues accretive strategies to enhance yield earned on its tokens. In Q3 '25, this included the launch of the company's HiHYPE or Hyperion institutional HYPE liquid stake in token, gains on covered call option strategies included in the realized and unrealized gains on digital assets income statement line items, and certain liquid staking activities.

第三，提高產量。該公司採取增值策略來提高其代幣的收益率。2025 年第三季度，這包括推出公司 HiHYPE 或 Hyperion 機構 HYPE 代幣流動性質押、已實現和未實現數位資產損益表項目中包含的備兌看漲期權策略收益，以及某些流動性質押活動。

Number four, DeFi monetization. The company supports and monetizes DeFi activity on the hyper-liquid blockchain with practices we believe to be sustainable and scalable. In Q3 '25, this included the launch of the company's proprietary HYPE asset use or HAUS platform, which allows its clients to unlock unique utility on hyper-liquid while generating fee income for Hyperion DeFi. We expect to be able to generate new revenue streams on top of staking, something that simply isn't possible with traditional treasury assets.

第四點，DeFi貨幣化。公司支持並利用我們認為可持續和可擴展的做法，在流動性極強的區塊鏈上實現 DeFi 活動的商業化。2025 年第三季度，該公司推出了專有的 HYPE 資產使用或 HAUS 平台，該平台允許其客戶在超流動性資產上解鎖獨特的實用性，同時為 Hyperion DeFi 產生費用收入。我們期望除了質押之外，還能產生新的收入來源，而這正是傳統國庫資產根本無法實現的。

The company announced its first HAUS transaction with Credo on September 22. And which enables Credo to receive the benefit of lower trading fees on the hyper-liquid decentralized exchange with Hyperion DeFi receiving a portion of those savings and income while continuing to earn staking awards.

該公司於 9 月 22 日宣布了與 Credo 的首筆 HAUS 交易。這使得 Credo 能夠在流動性極強的去中心化交易所享受更低的交易費用，而 Hyperion DeFi 則獲得其中一部分節省的費用和收入，同時繼續獲得質押獎勵。

The company's second HAUS transaction was announced with Felix in October 2025, enabling Felix's launch of new financial markets on the hyper-liquid blockchain with Hyperion DeFi receiving a portion of fees generated from their markets, again, while continuing to earn staking rewards.

該公司於 2025 年 10 月宣布與 Felix 進行第二筆 HAUS 交易，使 Felix 能夠在超流動性區塊鏈上推出新的金融市場，Hyperion DeFi 將再次獲得其市場產生的部分費用，同時繼續獲得質押獎勵。

We have initiated a partnership with native markets to support their qualification of USDH, the hyper liquidated stable form under the network's aligned quote asset framework. We expect the partnership to go live in the fourth quarter and to hold some USDH on our balance sheet.

我們已與原生市場建立合作關係，以支援其對 USDH（網路統一報價資產框架下的超流動性穩定幣）進行資格認證。我們預計該合作關係將於第四季度正式啟動，並在我們的資產負債表上持有部分美元第納爾。

Number five, ecosystem rewards. The active participation in hyper-liquid deep ecosystem, we believe the company positioned itself for the receipt of future potential token airdrops, vertical incentives and other rewards that may become available periodically.

第五，生態系獎勵。我們相信，透過積極參與超流動性深度生態系統，該公司已做好準備，迎接未來可能出現的代幣空投、垂直激勵和其他獎勵。

In Q3 25, the company's Validator received over 3 million tokens delegated from the Hyperliquid Foundation. We also anticipate an ecosystem rewards opportunity near term with Kinetiq. Kinetiq is the largest institutional liquid taking protocol on hyper-liquid with over $1 billion in total value locked. As a reminder, through our co-branded Validator partnership with Kinetiq, Hyperion DeFi directly contributes to network security, while generating staking yields on both our height as well as hype delegated from other network participants toward our validator. With them, we have created our own liquid staking token used to participate in off-chain strategies and in Hyperion DeFi.

2025 年第三季度，該公司的驗證者收到了來自 Hyperliquid 基金會的 300 多萬個委託代幣。我們也預計近期將有機會透過與 Kinetiq 的合作獲得生態系統獎勵。Kinetiq 是超流動性平台上最大的機構流動性協議，鎖定總價值超過 10 億美元。再次提醒大家，透過我們與 Kinetiq 的聯合品牌驗證器合作關係，Hyperion DeFi 直接為網路安全做出貢獻，同時還能從我們的高度以及其他網路參與者委託給我們驗證器的炒作中獲得質押收益。我們利用它們創建了自己的流動性質押代幣，用於參與鏈下策略和 Hyperion DeFi。

We have Kinetiq points, and we anticipate being eligible with our token generation event. We expect additional clarity on this topic in Q4.

我們有 Kinetiq 積分，預計能夠參加我們的代幣生成活動。我們預計第四季將對此問題有更清晰的了解。

And number six, life sciences. Hyperion DeFi continues to develop its proprietary Optejet user-filled device.

第六名是生命科學。Hyperion DeFi 持續開發其專有的 Optejet 用戶填充設備。

As we enter the fourth quarter, we're focused on several key strategic initiatives: expanding our HYPE asset used service offerings deploying assets into additional DeFi products on hyper AVM and continuing to strengthen our position in supporting HIP3-enabled market launches, which we expect will require significant long-term pipe stakes.

進入第四季度，我們將專注於幾項關鍵策略舉措：擴大我們的 HYPE 資產使用服務產品，將資產部署到 hyper AVM 上的其他 DeFi 產品中，並繼續加強我們在支援 HIP3 支援的市場推出方面的地位，我們預計這將需要大量的長期管道權益。

We believe the fundamentals supporting our strategy continue to strengthen Hyperliquid holds a position as the leading decentralized perpetuals exchange with over 60% market share as of October 31. Daily average revenues continued to exceed $3 million, supporting the buyback mechanism that has sequest over 30 million hike tokens. Our treasury position has grown to over 1.7 million high tokens as of the end of Q3, positioning us to participate in the network's anticipated continued expansion.

我們相信，支撐我們策略的基本面將繼續加強。截至 10 月 31 日，Hyperliquid 已佔據領先的去中心化永續合約交易所地位，市佔率超過 60%。日均收入持續超過 300 萬美元，為回購機制提供了支持，該機制已凍結了超過 3000 萬個 Hike 代幣。截至第三季末，我們的金庫持有量已成長至超過 170 萬枚高價值代幣，這使我們能夠參與網路預期的持續擴張。

We believe this is just the beginning of our transformation in the same way that this is still the beginning for Hyperliquid. We're building what we believe is a new category of financial services company, one that combines public market accessibility with cutting-edge DeFi innovation. We hope that you all are as excited as I am for what's to come.

我們相信這只是我們轉型的開始，就像這仍然是 Hyperliquid 的開始一樣。我們正在打造我們認為的新型金融服務公司，它將公開市場准入與尖端的 DeFi 創新相結合。我們希望你們都和我一樣，對未來充滿期待。

With that, I'll turn the call over to David to walk through our third quarter financial results in detail.

接下來，我將把電話交給大衛，讓他詳細講解我們第三季的財務表現。

Thank you, Hyunsu, and good afternoon, everyone. I'm pleased to join Hyperion DeFi as Chief Financial Officer, and participate in my first earnings call with the company. My appointment became effective on September 29, so I've been able to observe our Q3 results from both an external and internal perspective.

