Hyperion DeFi Inc (HYPD) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Hyperion DeFi 2026 second quarter earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to Jason Assad, Director of Investor Relations.

各位好。歡迎參加 Hyperion DeFi 2026 年第二季財報電話會議。目前所有與會者皆為僅收聽模式。正式簡報結束後將進行問答環節。請注意，本次會議將被錄音。現在我將把會議交給投資人關係總監 Jason Assad。

Thank you. You may begin.

謝謝。您可以開始了。

Good afternoon, and welcome to HypeCare and DeFi's 2026 second-quarter earnings call. Joining me today are CEO Hansi Jung and CFO 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. Refer to our filings with the SEC, available on sec.gov and in the IR section of our website at hyperiondeFi.com. We will also reference certain non-GAAP financial measures today. Please refer to our earnings release and earnings supplement on the website and refer a full reconciliation of these non-GAAP measures to the most comparable GAAP measures. We will start this afternoon's call with prepared remarks from Hyunsu and David, followed by Q&A. I will now turn the call over to our CEO, Hyunsu Jung.

各位下午好，歡迎參加 HypeCare 與 DeFi 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Hansi Jung 與財務長 David Knox。在開始之前，請注意我們今天的發言可能包含前瞻性陳述。這些陳述受風險與不確定性影響，實際結果可能與之有重大差異。在本次電話會議中，我們可能會使用如 anticipate、could、enable、estimate、intend、expect、believe、potential、will、should、project 等及類似用語，這些用語代表前瞻性陳述。如需更完整地討論上述及其他事項，請參閱我們向 SEC 提交的文件，可於 sec.gov 以及我們網站 hyperiondeFi.com 的投資人關係（IR）專區取得。我們今天也會引用若干非 GAAP 財務衡量指標。請參閱網站上的財報新聞稿與財報補充資料，並查閱這些非 GAAP 指標與最可比 GAAP 指標之完整調節表。今天下午的電話會議將先由 Hyunsu 與 David 進行準備好的發言，接著進入問答。現在我把電話交給我們的執行長 Hyunsu Jung。

Thank you, Jason.

謝謝你，Jason。

To those joining us today, welcome to Hyperion DeFi's second quarter 2026 earnings call.

歡迎今天加入我們的各位，歡迎參加 Hyperion DeFi 2026 年第二季財報電話會議。

A little over a short year ago, Hyperion DeFi was born from what was formerly Inovia. What once was is no longer. At Hyperion DeFi, we revamped the company's operating strategy to the accumulation of hype and directly building in the Hyperliquid ecosystem.

在一年多一點之前，Hyperion DeFi 從原本的 Inovia 脫胎而生。過去已成過去。在 Hyperion DeFi，我們將公司的營運策略重新調整為累積 HYPE，並直接在 Hyperliquid 生態系中進行建設。

We made a firm commitment that we would be more than just hype, benefiting from not just holding the asset, but uniquely building multiple businesses atop it that have the potential to utilize it profitably and most importantly, independent of its underlying price volatility.

我們做出堅定承諾：我們不僅僅是「炒作」。我們的受益不只來自持有該資產，更在於以其為基礎獨特地打造多元業務，這些業務有潛力以獲利方式加以運用，且最重要的是，能夠在很大程度上不受其底層價格波動影響而獨立運作。

I am proud to say that we are continuing to deliver on that promise.

我很自豪地說，我們正持續兌現這項承諾。

To that end, our focus has been on developing unique products and services that actively support the growth of the Hyperliquid ecosystem and return that value to our shareholders. Our model is no longer a concept that we ask investors to envision it has become reality. We continue to lead in designing and deploying strategies that generate differentiated revenues, not just on our hype holdings, but across key on-chain infrastructure, each compounding alongside the fastest-moving ecosystem in the digital asset space.

為此，我們的重點一直放在開發獨特的產品與服務，積極支持 Hyperliquid 生態系的成長，並將該價值回饋給股東。我們的模式不再只是要求投資人想像的概念，而是已成為現實。我們持續領先設計並部署可產生差異化營收的策略，不僅來自我們的 HYPE 持倉，也涵蓋關鍵的鏈上基礎設施；在數位資產領域中最迅速演進的生態系推動下，各項業務相互疊加成長。

I am most excited to share these developments, covering not just what was accomplished in Q2, but the updates that are happening in real time, which we believe demonstrates our standalone positioning, unique value proposition, and best-in-class business model.

我最期待與各位分享這些進展，不僅涵蓋第二季完成的事項，也包括正在即時發生的更新；我們相信這些都展現了我們的獨立定位、獨特價值主張，以及同級最佳的商業模式。

At the same time, this was a quarter that truly tested our model. With rapid innovation often comes changes that are challenging to predict and requires a level of adaptivity that can only be found in an agile operation like ours. To address this directly, in May of this year, USDH, the native stablecoin of HyperLiquid, was replaced with USDC, resulting in the wind-down of two of our core HYPE deployments, accounting for 800,000 HYPE and impacting our planned revenue roadmap. Regardless, the ability for an operating company to respond to change in real time is exactly what distinguishes it from a passive vehicle.