謝謝你，賢秀，大家午安。我很高興加入 Hyperion DeFi 擔任財務官，並參加我在公司的首次財報電話會議。我的任命於 9 月 29 日生效，因此我能夠從外部和內部兩個角度觀察我們第三季的表現。

Having spent my career scaling financial services businesses at institutions like PayPal, SoFi, and Cantor Fitzgerald, I believe Hyperion DeFi represents a unique opportunity to participate in the institutional adoption of blockchain technology. The company's strategic positioning and asset base are expected to provide multiple pathways for value creation that simply do not exist in traditional financial services. This was a very positive quarter for us.

我曾在 PayPal、SoFi 和 Cantor Fitzgerald 等機構從事金融服務業務的拓展工作，因此我認為 Hyperion DeFi 為參與機構採用區塊鏈技術提供了一個獨特的機會。該公司的策略定位和資產基礎預計將提供多種價值創造途徑，而這些途徑在傳統金融服務領域根本不存在。這對我們來說是一個非常積極的季度。

Let me hit the highlights. We achieved income from operations of $4.4 million and GAAP net income of $6.6 million, both of which are record highs for the company. This results in net income per common share on a basic and diluted basis of $0.26 and $0.05, respectively. We started the quarter with $45.5 million invested in HYPE tokens we purchased another $20.0 million worth of HYPE, and we recognized GAAP accretion of $7.1 million this quarter.

讓我來概括一下重點。我們實現了 440 萬美元的營業收入和 660 萬美元的 GAAP 淨收入，這兩項數據均為公司歷史最高紀錄。由此得出，每股普通股基本淨收益為 0.26 美元，稀釋淨收益為 0.05 美元。本季度初，我們投資了 4550 萬美元購買 HYPE 代幣，之後又購買了價值 2000 萬美元的 HYPE，並且本季度確認了 710 萬美元的 GAAP 增值。

Separate from our treasury gains our revenues from digital assets businesses, which we just launched in the quarter and are only beginning to scale, exceeded $300,000. We also achieved $8.0 million of adjusted EBITDA, which removes some large nonrecurring tailwinds to the quarter such as debt extinguishment plus reverses some GAAP nuances on our liquid staking tokens, which otherwise would have resulted in additional mark-to-market gains in the quarter.

除國庫收益外，我們本季剛推出且才剛開始擴大規模的數位資產業務的收入超過了 30 萬美元。我們還實現了 800 萬美元的調整後 EBITDA，這消除了本季度一些較大的非經常性利好因素，例如債務清償，並扭轉了我們流動性質押代幣的一些 GAAP 細微差別，否則這些差別將導致本季度額外的按市值計價收益。

I'm going to go through in detail our newly established key operating and financial results table, which is included on the first page of our earnings release and the third page of our earnings supplement, both of which can be found on our website. These are metrics that we think matter most to our business. Given the very recent initiation of our digital asset treasury strategy, we do not express any of these non-GAAP measures for periods prior to Q3 '25 as we don't think those comparisons would be useful for investors or for us as management.

我將詳細介紹我們新設立的關鍵營運和財務業績表，該表包含在我們的盈利報告的第一頁和盈利補充報告的第三頁，這兩份文件都可以在我們的網站上找到。這些是我們認為對公司業務最重要的指標。鑑於我們的數位資產資金管理策略是近期才開始實施的，因此我們不列示 2025 年第三季之前的任何非 GAAP 指標，因為我們認為這些比較對投資者或我們管理階層都沒有用。

At the end of the quarter, about half of our digital asset treasury was in the HYPE tokens and the other half was in HiHYPE, that's H-I-H-Y-P-E, which is our company's liquid staking token. To keep things simple, in this call, I'm going to refer to our HiHYPE as LST, or liquid staking token.

到季度末，我們數位資產庫中大約一半是 HYPE 代幣，另一半是 HiHYPE（即 H-I-H-Y-P-E），這是我們公司的流動性質押代幣。為了簡單起見，在本次通話中，我將把我們的 HiHYPE 稱為 LST，即流動性質押代幣。

Liquid staking means that we can earn staking yields on our LSTs while also deploying them into certain parts of the Hyperliquid DeFi ecosystem and also into some off-chain strategies. For example, -- in the third quarter, we used some of our LSTs as collateral when we entered into covered call strategies on the price of hype, which netted us some profits in Q3.

流動性質押意味著我們可以從 LST 中獲得質押收益，同時還可以將它們部署到 Hyperliquid DeFi 生態系統的某些部分以及一些鏈下策略中。例如，在第三季度，我們將一些 LST 作為抵押品，對炒作價格採取備兌看漲期權策略，這在第三季度為我們帶來了一些利潤。

As mentioned by Hyunsu earlier, LSTs also helped us in optimizing our positioning for certain potential ecosystem awards, including the upcoming Kinetiq air drop. For the avoidance of doubt, we are also able to deploy our HYPE tokens into certain DeFi activities, including our HAUS agreement with Credo announced in September and our HAUS agreement with Felix announced in October. The point is we have chosen to own both HYPE and our LSTs for different business purposes, and it's important to understand how the accounting treatment is different between the two and how we adjust for those differences in our non-GAAP measures.

正如 Hyunsu 之前提到的，LST 還幫助我們優化了在某些潛在生態系統獎勵中的定位，包括即將到來的 Kinetiq 空投。為避免任何疑問，我們還可以把我們的 HYPE 代幣部署到某些 DeFi 活動中，包括我們在 9 月宣布的與 Credo 的 HAUS 協議以及我們在 10 月宣布的與 Felix 的 HAUS 協議。關鍵在於，我們出於不同的商業目的選擇持有 HYPE 和 LST，因此了解兩者在會計處理上的差異以及我們如何在非 GAAP 指標中調整這些差異非常重要。

So when you look at the first row of this table, HYPE digital assets, that is a GAAP measurement of our HYPE tokens in isolation and does not include our LSTs HYPE tokens are held at fair market value, which was $38.0 million at the end of Q3 on 840,000 tokens and a HYPE price of $45.19. HYPE tokens are remarked each quarter for any mark-to-market changes.

因此，當您查看此表的第一行時，HYPE 數位資產，這是我們 HYPE 代幣的 GAAP 計量，不包括我們的 LST。 HYPE 代幣以公允市場價值持有，截至第三季末，84 萬枚代幣的公允市價為 3,800 萬美元，HYPE 價格為 45.19 美元。 HYPE 代幣每季都會根據市值進行重新計價。

In contrast, our LSTs are considered digital intangible assets and are carried at the lower of cost basis and impaired value. To put it simply, we cannot mark up our LSTs. However, sometimes we are required to mark them down from a GAAP perspective. This means that from time to time, our balance sheet carrying value on LSTs could be lower than the market value if we had converted all our LSTs back to HYPE.

相較之下，我們的 LST 被視為數位無形資產，並以成本與減損價值孰低計價。簡單來說，我們不能給我們的 LST 評分。但是，有時我們需要從公認會計準則的角度對它們進行減損處理。這意味著，如果我們將所有 LST 轉換回 HYPE，那麼我們資產負債表上 LST 的帳面價值可能會低於其市場價值。

And in addition, while we accrue HYPE tokens as staking rewards against our LSTs, the balance sheet and income impact of those rewards are not recognized in period from a GAAP perspective until the LSTs are converted back to height.

此外，雖然我們透過質押 LST 來累積 HYPE 代幣作為獎勵，但從 GAAP 的角度來看，這些獎勵的資產負債表和收入影響在 LST 轉換回 HYPE 之前不會在當期得到確認。

We estimate that the combination of these two factors, both the unrealized market value accretion on our LSTs plus our unrealized staking rewards on our LSTs would have added $4.9 million to our balance sheet and net income if we have elected to convert all our LSTs back to HYPE at the end of the third quarter. Therefore, in the second row of this table, we show our first non-GAAP measure, gross HYPE holdings of $77.8 million, which is the estimated market value of our combined HYPE and LSTs inclusive of the $4.9 million LST pro forma reconversion, and this corresponds to 1.7 million tokens shown in the next row and a HYPE price of $45.19 at the end of the quarter.

我們估計，如果我們在第三季末選擇將所有 LST 轉換回 HYPE，那麼 LST 未實現的市場價值成長加上 LST 未實現的質押獎勵這兩個因素加起來，將為我們的資產負債表和淨收入增加 490 萬美元。因此，在本表的第二行，我們展示了我們的第一個非GAAP指標，即HYPE總持有量為7780萬美元，這是我們HYPE和LST合併後的估計市值，其中包括490萬美元的LST備考重新轉換，這對應於下一行所示的170萬個代幣，以及季度末HYPE價格為45.19美元。

Next, we show the number of tokens delegated to our Validator as of September 30, which was 8.2 million HYPE tokens. This information is publicly available real time on the Hyperliquid blockchain and website interfaces when you look for the Kinetiq x Hyperion Validator. Therefore, we are also showing this figure as of October 31, which was 13.2 million tokens, representing 60% month-over-month growth versus September. While we expect the total number of tokens delegated to our Validator to increase over the long term, there are multiple forces that could impact this number, and we expect the figure to be volatile going forward.

接下來，我們展示截至 9 月 30 日委託給我們的驗證者的代幣數量，即 820 萬個 HYPE 代幣。當您在 Hyperliquid 區塊鏈和網站介面上尋找 Kinetiq x Hyperion 驗證器時，此資訊將即時公開提供。因此，我們也展示了截至 10 月 31 日的數字，即 1,320 萬枚代幣，與 9 月相比，環比增長 60%。雖然我們預計長期來看委託給驗證者的代幣總數會增加，但有多種因素可能會影響這個數字，我們預計該數字未來會波動較大。

Net asset value, another non-GAAP metric, is meant to cover our estimated liquid digital assets less net debt, totaling $74.5 million at the end of the quarter. It is calculated as our HYPE digital assets as adjusted to gross HYPE holdings plus all current assets minus all current liabilities minus notional outstanding debt. Said another way, in the third quarter, our net asset value was $3.2 million lower than our gross HYPE holdings as a function of outstanding net debt.

淨資產價值是另一個非GAAP指標，旨在涵蓋我們估計的流動數位資產減去淨債務，截至季末總計7,450萬美元。計算方法為：HYPE 數位資產調整為 HYPE 總持有量加上所有流動資產減去所有流動負債再減去名目未償債務。換句話說，第三季度，由於未償淨債務，我們的淨資產價值比我們的高收益股票總持有量低了 320 萬美元。

Moving on to the next section of the table, we generated $303,000 of revenue in the third quarter, completely from the digital asset strategy and none from our Life Sciences segment. This consisted of staking rewards, Validator commissions and our first HAUS agreement with Credo. Our revenue this quarter was substantially higher than the less than $2,000 of revenue realized in the third quarter of 2024.

接下來來看表格的下一部分，我們在第三季創造了 303,000 美元的收入，全部來自數位資產策略，生命科學部門沒有貢獻任何收入。這包括質押獎勵、驗證者佣金以及我們與 Credo 的第一份 HAUS 協議。本季我們的營收遠高於 2024 年第三季實現的不到 2000 美元的收入。

In order to provide a more consistent view of our staking activities in period and our non-GAAP measure adjusted revenue, we take GAAP revenue and add in the unrealized staking rewards on our LSTs which gives us the next figure in this table of $361,000 of adjusted revenue in Q3.

為了更一致地反映我們本期質押活動和非 GAAP 指標調整後的收入，我們採用 GAAP 收入，並加上 LST 上未實現的質押獎勵，從而得出本表中的下一個數字：第三季調整後收入為 361,000 美元。

Our Q3 GAAP income from operations of $4.4 million, a record high for the company, includes $7.1 million total GAAP accretion in our digital assets treasury, including yield enhancement from our covered calls in Q3. In terms of our operating costs, research and development expenses decreased 89% year over year from $3.5 million in Q3 '24 to $374,000 in Q3 '25. And selling, general and administrative expenses declined 30% from $3.7 million in Q3 '24 to $2.6 million in Q3 '25.

我們第三季 GAAP 營業收入為 440 萬美元，創公司歷史新高，其中包括數位資產資金總額 710 萬美元的 GAAP 增值，包括第三季備兌買權帶來的收益提升。就營運成本而言，研發費用年減了 89%，從 2024 年第三季的 350 萬美元降至 2025 年第三季的 37.4 萬美元。銷售、一般及行政費用從 2024 年第三季的 370 萬美元下降 30% 至 2025 年第三季的 260 萬美元。

Keep in mind, our company has been through an extraordinary corporate transition over the past year. One year ago, in November 2024 the company provided an update that the Phase III CHAPERONE study on our proprietary drug device combination was not meeting its primary three-year efficacy endpoint. The company then proceeded to execute significant cuts which drove the operating cost savings that I just described. Today, we are continuing to pressure test every single expense line item, but we are also continuing to invest and having the right people, systems, and processes to ensure that our digital assets treasury and DeFi business lines are both sustainable and scalable.

請記住，過去一年來，我們公司經歷了非同尋常的企業轉型。一年前，即 2024 年 11 月，該公司發布最新消息稱，針對其專有藥物裝置組合的 III 期 CHAPERONE 研究未能達到其三年主要療效終點。隨後，該公司實施了大幅度的裁員，從而實現了我剛才描述的營運成本節約。今天，我們繼續對每項支出進行壓力測試，同時也繼續投資，並配備合適的人員、系統和流程，以確保我們的數位資產資金和 DeFi 業務線既可持續又可擴展。

As we continue scaling and diversifying our DeFi operations, we are implementing comprehensive risk management frameworks appropriate for our expanded activities. This includes enhanced treasury policies, operational controls, and regulatory compliance procedures. Our Board composition and governance structure have been strengthened to provide appropriate oversight of our DeFi strategy. We are committed to maintaining the transparency and accountability that public market investors expect while operating at the forefront of financial innovation.

隨著我們不斷擴大和多元化 DeFi 業務，我們正在實施適合我們擴展業務的全面風險管理框架。這包括加強財務政策、營運控制和監管合規程序。我們加強了董事會組成和治理結構，以便對我們的 DeFi 策略進行適當的監督。我們致力於在維持公開市場投資者所期望的透明度和問責制的同時，走在金融創新的前沿。

Back to R&D. We continue to make progress in our development and testing of our next-generation Optejet user-filled device, and we continue to be on track to have an active registration and listing with the FDA in the coming months. We previously announced that we expect operating costs to further decline once we achieve that milestone. We are also continuing to evaluate various strategic alternatives with regard to the future commercialization of the Optejet.

回到研發領域。我們在下一代 Optejet 用戶填充設備的開發和測試方面持續取得進展，並且我們繼續按計劃在未來幾個月內向 FDA 進行註冊和備案。我們先前宣布，一旦達到該里程碑，預計營運成本將進一步下降。我們也持續評估有關 Optejet 未來商業化的各種策略選擇。

The next row in this table is $6.6 million of net income in the third quarter. This was another record high for the company and compares to a net loss of $7.9 million in Q3 2024. In Q3 '25, other income was boosted by $2.4 million due to reductions in life sciences' liabilities, which we do not expect to be recurring. In the third quarter, we had a $795,000 dividend payment to preferred shareholders resulting in net income attributable to participating securities at $5.8 million.