同時，這也是一個真正考驗我們模式的季度。快速創新往往伴隨難以預測的變化，並要求只有像我們這樣敏捷的營運體系才能具備的適應能力。為了直接因應此事，今年 5 月，HyperLiquid 的原生穩定幣 USDH 被 USDC 取代，導致我們兩項核心 HYPE 部署進入收尾階段，涉及 800,000 枚 HYPE，並影響我們原先規劃的營收路線圖。無論如何，營運型公司能夠即時回應變化，正是其與被動式載體的關鍵差異。

We are proud to have been able to respond and adapt within weeks and enter the third quarter with stronger, more durable platforms, which we will cover today. I am grateful for the continued support of our investors and partners as we work diligently to lay foundations that persist and scale with the growth of Hyperliquid. What we are doing has never been done before, and we firmly believe we are asymmetrically positioned to accomplish this, resulting in long-term value creation for our shareholders.

我們很自豪能在數週內完成回應與調整，並以更強健、更具耐久性的平臺進入第三季；我們今天也將加以說明。在我們努力奠定可隨 Hyperliquid 成長而持續存在並擴張的基礎之際，我感謝投資人與合作夥伴持續的支持。我們正在做的是前所未有之事，我們堅信自身具備不對稱的有利位置得以完成，並為股東創造長期價值。

I will start, as always, with the Hyperliquid ecosystem. Hyterion's opportunity surface scales with Hyperliquid's execution, and this is one of the most consequential quarters in the ecosystem's history. We saw Hyperliquid cross a milestone that few blockchains have ever approached. Cumulative protocol revenue surpassed $1 billion with the overwhelming majority of protocol fees continuing to be returned to the token holders through the assistance funds buyback mechanism.

我將一如既往，先從 Hyperliquid 生態系談起。Hyterion 的機會版圖會隨 Hyperliquid 的執行力而擴大，而本季是該生態系歷史上最具關鍵性的季度之一。我們看到 Hyperliquid 跨越了一個極少有區塊鏈能接近的里程碑。累計協議收入突破 10 億美元，且絕大多數協議費用仍透過援助基金回購機制返還給代幣持有人。

During the quarter, hype reached a new all-time high and the holder base has continued to broaden, especially with institutions via the launch of various type ETFs. This broader global adoption was accelerated by the continued growth of HIP3 builder-deployed markets. The permissionless perpetuals framework for real-world assets now represents over half of daily network trading activity, and the deployers that continues to institutionalize.

本季期間，HYPE 創下歷史新高，持有人基礎也持續擴大，尤其是隨著各類型 ETF 的推出，機構參與更為明顯。這種更廣泛的全球採用，因 HIP3 建造者所部署市場的持續成長而加速。面向真實世界資產的無許可永續合約框架，如今已占每日網路交易活動的一半以上，而部署者也持續推動機構化進程。

The core team's progress on unified accounts continues, moving the network toward a single account for spot, perpetuals, and outcome exposure. We are already seeing the impacts of this design. Just earlier this week, Xstox, the tokenized equity framework built by Payward, the parent company of Kraken, launched native spot equity markets on Hypercore, enabling on-chain trading for five major equities and ETFs, backed one-to-one by real shares.

核心團隊在統一帳戶方面的進展仍在持續，推動網路朝向以單一帳戶涵蓋現貨、永續合約與結果型曝險。我們已經看到此設計帶來的影響。就在本週稍早，由 Payward（Kraken 的母公司）打造的代幣化股票框架 Xstox，在 Hypercore 上線原生現貨股票市場，讓五檔主要股票與 ETF 得以在鏈上交易，並以實股一比一作為支撐。

The tokenized assets include NVIDIA, the S&P 500 ETF, QQQ, SK Hynix, and Micron. This allows on-chain traders to not only access spot equity markets 24-7, but also the ability to use these assets as collateral for DeFi on the HyperEVM, where we have spent an extensive amount of time building institutional infrastructure. And perhaps most exciting is that HyperLiquid's newest primitive, HIP4 Outcome Markets, completed its first full quarter on mainnet. Launched in May, Outcome Markets generated approximately $100 million in volume in the 1st month alone and validated the value and structural advantage of a unified financial layer. Outcome contracts on HyperLiquid trade on the same order book in the same account with materially lower fees at market midpoints than incumbent prediction market venues. In late July, subsequent to quarter end, permissionless. Before deployment reached testnet. Under the framework, each outcome market deployer must take 500,000 hype for the duration of activity.