表格的下一行是第三季淨收入660萬美元。這是該公司創下的另一個歷史新高，而 2024 年第三季淨虧損為 790 萬美元。2025 年第三季度，由於生命科學負債減少，其他收入增加了 240 萬美元，我們預計這不會是經常性的。第三季度，我們向優先股股東支付了 795,000 美元的股息，導致歸屬於參與證券的淨收入為 580 萬美元。

Before we get into per share metrics, let me remind everyone of our capital transition over the last six months. In June 2025, we received a $50 million [HYPE] investment involving the issuance of preferred shares and warrants, and we used the net proceeds primarily to establish our HYPE digital asset treasury. There are important conversion restrictions and other investor considerations related to the pipe investment, which are more fully described in our SEC filings. However, if warrant holders choose to exercise their warrants for shares of common stock of the company, we would anticipate using a substantial portion of the related net proceeds to buy more hype tokens and generate more revenue and income.

在深入探討每股指標之前，請容我提醒大家一下我們過去六個月的資本轉型狀況。2025 年 6 月，我們收到了 5000 萬美元的 [HYPE] 投資，涉及發行優先股和認股權證，我們將淨收益主要用於建立我們的 HYPE 數位資產庫。管道投資有重要的轉換限制和其他投資者註意事項，這些內容在我們的美國證券交易委員會文件中均有更詳細的描述。但是，如果認股權證持有人選擇行使認股權證以獲得公司普通股，我們預計將把相關淨收益的很大一部分用於購買更多熱門代幣，從而產生更多收入和利潤。

With all that being said, based on 6.0 million basic weighted average common shares outstanding and 29.0 million diluted weighted average common shares outstanding, net income per common share in the third quarter on a basic and diluted basis was $0.26 and $0.05, respectively.

綜上所述，根據已發行普通股基本加權平均值 600 萬股和已發行普通股稀釋加權平均值 2,900 萬股計算，第三季每股普通股淨收益以基本和稀釋計算分別為 0.26 美元和 0.05 美元。

For the last row on this table, we are showing the non-GAAP measure adjusted EBITDA of $8.0 million in the third quarter. There are some important reconciliations from net income. So let's go point by point.

表最後一行顯示的是第三季非GAAP指標調整後的EBITDA為800萬美元。淨收入方面有一些重要的調整。那我們就逐點分析吧。

Stock-based compensation is removed from our adjusted EBITDA. In Q3, stock-based compensation was negative $1.3 million, meaning it was a tailwind to Q3 net income. This was unusual. It happened primarily because of the timing of certain stock-based awards in connection with recent changes in the company's leadership.

股票選擇權激勵已從我們的調整後 EBITDA 中剔除。第三季度，股票選擇權支出為負 130 萬美元，這意味著它對第三季淨利起到了推動作用。這很不尋常。這主要是由於公司近期領導層變動導致某些股票獎勵發放的時間安排不當所造成的。

Next, we removed $223,000 interest expense in the quarter. Then we removed the $2.4 million of nonrecurring Q3 gains from reductions in life sciences' liabilities. These were extinguishments or reductions in liabilities which we held on our balance sheet as of Q2.

接下來，我們剔除了本季 22.3 萬美元的利息支出。然後，我們剔除了因生命科學負債減少而產生的 240 萬美元第三季非經常性收益。這些是我們截至第二季資產負債表上持有的負債的註銷或減少。

We also back out a few other nonrecurring items totaling $56,000 of GAAP gains, including gains on sales of life sciences equipment.

我們還剔除了其他一些非經常性項目，總計 56,000 美元的 GAAP 收益，其中包括生命科學設備銷售收益。

Finally, we had the same $4.9 million LST pro forma reconversion that I mentioned earlier. From an operational perspective, we aim to optimize our HYPE versus LST Holdings for long-term shareholder value and not for near-term income recognition implications. Within income from operations, total accretion on our digital assets was $7.1 million in Q3, but if we had converted all our LSTs back, we believe this figure would have been set in $12.0 million.

最後，我們還是遇到了我之前提到的 490 萬美元的 LST 模擬重新轉換。從營運角度來看，我們的目標是優化 HYPE 與 LST Holdings 的比率，以實現長期股東價值，而不是為了短期收入確認。在營運收入方面，我們數位資產的總增值在第三季為 710 萬美元，但如果我們把所有 LST 都轉換回來，我們相信這個數字將達到 1,200 萬美元。

Over time, we expect this line item on LST reconversion within adjusted EBITDA to cumulatively net to zero. If, for example, all LSTs are reconverted in Q4 '25, we would anticipate a positive $4.9 million tailwind to Q4 net income and would expect an offsetting negative $4.9 million in our Q4 adjusted EBITDA on this line item.

隨著時間的推移，我們預計調整後 EBITDA 中的 LST 再轉換此項目將累積淨額降至零。例如，如果所有 LST 在 2025 年第四季度全部重新轉換，我們預計第四季度淨收入將獲得 490 萬美元的積極增長，但預計第四季度調整後 EBITDA 中該項目將出現 490 萬美元的抵銷性虧損。

That closes out my discussion on the key operating and financial results table. I am now going to briefly touch on cash flows, liquidity, and guidance. Net cash used in operating activities decreased from $24.0 million for the nine months ended September 30, 2024, to $10.7 million for the nine months ended September 30, 2025. And in the past three months, net cash used in operating activities was less than $3 million.

至此，我對主要營運和財務績效表的討論就結束了。接下來我將簡單談談現金流、流動性和業績指引。截至 2024 年 9 月 30 日的九個月期間，經營活動使用的淨現金為 2,400 萬美元，而截至 2025 年 9 月 30 日的九個月期間，經營活動使用的淨現金為 1,070 萬美元。過去三個月，經營活動使用的淨現金不足 300 萬美元。

Owing to our successful corporate and financial transition over the past year in management's view, the company now has a very solid liquidity profile. At the end of the quarter, we had $8.2 million of cash and cash equivalents. Our outstanding loan, O2 Avenue Capital, is carried on the balance sheet at $7.7 million, which is net of $599,000 of unamortized debt discount meaning the notional balance owed is $8.3 million. This loan is in an interest-only period at 8% fixed rate per annum until principal payments begin in 2027. And in addition, only half of the interest is payable in cash, and the other half is payable in kind, increasing the balance of the loan, meaning the cash interest expense on this loan, effectively up 4% per annum, is expected to be less than $90,000 in the fourth quarter of 2025.

管理階層認為，由於過去一年公司和財務轉型成功，公司目前擁有非常穩健的流動性狀況。截至季末，我們擁有現金及現金等價物 820 萬美元。我們未償還的貸款 O2 Avenue Capital 在資產負債表上的金額為 770 萬美元，扣除 59.9 萬美元的未攤銷債務折價後，名義欠款餘額為 830 萬美元。該貸款處於只付息期，年利率固定為 8%，直至 2027 年開始償還本金。此外，只有一半的利息以現金支付，另一半以實物支付，這增加了貸款餘額，這意味著這筆貸款的現金利息支出（實際上每年增長 4%）預計到 2025 年第四季將低於 9 萬美元。

On the preferred shares, we have a quarterly fixed dividend of $795,000, and while we recently elected to pay this in cash, we also have the option to pay in common shares instead.

對於優先股，我們每季固定派發 795,000 美元的股息，雖然我們最近選擇以現金支付，但我們也可以選擇以普通股支付。

Our operations and cash flows are more fully described in our filings, but summing up a few items I just mentioned, about $3 million operating cash outflows, plus about $90,000 cash interest, plus $795,000 in dividends, which don't need to be paid in cash, equates to approximately $3 million to $4 million combined at Q3 run rate versus $8.2 million of cash and cash equivalents at the end of the quarter. And in Q3, we raised $21.8 million net of expenses via our at-the-market equity offering program or ATM, which we believe demonstrates our ongoing ability to raise funds needed.

我們的營運和現金流在文件中進行了更詳細的描述，但總結一下我剛才提到的幾個項目，大約 300 萬美元的經營現金流出，加上大約 9 萬美元的現金利息，加上 79.5 萬美元的股息（無需以現金支付），按第三季度的運行速度計算，總計約為 300 萬至 400 萬美元，而季度末物為 80 萬美元的現金和現金等價值。第三季度，我們透過以市價發行股票計畫（ATM）籌集了 2,180 萬美元（扣除費用後），我們相信這表明我們有能力持續籌集所需資金。

Quickly highlighting investing and financing cash flows, net cash used in investing activities increased from $161,000 for the nine months ended September 30, 2024, and to $65.6 million for the nine months ended September 30, 2025, primarily to purchase HYPE tokens. In June, we purchased $45.5 million worth of HYPE funded by our pipe investments. In the third quarter, we raised $21.8 million net proceeds from our ATM and purchased an additional $20.0 million worth of HYPE.

快速重點介紹投資和融資現金流，投資活動使用的淨現金從截至 2024 年 9 月 30 日的九個月的 161,000 美元增加到截至 2025 年 9 月 30 日的九個月的 6560 萬美元，主要用於購買 HYPE 代幣。6 月份，我們用管道投資資金購買了價值 4,550 萬美元的 HYPE 股票。第三季度，我們透過 ATM 籌集了 2,180 萬美元的淨收益，並額外購買了價值 2,000 萬美元的 HYPE。

Since the end of the third quarter, we have continued raising funds via our ATM, and we have kept buying more HYPE tokens, including during mid-October following the broad market sell-off. We plan to continue to operate with a balanced approach regarding our fundraising and our HYPE purchases, and we'll continue to weigh all relevant financial and liquidity factors, including our opportunities to deploy any hype that we purchase.

自第三季末以來，我們一直透過我們的 ATM 機籌集資金，並且一直在購買更多的 HYPE 代幣，包括在 10 月中旬市場全面拋售之後。我們計劃繼續採取平衡的方式進行融資和購買熱門股票，並將繼續權衡所有相關的財務和流動性因素，包括我們部署所購買的任何熱門股票的機會。

Looking ahead to Q4 2025, a we expect continued growth in our DeFi related revenues. Our pipeline of potential HYPE asset use service clients is robust with several institutional clients expressing interest and similar arrangements to our Credo and Felix partnerships. Staking and Validator revenues are expected to continue to increase as the Hyperliquid network expands and our staked and delegated positions grow.

展望 2025 年第四季度，我們預期 DeFi 相關營收將持續成長。我們擁有大量潛在的 HYPE 資產使用服務客戶，多家機構客戶已表示有興趣，並希望與我們 Credo 和 Felix 的合作關係達成類似的安排。隨著 Hyperliquid 網路的擴展以及我們質押和委託頭寸的增長，質押和驗證者收入預計將繼續增長。

Our Kinetiq x Hyperion Validator currently sits among the top 10 validators by stake with 13.2 million HYPE delegated as of October 31. On top of our option strategies, we're also exploring additional yield generation opportunities through Hyperion DeFi protocols, though these remain in early stages.

截至 10 月 31 日，我們的 Kinetiq x Hyperion 驗證器目前以質押量排名前 10 的驗證器，已委託 1,320 萬個 HYPE。除了我們的選擇策略之外，我們還在探索透過 Hyperion DeFi 協議獲得額外收益的機會，儘管這些仍處於早期階段。

This is now the first time in the company's history that we are initiating financial guidance. As we consider our metrics that matter, while we have a strong point of view that HYPE is the most compelling digital asset and that buying HYPE may produce outsized returns to investors over time, we don't consider it useful to provide near-term price predictions. Instead, given the growth we are anticipating across all our business lines, we are pleased to give guidance focused on our operations.

這是公司史上首次發布財務指引。當我們考慮重要的指標時，雖然我們強烈認為 HYPE 是最引人注目的數位資產，而購買 HYPE 可能會隨著時間的推移為投資者帶來超額回報，但我們認為提供短期價格預測並無意義。相反，鑑於我們預期所有業務線都將實現成長，我們很高興能夠提供以營運為重點的指導。

We anticipate Q4 '25 adjusted revenues between $475,000 and $515,000, representing a 31% to 43% quarter-over-quarter increase versus Q3. We expect our adjusted revenue growth rate to continue to accelerate into 2026.

我們預計 2025 年第四季調整後營收將在 47.5 萬美元至 51.5 萬美元之間，與第三季相比，季增 31% 至 43%。我們預計調整後的營收成長率將在 2026 年繼續加速成長。

We are already off to a great start in Q4, with two new DeFi monetization partnerships already announced, plus 60% month-over-month growth on tokens delegated to our validator from September to October.

第四季我們已經取得了良好的開端，已經宣布了兩項新的 DeFi 貨幣化合作關係，此外，9 月至 10 月委託給我們的驗證者的代幣數量環比增長了 60%。

The other guidance we are providing is that we anticipate our operating cash flow to turn positive in 2026, meaning we aim to achieve a run rate where we don't need to raise funds, draw down on our cash or sell HYPE tokens in order to fund ongoing company operations. We are highly convicted on the opportunity ahead of us. And while 2025 has already been a remarkable year of firsts for the company, we believe that achieving operating cash flow positivity in 2026 will be one of the most important inflection points for our company.

我們提供的另一項指導意見是，我們預計我們的經營現金流將在 2026 年轉正，這意味著我們的目標是實現無需籌集資金、動用現金或出售 HYPE 代幣即可為公司持續運營提​​供資金的運行速度。我們深信擺在我們面前的機會。儘管 2025 年對公司而言已經是充滿突破的一年，但我們相信，在 2026 年實現經營現金流為正將是我們公司最重要的轉捩點之一。

We are already engaging in five unique digital assets business strategies less than six months after establishing our digital assets treasury, and we expect all of them to achieve scale in 2026. As a reminder, these are staking yields, validated commissions, yield enhancement, DeFi monetization, and ecosystem rewards. We believe our flywheel effect to compound our HYPE holdings is simply unparalleled.

在建立數位資產金庫不到六個月的時間裡，我們已經開展了五項獨特的數位資產業務策略，我們預計所有這些策略都將在 2026 年實現規模化。再次提醒，這些包括質押收益、驗證佣金、收益提升、DeFi 貨幣化和生態系統獎勵。我們相信，我們利用飛輪效應來增加HYPE持股數量的成長，這種效應是無與倫比的。

With that, I'll turn it back over to Jason, and we look forward to answering your questions.

那麼，我就把發言權交還給傑森，我們期待回答你們的問題。

Thank you very much, David. (Event Instructions) Here's our first question.

非常感謝你，大衛。（活動說明）這是我們的第一個問題。

How did the crypto liquidation event on October 10 impact your business?

10月10日發生的加密貨幣清算事件對您的業務有何影響？

Yeah. While October 10 was a very unfortunate event that created substantial economic losses for many market participants, it really demonstrated the resilience of on-chain smart contract platforms. So Hyperliquid centralized exchange suffered zero downtime or outages and the applications on Hyper EVM, including lending and borrowing, worked perfectly without incurring any bad debt, which was not the case for other exchanges.