這些代幣化資產包括 NVIDIA、標普 500 ETF、QQQ、SK 海力士，以及美光。這讓鏈上交易者不僅能 24 小時、每週 7 天存取現貨股票市場，也能在 HyperEVM 上將這些資產作為 DeFi 抵押品；我們已投入大量時間在此建置機構級基礎設施。或許最令人振奮的是，HyperLiquid 最新的原語——HIP4 Outcome Markets（結果市場）——已在主網完成第一個完整季度。結果市場於 5 月推出，僅首月就產生約 1 億美元的交易量，並驗證了統一金融層的價值與結構性優勢。HyperLiquid 上的結果合約在同一帳戶、同一訂單簿中交易，且在市場中間價附近的費用顯著低於既有的預測市場平台。在 7 月下旬（季度結束後），無許可。在部署方面已到達測試網。在該框架下，每位結果市場部署者必須在其活動期間質押 500,000 枚 HYPE。

Every new market category on HyperLiquid now creates structural locked demand for the core asset on our balance sheet, which grants us continued opportunities for deployment optimization. Each of these developments compounds the others as HyperLiquid continues to execute its vision of becoming the blockchain to house all finance. In parallel, Hyperion continues to position ourselves as the premier institutional gateway to DeFi innovation within HyperLiquid.

HyperLiquid 上的每一個新市場類別，如今都會為我們資產負債表上的核心資產創造結構性的鎖定需求，這也讓我們持續擁有優化資產部署的機會。隨著 HyperLiquid 持續執行其成為承載所有金融之區塊鏈的願景，這些發展彼此相互疊加、相互強化。與此同時，Hyperion 也持續將自身定位為 HyperLiquid 內 DeFi 創新的首要機構級入口。

In this quarter, we focused on repositioning our DeFi monetization strategy, following the sunset of USDH and a clear path to permissionless deployment on HIP4. May was a massive month for HyperLiquid, as the ecosystem aligned with Coinbase and Circle on the AQA V2 standard, establishing the path for 90% of the USDC stablecoin revenue to flow back to the HyperLiquid Assistance Fund, ultimately returning value to Hype holders.

本季度，我們在 USDH 逐步退場（sunset）以及 HIP4 走向無許可部署的清晰路徑確立後，專注於重新調整我們的 DeFi 變現策略。5 月對 HyperLiquid 而言是極為關鍵的一個月，因為生態系與 Coinbase 與 Circle 在 AQA V2 標準上達成一致，確立了讓 90% 的 USDC 穩定幣收入回流至 HyperLiquid Assistance Fund 的路徑，最終把價值回饋給 Hype 持有人。

Although it greatly benefits our balance sheet holdings, the resulting sunset of USDH created unexpected headwinds for our operating businesses. As we announced in June, native markets made the decision to sunset USDH and the Felix exchange markets also winded down as settlement across Hyperliquid migrated towards USDC.

儘管這對我們資產負債表的持倉有重大助益，但 USDH 因此退場也為我們的營運業務帶來了意料之外的逆風。正如我們在 6 月所宣布的，原生市場決定讓 USDH 退場，而 Felix 交易所市場也隨著 Hyperliquid 全域結算逐步遷移至 USDC 而同步縮減。

We reiterated our guidance at the time of that announcement, and we reiterate it again today because the financial impact was immaterial, manageable, and our strategic response was swift. This is the nature of operating in a fast-moving ecosystem. Individual products will come and go. What endures is our position as a partner builders come to first, and that position was demonstrated within weeks.

在該公告發布時我們重申了指引，而今天我們再次重申，因為其財務影響並不重大、可控，且我們的策略回應迅速。這就是在快速演進的生態系中營運的常態。個別產品會來來去去。真正能長久的是我們作為建設者首選合作夥伴的地位，而這一點在數週內就得到了驗證。

Just after quarter end, we announced our agreement with SKU Technologies to launch permissionless markets on Hyperliquid, including an institutional listing service. With HyperLiquid's recent HIP4 announcements in July, we and the SKU team have determined that Hyperion's 500,000 Hype stake would be better positioned for HIP4 outcome markets. This structure succeeds and strengthens our permissionless market strategy, pairing our staked Hype deployment capacity with a team purpose-built for onboarding new market categories to HyperLiquid.

在季度結束後不久，我們宣布與 SKU Technologies 達成協議，將在 Hyperliquid 上推出無許可市場，其中包含機構級上架（listing）服務。隨著 HyperLiquid 於 7 月近期發布 HIP4 相關公告，我們與 SKU 團隊已判定，Hyperion 的 500,000 枚 Hype 質押部位更適合用於 HIP4 結果（outcome）市場。此一架構不僅成功落地並強化了我們的無許可市場策略，也把我們已質押的 Hype 部署能力，與一支專為將新市場類別導入 HyperLiquid 而打造的團隊相結合。

We expect these markets to go live in the coming months with economics that improve upon our prior deployer arrangement in addition to long-term equity and token exposure to SKU. The early metrics are positive with over 40,000 unique users signed up to access SKU's private beta. But we did not stop at just one new permissionless markets deployment.