是的。雖然 10 月 10 日發生的事件非常不幸，給許多市場參與者造成了巨大的經濟損失，但它也真正展現了鏈上智慧合約平台的韌性。因此，Hyperliquid 中心化交易所實現了零停機或中斷，Hyper EVM 上的應用程式（包括借貸）運作完美，沒有產生任何壞賬，而其他交易所則沒有出現這種情況。

More specific to Hyperion DeFi, none of our business operations were affected given that we have not taken on any leverage positions with our HIPE assets. As we mentioned before, our focus is on deploying natively staked HIP to secondary yield-generating mechanisms such as HIP3.

具體到 Hyperion DeFi，由於我們沒有利用 HIPE 資產進行任何槓桿操作，因此我們的任何業務運作均未受到影響。正如我們之前提到的，我們的重點是將原生質押的 HIP 部署到 HIP3 等二級收益產生機制中。

And we also saw more importantly, that even after this flush out of risk, trading volumes and associated fees quickly returned to hyper liquid, which demonstrates market that there is demand for participants to continue to position their strategies on decentralized exchanges.

更重要的是，我們還看到，即使在風險被清除之後，交易量和相關費用也迅速恢復到超流動性水平，這向市場表明，參與者有需求繼續在去中心化交易所上製定他們的策略。

Thank you. What do you think of recent regulatory developments and their impact on DeFi and your business?

謝謝。您如何看待近期監管方面的發展及其對 DeFi 和貴公司業務的影響？

Yeah, great question. So we are currently in an extremely dynamic regulatory environment that is broadly favorable due to the current administration. And we would expect to continue to see clarity around how crypto and DeFi will interact with existing financial infrastructure. The passing of the Genius Act, for example, encourages continued innovation in stablecoins under a more clear regulatory framework, which serves as a tailwind for the development of hyperliquid native stablecoins like USDH. David, it would be great to you if you want to add your thoughts here.

嗯，問得好。因此，我們目前處於一個極其活躍的監管環境，而由於現任政府的政策，這種環境總體上是有利的。我們預期加密貨幣和去中心化金融（DeFi）將如何與現有金融基礎設施互動，將會逐漸明朗。例如，《天才法案》的通過鼓勵在更清晰的監管框架下繼續創新穩定幣，這為 USDH 等高流動性原生穩定幣的發展提供了順風。大衛，如果你願意在這裡補充一些想法，那就太好了。

Absolutely, and thanks, Hyunsu. We place ourselves on the cutting edge of financial innovation. And because of that, we believe that we have a duty and an obligation to operate responsibly. This means choosing to operate in ways where we believe we can navigate various regulatory outcomes, and we welcome any additional clarity with regards to cryptocurrency, digital assets, and DeFi regulation.

當然，謝謝你，賢秀。我們致力於走在金融創新的最前線。正因如此，我們認為我們有責任和義務以負責任的方式經營。這意味著我們將選擇以我們認為能夠應對各種監管結果的方式進行運營，我們也歡迎有關加密貨幣、數位資產和 DeFi 監管的任何進一步明確說明。

Thank you, David. This investor asks, are you considering an additional capital raise?

謝謝你，大衛。這位投資人問道：你們是否考慮進行額外融資？

Great question. So after raising $50 million for our HYPE back in June, we moved very quickly to purchase HYPE and establish the foundations of our business, which, again, as a reminder, is our validator and the development of the proprietary house platforms and other additional initiatives to engage with and support Hyperliquid. Now these efforts support the growth of the ecosystem, and our focus is not simply buying and holding the assets, but to build and scale real businesses on chain. So we've established that foundation and the focus would be to continue to accumulate HYPE and refining what we've built. I'll hand it off to David here just with regard to capital markets activity.

問得好。因此，在六月為我們的 HYPE 籌集了 5000 萬美元之後，我們迅速收購了 HYPE，並建立了我們業務的基礎，再次提醒大家，這包括我們的驗證器、專有平台的開發以及其他與 Hyperliquid 互動和支持 Hyperliquid 的舉措。現在，這些努力支持生態系統的發展，我們的重點不僅僅是購買和持有資產，而是在鏈上建立和擴展真正的業務。所以我們已經打下了基礎，接下來的重點是繼續累積 HYPE，並完善我們已經建立的東西。關於資本市場活動方面，我將把發言權交給大衛。

Sure. Thanks, Hyunsu. We believe that HYPE is the most compelling digital asset and that over time, we are going to purchase more. As we think through how we might contemplate an additional raise and additional fundraisings, we're going to consider important financial factors like liquidity, like market conditions and like how we think we can deploy our HYPE tokens most effectively throughout our various business strategies.

當然。謝謝，賢秀。我們相信 HYPE 是最具吸引力的數位資產，隨著時間的推移，我們會購買更多。在考慮如何進行額外融資和額外籌款時，我們將考慮重要的財務因素，例如流動性、市場狀況以及我們認為如何在各種業務策略中最有效地部署 HYPE 代幣。

As mentioned previously, we did raise $21.8 million via our ATM in the third quarter, with which we bought back another $20.0 million of HYPE tokens and use our cash for other purposes. And we have continued raising funds via our ATM in the fourth quarter.

如前所述，我們在第三季透過 ATM 籌集了 2,180 萬美元，用這筆錢回購了價值 2,000 萬美元的 HYPE 代幣，並將現金用於其他用途。第四季度，我們繼續透過自動櫃員機籌集資金。

Thank you, David. This one is on Aster or LiDAR. They're asking, do you see it as a credible threat to Hyperliquid?

謝謝你，大衛。這個是在 Aster 或 LiDAR 上進行的。他們問，你認為這對 Hyperliquid 構成可信的威脅嗎？

So there have been on-chain perpetuals markets before, like GMX and DYDX, and we expect that others may continue to come in the future. In our opinion, none of them are like hyper liquid. So holistically, it is true that when a new entrant like Aster or LiDAR join a market that is seeing a lot of attention, users may be interested in trying the shiny new thing. Competition is healthy because it encourages everyone to refine their product and be better, and it also helps the pie grow bigger, in this case, on-chain derivatives. But beyond this, Hyperliquid has done so many things differently.

所以之前已經出現過鏈上永續合約市場，例如 GMX 和 DYDX，我們預期未來可能會出現更多類似的市場。我們認為，它們都不像超液體那樣。因此，從整體上看，當像 Aster 或 LiDAR 這樣的新進入者進入一個備受關注的市場時，使用者可能會有興趣嘗試這種閃亮的新事物。競爭是有益的，因為它鼓勵每個人改進自己的產品，做得更好，而且還有助於把蛋糕做大，在這種情況下，指的是鏈上衍生品。但除此之外，Hyperliquid 在許多方面都做得與眾不同。

It's entirely self-funded with no VC capital. It's distributed over 30% of its token supply to early users. It remains incredibly neutral. It's even refunded user funds when network issues have emerged. And more importantly, its rate of innovation is unmatched.

它完全依靠自身資金，沒有接受任何風險投資。該公司已將超過 30% 的代幣供應分發給了早期用戶。它保持著極其中立的態度。當出現網路問題時，它甚至會退還用戶資金。更重要的是，它的創新速度無人能及。

It seems that those that are coming into the perpetual debt space now are playing a little bit of catch-up, whereas with hyperliquid, with products like HIP3, which enable the permissionless launch of non-crypto assets and also Align quote assets, it creates new demand things for HYPE and expands the universe of participants to hyperliquid, and that's where we, at Hyperion see the opportunity.

現在進入永續債務領域的公司似乎有點落後了，而像 HIP3 這樣的超流動性產品，無需許可即可發行非加密資產和 Align 報價資產，為 HYPE 創造了新的需求，並將超流動性的參與者範圍擴大到更多人，而這正是 Hyperion 所看到的機遇所在。

Great. Thank you. Robert asked, is MNAV a useful metric to you?

偉大的。謝謝。Robert問道，MNAV對你來說是個有用的指標嗎？

So we believe MNAV was an appropriate metric during the first generation of digital asset treasuries when there wasn't a proper way to measure the value of the company besides the value of the assets on the balance sheet versus its market cap. We see this kind of changing now with new strategies from, call it, the second generation of digital asset treasuries with strategies like staking, re-staking derivatives.

因此，我們認為在第一代數位資產庫中，MNAV 是一個合適的指標，因為除了資產負債表上的資產價值與其市值相比之外，還沒有其他合適的方法來衡量公司的價值。我們現在看到這種變化，出現了新的策略，例如第二代數位資產庫的質押、再質押衍生品等策略。

None of them, however, are able to do so far what Hyperion has done within the hyper liquid ecosystem with real revenue-generating businesses built on top of our treasury asset hype. So not to reiterate the point too much, but the HYPE Asset use service products are ways of not only just earning the native staking yield, but compounding those returns through mechanisms that also support the growth of new products, expanding the user base to hyper liquid and also onboarding and scaling financial activities. And so we see a world where companies like ours are actually measured by a combination of both the asset value and future cash flows.

然而，到目前為止，他們中沒有一家能夠像 Hyperion 一樣，在超流動性生態系統中，建立起真正能產生收入的業務，而這一切都建立在我們國庫資產炒作之上。所以，我不想過度重複這一點，但HYPE資產使用服務產品不僅可以賺取原生質押收益，還可以透過支援新產品成長、擴大用戶群至超流動性以及引入和擴展金融活動的機制來複利這些收益。因此，我們看到，像我們這樣的公司實際上是透過資產價值和未來現金流的結合來衡量的。

Thanks, Hyunsu. This one is regarding how do we -- what measures do we take to secure our tokens?

謝謝，賢秀。這個問題是關於我們如何——我們採取哪些措施來保護我們的代幣？

So self-custody infrastructure using infrastructure provided by [Ingrid] Digital Bank, there's also ways to utilize the native [multi-sig] offered on hyper-liquid to build secondary level protections on top of our existing HSM and MPC infrastructure. And it's our job to continue due diligence other service providers, infrastructure providers to ensure that we are always up to date in using the best mechanisms possible to protect the HYPE assets on behalf of the company and our shareholders.

因此，利用 [Ingrid] 數位銀行提供的基礎設施，可以建立自託管基礎設施，還可以利用 hyper-liquid 提供的原生 [多重簽名] 功能，在我們現有的 HSM 和 MPC 基礎設施之上構建二級保護。我們的職責是繼續對其他服務提供者、基礎設施提供者進行盡職調查，以確保我們始終採用最佳機制來保護公司和股東的HYPE資產。

How would we differentiate ourselves from other debts?

我們如何將自身與其他債務區分開來？

The simple answer is that we do not just buy and hold our treasury assets. It seems that staking to the network and contributing to security should just be baseline. Now Hyperion runs our own top 10 validator with over 13 million HYPE staked to it, which does become real revenues for a period. But more so than that, we are so many mechanisms to use that staked HYPE and redeploy it into the ecosystem. And these strategies not just compound yield and generate sources of revenue, but they also help create the flywheel effect that brings more users and activity to Hyperliquid.

簡單來說，我們不會只是買進並持有國債。看來，對網路進行質押並為安全做出貢獻應該是最基本的要求。現在 Hyperion 運行我們自己的前 10 名驗證器，有超過 1300 萬個 HYPE 質押到它上面，這在一段時間內確實會產生實際收入。但更重要的是，我們有許多機制可以利用質押的 HYPE 並將其重新部署到生態系統中。這些策略不僅可以增加收益並創造收入來源，而且還有助於產生飛輪效應，從而為 Hyperliquid 帶來更多用戶和活動。

And as we mentioned before, with the Hyperliquid Assistance Fund, we have a precedent where the more fees and revenues that are generated within the ecosystem, 99% of them are going back to purchase back HYPE. And so we think this is a really powerful mechanism. And it's our role with Hyperion to continue to innovate financial products that enable this to continue.

正如我們之前提到的，透過超流動性援助基金，我們有一個先例，即生態系統內產生的費用和收入越多，其中 99% 都將用於回購 HYPE。因此，我們認為這是一個非常強大的機制。而我們與 Hyperion 的職責就是不斷創新金融產品，讓這一切得以延續。

This one is regarding the Kinetiq air drop. Is that baked into our forecast?

這是關於Kinetiq空投的消息。我們的預測中是否已經包含了這一點？

David, do you want to speak to this one?

大衛，你想和這個人談談嗎？

Absolutely, and thank you for the question. So here is what we know. We have Kinetiq points. We believe we will be eligible for the token generation air drop. We do not know what the financial implications will be nor do we have a reasonable basis to take a view on if it's going to be material or not material.

當然，謝謝你的提問。我們目前掌握的情況是這樣的。我們有Kinetiq積分。我們相信我們將有資格獲得代幣空投。我們不知道這將會帶來怎樣的財務影響，也沒有合理的依據來判斷其影響是重大還是不重大。

But there's two important points that I want to make here. The first is we have not adversely positioned our balance sheet or our operations to try and take advantage of this opportunity.

但我在這裡想強調兩點。首先，我們並沒有為了利用這個機會而對我們的資產負債表或營運進行不利調整。

Our joint validator agreement between us and Kinetiq and Pier 2 is a top 10 validator on the hyper-liquid blockchain with north of 13 million tokens as of the end of October, which is 60% month-over-month growth. In addition, the activities that we do with Kinetiq include our liquid staking HiHYPE token, which provides real utility to us in terms of being able to stake our HYPE, deploying to hyper EVM and use in off chain situations like when we used HiHYPE as collateral for our Q3 covered call option strategy, which netted some profits in Q3.

我們與 Kinetiq 和 Pier 2 之間的聯合驗證者協議，使我們成為流動性極強的區塊鏈上排名前 10 的驗證者，截至 10 月底，其代幣數量超過 1300 萬枚，環比增長 60%。此外，我們與 Kinetiq 開展的活動包括我們的流動性質押 HiHYPE 代幣，這為我們提供了真正的實用性，使我們能夠質押 HYPE，部署到超級 EVM，並在鏈下情況下使用，例如當我們使用 HiHYPE 作為我們第三季度備兌看漲期權策略的抵押品時，該策略在第三季度獲得了一些利潤。

So this is why in our earnings supplement, we present these various business activities as compounding on top of each other, staking yields, plus validator commissions plus yield enhancement plus DeFi monetization plus ecosystem rewards because we really do believe that this all adds up together.

因此，在我們的收益補充說明中，我們將這些不同的業務活動視為相互疊加的複利，包括質押收益、驗證者佣金、收益增強、DeFi 貨幣化以及生態系統獎勵，因為我們真的相信所有這些加起來都會帶來收益。

And the second point that we want to make here, we don't know when or if there's going to be other opportunities like this, but we've only been doing this less than 6 months, and there's already been two. The first was when the Hyperliquid Foundation delegated to our validator 3 million tokens in the third quarter and the second now with this Kinetiq rewards. For us, this shows that our flywheel effect is really beginning to work.

我們想在這裡表達的第二點是，我們不知道是否還會出現這樣的機會，但我們從事這項工作還不到 6 個月，就已經出現了兩次。第一次是 Hyperliquid 基金會在第三季向我們的驗證者委託了 300 萬個代幣，第二次是現在的 Kinetiq 獎勵。對我們來說，這表明我們的飛輪效應真的開始發揮作用了。

We are building these businesses on the hyper-liquid blockchain, which both promote and monetize Hyperliquid's use. And now the ecosystem is rewarding us back. So this gives us even more conviction in our core thesis that HYPE is the most compelling digital asset, but the hyper-liquid blockchain is ripe for innovation and monetization and -- we're very, very pleased to be simultaneously supporting and sharing in the upside of this growing ecosystem.