我們預期這些市場將在未來數月上線，其經濟模型除優於我們先前的部署者安排外，亦將帶來對 SKU 的長期股權與代幣曝險。早期指標表現正向，已有超過 40,000 名不重複用戶註冊以取得 SKU 私人 Beta 的使用權。但我們並未止步於僅一次新的無許可市場部署。

We also announced today, as part of this release, another house agreement with 500,000 of our stake types supporting Entropy, an upcoming HIP3 deployer. Not only does this provide Hyperion multiple opportunities to both support and scale unique businesses on HyperLiquid, but it allows us to converge the building blocks we are developing alongside our partners in this ecosystem. Hyperliquid aims to become the blockchain to house all finance, offering a unified substrate for all forms of financial products, including RWAs, perpetuals, outcomes, and more. I wrote at the beginning of the year that tokenization and the adoption of agentic trading would be key components of driving more financial activity on-chain, and that has continued to be the case.

我們也在今日、作為本次發布的一部分，宣布另一項 house 協議，將以我們 500,000 的質押類型支持 Entropy——一個即將上線的 HIP3 部署者。這不僅為 Hyperion 提供多重機會，以支持並擴大 HyperLiquid 上的獨特業務，也讓我們能把與生態系夥伴共同打造的各項基礎模組加以匯聚整合。Hyperliquid 旨在成為承載所有金融的區塊鏈，為各類金融產品提供統一的底層基礎，包括 RWA、永續合約、結果市場等。我在年初曾寫道，代幣化與代理式（agentic）交易的採用將是推動更多金融活動上鏈的關鍵組成，而事實也持續如此。

Note, for instance. According to the State of Hybrid Finance report from Coin Shares and Token Terminal, deposits into lending platforms and DEXs more than tripled year over year to $7.4 billion, driven by utilization of RWAs such as tokenized treasuries, private credit and gold tokens as collateral. We had long been preparing for this shift to occur. Early in the third quarter, we completed our first institutional credit deal through Hyperline's AVIA platform, lending USD1 million against natively staked Hype at a rate of 8% APY, far above the overnight rate found in traditional markets. The Hype collateral remains in secure custody at Anchorage Digital for the duration of the loan.

例如請注意。根據 Coin Shares 與 Token Terminal 的《State of Hybrid Finance》報告，流入借貸平台與 DEX 的存款年增逾三倍至 74 億美元，主要由將代幣化國庫券、私募信貸與黃金代幣等 RWA 作為抵押品的使用所帶動。我們早已為這一轉變的發生做了長期準備。在第三季度初期，我們透過 Hyperline 的 AVIA 平台完成了首筆機構信貸交易，以原生質押的 Hype 作為抵押，出借 100 萬美元，年化收益率（APY）為 8%，遠高於傳統市場的隔夜利率。該筆 Hype 抵押品在貸款期間全程由 Anchorage Digital 安全託管。

We expect the AVIA platform to scale as demand grows for institutional borrowing and lending against robust collateral, and we are entitled to a revenue share on a portion of future activity on AVIA. And the value of natively state type continues to be demonstrated as our hype asset use service scaled across other clients.

我們預期隨著機構對以高品質抵押品進行借貸的需求成長，AVIA 平台將持續擴張，而我們有權就 AVIA 未來部分活動取得收入分成。此外，原生 state type 的價值也持續獲得驗證，因為我們的 hype asset use service 已擴展至其他客戶。

Silhouette completed its migration into production during the quarter, and we saw monthly volume step up from the hundreds of thousands toward over $40 million cumulative, consistent with the trajectory we outlined in May. This was driven by Silhouette's support for RFQ trading, which we expect to accelerate on HyperLiquid as more assets become tokenized and move on-chain. While positioning for this shift, we maintain our pipeline of prospective house clients and continue to be selective, prioritizing structures that return durable, volume-linked value to our supported markets.

Silhouette 在本季度完成遷移並進入正式生產環境，我們看到月度交易量自數十萬美元級別提升，累計已朝超過 4,000 萬美元邁進，符合我們在 5 月所概述的軌跡。這主要由 Silhouette 對 RFQ 交易的支援所驅動；隨著更多資產完成代幣化並上鏈，我們預期 RFQ 交易在 HyperLiquid 上將加速成長。在為此轉變布局的同時，我們維持潛在 house 客戶的管線並持續保持審慎選擇，優先考量能為我們所支持市場帶來可持續、與交易量連動之價值回饋的結構。

Yield enhancements saw over 50% growth this quarter, supported by HYPE's realized volatility remaining elevated throughout the quarter, including the run to new all-time highs in June and subsequent consolidation. A systematic approach focused on converting volatility into income. The program continued to operate within the disciplined risk framework we have described previously, position caps, strike selection anchored to technical structure, and no compromise of our long-term high position. As we operate those strategies internally, we continue to work in parallel with our efforts to expand yield infrastructure built on risk, our partner in offering institutional-grade fault strategies known as risk premium. As a result of these efforts, our accumulated risk points continue to grow this quarter, placing us in the TOP50 holders and preserving our claim on future protocol incentives.

本季度收益增強（yield enhancements）成長逾 50%，主要受惠於 HYPE 的已實現波動率在整個季度維持高檔，包括 6 月創下歷史新高後的整理盤整。我們採取系統化方法，著重將波動轉化為收益。該計畫持續在我們先前所述的嚴謹風險框架內運作，包括部位上限、以技術結構為錨的履約價選擇，且不犧牲我們長期的高部位配置。在我們內部執行這些策略的同時，也與我們擴展以風險為基礎之收益基礎設施的工作並行推進；我們的合作夥伴在提供機構級 fault 策略（稱為 risk premium）方面亦同步投入。在這些努力之下，我們累積的 risk points 本季度持續成長，使我們躋身 TOP50 持有人之列，並保留我們對未來協議激勵的權益。

Risk Premium launched publicly in June, bringing institutional-grade covered call and cash-secured puts vaults fully on-chain, while also expanding their smart contract infrastructure to Ethereum mainnet, demonstrating the ability of our partners to not only succeed in HyperLiquid, but also distribute products cross-chain. In addition, Risk announced support for XAUT, Tether Gold, which is a digital token backed by physical gold, showing the first steps towards support of broader RWAs.

Risk Premium 於 6 月公開上線，將機構級的備兌買權（covered call）與現金擔保賣權（cash-secured puts）金庫（vaults）全面上鏈，同時也把其智慧合約基礎設施擴展至以太坊主網，展現我們的合作夥伴不僅能在 HyperLiquid 取得成功，也能跨鏈分發產品。此外，Risk 宣布支援 XAUT（Tether Gold），這是一種由實體黃金支撐的數位代幣，顯示其朝向支援更廣泛 RWA 的第一步。

We are optimistic for and await rulemaking for on-chain markets, crypto vaults, and blockchain settlement infrastructure. We expect additional clarity for on-chain vaults to be critical to driving more institutional adoption of strategies such as risk premium, and with further guidance, we are positioned to open up our vault strategies to other depositors and curators, expanding the availability of our on-chain infrastructure. Ecosystem rewards remain variable, but we maintain a positive outlook for the ecosystem tokens we will receive through the remainder of the year. As mentioned earlier, our ecosystem engagement efforts have expanded beyond token representation of the protocols we believe have long-term potential.

我們對鏈上市場、加密金庫以及區塊鏈結算基礎設施的規則制定抱持樂觀態度，並正等待相關規範落地。我們預期，針對鏈上金庫的進一步明確化，將是推動如 risk premium 等策略獲得更多機構採用的關鍵；在獲得更進一步指引後，我們也已就緒，將我們的金庫策略開放給其他存款人與策展人（curators），擴大我們鏈上基礎設施的可用性。生態系獎勵仍具波動性，但我們對今年剩餘期間將收到的生態系代幣維持正向展望。如前所述，我們的生態系參與工作已擴展到超越我們認為具長期潛力之協議的代幣代表性（token representation）。

Hyperion DeFi has now acquired equity positions to various protocols for the benefit of our shareholders. We continue to deliver on another core objective, to create long-term value for the HyperLiquid ecosystem while simultaneously providing streamlined comprehensive access to all the valuable components built there.

Hyperion DeFi 現已為股東利益取得多個協議的股權部位。我們也持續交付另一項核心目標：在為 HyperLiquid 生態系創造長期價值的同時，提供對其上所構建之所有有價值組成要素的精簡且全面的存取。

Lastly, on our Hyperion validator operations. In June, we announced our partnership with Blockdaemon to expand institutional HyperLiquid staking. Blockdaemon is trusted by more than 400 institutions, and this partnership opens an additional channel to the institutional Hype delegation demand we expect as HyperLiquid's profile grows. Perhaps more importantly, we continue to explore opportunities to generate income by building on top of our existing infrastructure. One that is beginning to emerge is a way to leverage our validator infrastructure to provide data services for traders on HyperLiquid. We will share more as things are finalized. If it has not been clear by now, we will continue to build and pioneer on-chain, uniquely positioning our assets and designing partnerships unlike any other team in this space. Opportunities that did not exist three months ago are real now. Imagine the possibilities of what may come as HyperLiquid continues to dominate on-chain finance.

最後，談到我們的 Hyperion 驗證者營運。6 月，我們宣布與 Blockdaemon 建立合作夥伴關係，以擴大機構級 HyperLiquid 質押。Blockdaemon 受到超過 400 家機構信賴，而這項合作在 HyperLiquid 的能見度提升之際，為我們預期將出現的機構 Hype 委託需求開啟了另一個管道。或許更重要的是，我們持續探索在既有基礎設施之上建構，以創造收入的機會。其中一項正開始浮現的方向，是運用我們的驗證者基礎設施，為 HyperLiquid 上的交易者提供數據服務。待事項定案後，我們將分享更多資訊。如果到現在仍不夠清楚，我們將持續在鏈上建設並引領創新，透過獨特方式定位我們的資產，並設計出有別於本領域任何團隊的合作夥伴關係。三個月前尚不存在的機會，如今已真實出現。想像一下，隨著 HyperLiquid 持續主導鏈上金融，未來可能帶來的各種可能性。

I will now hand it over to our CFO, David Knox, to give highlights on our financial performance.