我們正在基於超流動性區塊鏈建立這些業務，這不僅促進了 Hyperliquid 的使用，也實現了 Hyperliquid 的盈利。現在，生態系統也開始回報我們了。因此，這讓我們更加確信我們的核心論點，即 HYPE 是最引人注目的數位資產，但超流動性區塊鏈正處於創新和貨幣化的成熟階段，我們非常非常高興能夠同時支持並分享這個不斷發展的生態系統帶來的收益。

Thank you. Jonathan, one of our legacy shareholders asked, why have we not sold the Optejet?

謝謝。我們的老股東之一喬納森問道：“為什麼我們還沒有出售 Optejet？”

Thanks for the question. Yeah, with regard to the Optejet, we're taking a rational approach to that side of the business. It has commercialization potential. We maintain both patents and IP developed over the years. We are still completing R&D and testing to reach a position of commercial liability.

謝謝你的提問。是的，關於Optejet項目，我們對這方面的業務採取了理性的態度。它具有商業化潛力。我們保留了多年來開發的專利和智慧財產權。我們仍在進行研發和測試，以達到承擔商業責任的階段。

So we've had a number of conversations with people in the industry, and we're taking it one step at a time. David, feel free to add some color here.

所以我們已經和業內人士進行了很多交流，我們正在一步一步地前進。大衛，你可以隨意添加一些色彩。

Thanks, Hyunsu. And that's right. All of our knowledge conversations support our thesis, the best financial outcome for the company is to continue towards that next milestone of having an active registration and listing with the FDA. And in the fourth quarter, we've continued to do some testing towards that milestone, but we will continue to have a rational approach and evaluate options available to us.

謝謝，賢秀。沒錯。我們所有的知識交流都支持我們的論點，對公司而言，最好的財務結果是繼續朝著下一個里程碑邁進，即獲得 FDA 的有效註冊和上市。在第四季度，我們繼續進行一些測試以達到這一里程碑，但我們將繼續採取理性的方法，並評估我們可以選擇的各種方案。

Thank you. I think we have time for one last question. They're asking, are you going to hire more people?

謝謝。我想我們還有時間問最後一個問題。他們問，你們會招募更多人嗎？

So Hyperion DeFi's mandate is to continue to accumulate and generate revenue on what we believe to be the most compelling digital asset type, so that our shareholders can benefit from this comprehensive exposure to the centralized finance.

因此，Hyperion DeFi 的使命是繼續累積和創造我們認為最有吸引力的數位資產類型的收入，以便我們的股東能夠從這種對中心化金融的全面投資中受益。

Now to accomplish that, we must continue to operate responsibly and minimize cost on the operating side. So currently, we do remain fully supported across key business functions, and we want to remain very lean as we continue to move forward.

為了實現這一目標，我們必須繼續負責任地運營，並將營運成本降至最低。因此，目前我們在關鍵業務職能方面仍然得到全面支持，並且我們希望在繼續前進的過程中保持精簡和高效。

Now the beauty of blockchain-based businesses, is that similar to SaaS or other Web 2 products is that once they are properly designed, they are almost infinitely scalable. Hyperion DeFi has long-term ambitions are beyond simply operating in DeFi actually. Our goal is to become the bridge between institutional finance and on chain financial privatives. That's going to take time, and it's going to require a team of really some of the best-in-class people across industries which obviously, we've already started to build.

現在，基於區塊鏈的業務的優勢在於，與 SaaS 或其他 Web 2 產品類似，一旦設計得當，它們幾乎可以無限擴展。Hyperion DeFi 的長期目標實際上遠不止於在 DeFi 領域運作。我們的目標是成為機構金融與鏈上金融民營化之間的橋樑。這需要時間，也需要一支由各行業最優秀的人才組成的團隊，而我們顯然已經開始組建這樣的團隊了。

And so very long-winded way of saying, it's definitely in the road map, but we want to focus on our core business first, which is ensuring that we developed a robust revenue-generating business lines within the DeFi space built on Hyperliquid.

簡而言之，這肯定在我們的發展規劃中，但我們首先想專注於我們的核心業務，確保我們在基於 Hyperliquid 的 DeFi 領域內建立起強大的創收業務線。

Thank you. So this concludes the question-and-answer session. If you have additional questions that we didn't get to, please feel free to send them to ir@hyperiondefi.com, and we, of course, will be happy to get back with you.

謝謝。問答環節到此結束。如果您還有其他我們沒有解答的問題，請隨時發送至 ir@hyperiondefi.com，我們當然很樂意回覆您。

At this time, I'd like to now turn the call back over to Interim CEO, Hyunsu Jung, for his closing remarks.

現在，我想把電話轉回代理執行長鄭賢洙，請他作總結發言。

All right. Thank you, Jason. As we conclude today's call, I want to emphasize the significance of what we've accomplished and what lies ahead. Q3 2025 was our first full quarter operating as Hyperion DeFi, and we believe the results demonstrate the viability of our strategic transformation.

好的。謝謝你，傑森。在今天通話即將結束之際，我想強調我們已經取得的成就以及未來需要面對的挑戰的重要性。2025 年第三季是我們作為 Hyperion DeFi 營運的第一個完整季度，我們相信結果證明了我們策略轉型的可行性。

We believe our performance shows that a public company can successfully participate in DeFi ecosystems while maintaining institutional-grade governance and creating shareholder value. We believe our achievements this quarter, we're expanding our HYPE Treasury to launching innovative revenue-generating services to appointing world-class financial leadership position us for accelerated growth in Q4 and beyond. We view the broader macroenvironment for institutional DeFi adoption is continuing to improve.

我們相信，我們的業績表明，上市公司可以在保持機構級治理和創造股東價值的同時，成功參與 DeFi 生態系統。我們相信，本季度取得的成就，包括擴大 HYPE 財務部門規模、推出創新創收服務以及任命世界一流的財務領導層，將使我們在第四季度及以後實現加速成長。我們認為，機構採用 DeFi 的整體宏觀環境正在持續改善。

In our view, regulatory clarity is increasing, institutional infrastructure is maturing, the performance advantages of platforms like hyper-liquid are becoming more recognizable. We believe Hyperion DeFi is positioned at the center of this transformation.

我們認為，監管的清晰度正在提高，制度基礎設施正在成熟，超流動性等平台的性能優勢變得越來越明顯。我們認為 Hyperion DeFi 正處於這場變革的核心。

Looking ahead, our priorities remain focused on three key areas: continuing to build our strategic high position, expanding our portfolio of DeFi services, and developing the institutional infrastructure necessary to bring traditional finance onto blockchain platforms.

展望未來，我們的工作重點仍然是三個關鍵領域：繼續鞏固我們的戰略優勢地位，擴大我們的 DeFi 服務組合，以及開發將傳統金融引入區塊鏈平台所需的機構基礎設施。

We're so grateful for the support of our shareholders throughout this transformation and excited about the opportunities ahead.

我們非常感謝股東們在此轉型過程中給予的支持，並對未來的機會感到興奮。

Hyperion DeFi is building for the future of institutional finance, and we are just getting started.

Hyperion DeFi 正在為機構金融的未來而努力，而我們才剛起步。

Thank you, ladies and gentlemen. And with that, this does conclude today's teleconference. We thank you for your participation and enjoy the rest of your evening.

謝謝各位女士、先生。至此，今天的電話會議就結束了。感謝您的參與，祝您晚安。