接下來我將把時間交給我們的財務長 David Knox，為各位說明我們財務表現的重點。

Thank you, Hyunsu.

謝謝你，Hyunsu。

In June of 2025, we set out to establish a new kind of company, one which is blockchain and DeFi native and shares in multiple frontiers of value creation at the same time. Those three frontiers include our growing hype treasury, our scalable DeFi businesses and our embedded economic upside in the Hyperliquid ecosystem. And we call this our Hype D Triple Dip strategy. In our 12 months of operating performance, we have redefined what it means to be a digital asset treasury. Not only have we substantially grown our treasury position in Hype, but we have launched multiple businesses and built new products and services on HyperLiquid, all while reducing our costs over time. As promised, since day one, we are well on our way to becoming a profitable, positive cash-flowing operating company by year-end.

在 2025 年 6 月，我們著手建立一種新型態的公司：以區塊鏈與 DeFi 為原生，並能同時在多個價值創造前沿中分享成果。這三個前沿包括我們持續成長的 Hype 資產庫、可擴展的 DeFi 業務，以及我們在 Hyperliquid 生態系中內嵌的經濟上行空間。我們將其稱為 Hype D Triple Dip 策略。在過去 12 個月的營運表現中，我們重新定義了「數位資產資產庫」的意義。我們不僅大幅增加了 Hype 的資產庫部位，還推出多項業務，並在 HyperLiquid 上打造新的產品與服務，同時隨時間推進降低成本。如同我們自第一天起所承諾的，我們正穩步邁向在年底前成為一家獲利、且營運現金流為正的公司。

Here are our 12-month highlights. Since June of 2025, our gross HYPE tokens have increased 56% from $1.31 million to 2.04 million HYPE tokens. From Q3 25 to Q2 26, our quarterly adjusted gross profit has grown 162% from $0.4 million to $1.2 million as our DeFi businesses have begun to ramp. We have consistently earned two to three times base type staking yield over several quarters. Meanwhile, our core operating expenses have declined 46% from $4.3 million to $2.3 million as our legacy biotech segment has been round out. Also, our quarterly operating cash outflows have declined from $2.8 million to $2.1 million, both as a function of reduced costs and ramping DeFi businesses.

以下是我們 12 個月的重點摘要。自 2025 年 6 月以來，我們的 HYPE 代幣總量增加 56%，從 131 萬枚增至 204 萬枚 HYPE 代幣。從 25 年第 3 季到 26 年第 2 季，隨著我們的 DeFi 業務開始加速，我們的季度調整後毛利成長 162%，由 40 萬美元增至 120 萬美元。在多個季度中，我們持續取得相當於基礎型質押收益率的 2 到 3 倍。同時，隨著我們的傳統生技部門逐步收尾，我們的核心營運費用下降 46%，由 430 萬美元降至 230 萬美元。此外，我們的季度營運現金流出也從 280 萬美元降至 210 萬美元，這同時反映了成本下降與 DeFi 業務的放量。

Our adjusted gross profit over the past two quarters has been 40% to 50% denominated in cash, and we received equity or token upside in four early-stage builders on HyperLiquid, including Kinetic, Hyperlend, Silhouette and SKU. We are also pleased to announce today that we executed a sale of our remaining biotech IT assets to Arctic Vision in July. Our promise on our first call was that we would pursue the monetization and resolution of certain no longer core assets and that is now accomplished. From July 2025 through July 2026, in total, we extinguished $2.7 million of legacy biotech liabilities, not from us paying down liabilities with cash, but from actively working with partners, including Arctic Vision, to release what we owed without cash consideration. With the past behind us, we are now solely a DeFi company.

過去兩個季度，我們的調整後毛利有 40% 至 50% 以現金計價；同時，我們也在 HyperLiquid 上四家早期建設者中取得股權或代幣的上行潛力，包括 Kinetic、Hyperlend、Silhouette 與 SKU。我們也很高興在今日宣布：我們已於 7 月將剩餘的生技 IT 資產出售給 Arctic Vision。我們在第一次電話會議上的承諾，是將推動部分不再屬於核心的資產變現與處置，而這項工作如今已完成。自 2025 年 7 月至 2026 年 7 月期間，我們合計消除 270 萬美元的傳統生技負債；這並非透過以現金償還負債，而是透過與包括 Arctic Vision 在內的合作夥伴積極協作，在不提供現金對價的情況下解除我們所欠款項。過去已成為過去，我們現在完全是一家 DeFi 公司。

Now onto our Q2 results. Our Q2 adjusted gross profit grew 20% quarter-over-quarter from $960,000 to $1.2 million. 50% was earned in cash and we achieved 2.2x base staking yield. The 20% quarterly growth rate in Q2 compares to 17% growth achieved in Q1 versus Q4. This quarter demonstrated the benefit of our five diversified DeFi income sources, where headwinds in some areas were offset by tailwinds in others, and the overall growth trajectory remains positive.

接著談我們第 2 季的業績。我們第 2 季調整後毛利較上季成長 20%，由 96 萬美元增至 120 萬美元。其中 50% 以現金取得，且我們達成 2.2 倍的基礎質押收益率。第 2 季 20% 的季度成長率，與第 1 季相較第 4 季所達成的 17% 成長相比更高。本季展現了我們五個多元化 DeFi 收入來源的效益：部分領域的逆風由其他領域的順風所抵銷，而整體成長軌跡仍維持正向。

I will now go through each of those five segments.

接下來我將逐一說明這五個分部。

Starting with staking yield, in Q2, we earned $527,000 from staking our HYPE to our KineticX Hyperion validator. This was up 69% quarter-over-quarter driven by the increase in the price of HYPE from an average of 30.8% over Q1 to 51.2% over Q2. Next, validator commissions. In Q2, we earned $42,000 in validator commissions from third-party tokens delegated to our validator, up 4% versus $40,000 last quarter. In Q2, consistent with Q1, we continue from a GAAP perspective to present our validating activities on a net basis in accordance with the treatment that we are agents of the validator.

先從質押收益談起：第 2 季，我們將 HYPE 質押至我們的 KineticX Hyperion 驗證者，取得 52.7 萬美元收益。這較上季成長 69%，主要由 HYPE 價格上升所帶動，平均價格由第 1 季的 30.8% 上升至第 2 季的 51.2%。接著是驗證者手續費。第 2 季，我們從委託至我們驗證者的第三方代幣中取得 4.2 萬美元驗證者手續費，較上季 4.0 萬美元成長 4%。第 2 季與第 1 季一致，從 GAAP 角度，我們仍依據我們作為驗證者代理人的會計處理方式，以淨額基礎呈列我們的驗證活動。

As Hyunsu mentioned, we recently announced a partnership with Blockdain, one of the largest institutional crypto platforms where they have chosen us to be their staking partner on HyperLiquid. We continue to see multiple opportunities for validator growth driven by the products and services we are creating plus demand from institutions for world-class validator infrastructure. In total in Q2, we earned about 11,000 HYPE tokens from staking and validating in line with what we earned in Q1.

如 Hyunsu 所提到，我們近期宣布與 Blockdain 建立合作夥伴關係；Blockdain 是最大的機構級加密平台之一，他們選擇我們作為其在 HyperLiquid 上的質押合作夥伴。我們持續看到多項由驗證者成長所驅動的機會，來源包括我們正在打造的產品與服務，以及機構對世界級驗證者基礎設施的需求。第 2 季合計而言，我們透過質押與驗證獲得約 11,000 枚 HYPE 代幣，與第 1 季的水準相當。

Next, our yield enhancement strategies, which primarily monetize volatility on HYPE, including in our vault with risk, generated $334,000 of adjusted gross profit in Q2, which is plus 58% quarter-over-quarter versus $211,000 in Q1. Our DeFi monetization segment captures a host of products and services we are building on HyperLiquid together with our partners.

接下來是我們的收益增強策略，主要透過在 HYPE 上變現波動性（包括我們的風險金庫），第 2 季產生 33.4 萬美元的調整後毛利，較第 1 季的 21.1 萬美元季增 58%。我們的 DeFi 變現分部涵蓋我們與合作夥伴在 HyperLiquid 上共同打造的一系列產品與服務。

This quarter, we had a 36% decline in DeFi monetization from $245,000 in Q1 to $158,000 in Q2, largely driven by the sunset of the USDH stablecoin announced in mid-May, resulting in our house agreements with both Native Markets and Felix being terminated in June and opening up 800,000 of our HYPE tokens to be. Deployed into other business opportunities. While we still earned base staking yield on these 800,000 tokens, these wind downs resulted in a Q2 decline in DeFi monetization. Despite this headwind, in June, we chose to announce that we stood by our existing guidance based on our robust pipeline to redeploy our hype.

本季 DeFi 變現收入由第 1 季的 24.5 萬美元下降 36% 至第 2 季的 15.8 萬美元，主要原因是 5 月中旬宣布逐步終止 USDH 穩定幣，導致我們與 Native Markets 及 Felix 的自營協議於 6 月終止，並使我們的 800,000 枚 HYPE 代幣得以被。部署至其他業務機會。雖然我們仍就這 800,000 枚代幣賺取基礎質押收益，但這些收尾作業造成第 2 季 DeFi 變現下滑。儘管面臨此一逆風，我們在 6 月仍選擇宣布：基於我們強健的管線以重新部署我們的 Hype，我們維持既有的財測指引不變。

As outlined by Hyunsu, we have regained momentum since then. We have already redeployed 1 million HYPE tokens into new house partnerships in Q3, and we expect our new deployments over time to position us better than before. And finally, ecosystem rewards generated $90,000 of adjusted gross profit in Q2 versus $150,000 in Q1. We stated previously that we expect the quarter-over-quarter change in ecosystem rewards to be volatile given the unexpected timing of airdrops, token generation events and other rewards activity. However, this is now the third consistent quarter of activity in the segment and it continues to be a core part of our triple dip strategy.

如 Hyunsu 所概述的，自那時起我們已重新找回動能。我們已在第三季將 100 萬枚 HYPE 代幣重新部署至新的 house 合作夥伴關係中，並預期隨時間推進的新部署將使我們的定位較以往更佳。最後，生態系獎勵在第二季產生了 90,000 美元的調整後毛利，而第一季為 150,000 美元。我們先前曾表示，由於空投、代幣生成事件以及其他獎勵活動的時點難以預期，我們預期生態系獎勵的季對季變動將會波動。然而，這已是該分部連續第三個季度維持一致的活動，且它仍然是我們「三重收益（triple dip）」策略的核心部分。

The Q2 figure reflects two pieces. First, a receipt and subsequent sale of MAX tokens received in an AirJob. Second, a one-time grant from Felix denominated in USDC due to the sunset of USDH. We are also announcing that as part of the July house agreement with SKU, we have a right in the future to 5% of SKU equity and 5% of tokens should they choose to pursue a SKU TGE. Our listed ecosystem positions we have accumulated over the past year continues to grow.

第二季的數字反映兩個部分。第一，於一項 AirJob 中收到 MAX 代幣並隨後出售。第二，由於 USDH 日落（sunset），我們獲得 Felix 以 USDC 計價的一次性補助。我們也宣布，作為 7 月與 SKU 的 house 協議的一部分，我們未來有權取得 SKU 5% 的股權，以及在其選擇推進 SKU TGE（代幣生成事件）時取得 5% 的代幣。我們在過去一年累積的已上市生態系持倉持續成長。

In Q4, we received 1.92 million KNTQ tokens from Kinetic. Since then, we have been liquid staking our KNTQ recently at annual yields exceeding 7% and have accrued over 40,000 additional KNTQ tokens thus far in 2026. Since we continue to earn kinetic points, we expect to be eligible for their next airdrop, which has been announced for Q4 this year. In Q1, we received 10 million HPL tokens from Hyperland as part of our various partnerships previously discussed.

在第四季，我們從 Kinetic 收到 192 萬枚 KNTQ 代幣。自那之後，我們近期一直對 KNTQ 進行流動質押（liquid staking），年化收益率超過 7%，截至 2026 年目前為止已額外累積超過 40,000 枚 KNTQ 代幣。由於我們持續賺取 kinetic points，我們預期將符合其下一次空投資格，該空投已宣布於今年第四季進行。在第一季，我們亦因先前討論的各項合作夥伴關係而從 Hyperland 收到 1,000 萬枚 HPL 代幣。

In Q1, we also gained the right to receive 1% future token or equity in Silhouette. We are also earning risk points from our vault activity and may become eligible for future risk tokens. And we expect this list to continue to grow as we deepen our partnerships and relationships across the Hyperliquid ecosystem.

在第一季，我們也取得未來可收取 Silhouette 1% 代幣或股權的權利。我們也透過金庫（vault）活動賺取 risk points，並可能符合未來 risk tokens 的資格。隨著我們在 Hyperliquid 生態系中深化合作夥伴關係與連結，我們預期這份清單將持續擴大。

And as a reminder, we did not pay anything for these tokens. We have only paid for HYPE, and we believe the upside we have to the broader Hyperliquid ecosystem is unique among any other US public company.

並提醒一下，我們並未為這些代幣支付任何費用。我們唯一付費購買的是 HYPE，而我們相信，相較於任何其他美國上市公司，我們對更廣泛 Hyperliquid 生態系所具備的上行潛力是獨一無二的。

Moving on to our Q2 expenses.

接下來談我們第二季的費用。

Operating expenses, excluding stock-based compensation, declined 21% quarter-over-quarter from $3.0 million in Q1 to $2.3 million in Q2.

營運費用（不含以股票為基礎的薪酬）季對季下降 21%，由第一季的 300 萬美元降至第二季的 230 萬美元。

As a reminder, the Q2 figure of $2.3 million is about half the $4.3 million we spent in Q3 2025, our first quarter since adopting the new DeFi strategy.

提醒一下，第二季的 230 萬美元約為 2025 年第三季 430 萬美元的一半；2025 年第三季是我們採用新 DeFi 策略後的第一個季度。

The reduced costs speak to our light operating model, offering strong earnings leverage.

成本下降反映我們的輕量化營運模式，帶來強勁的獲利槓桿。

We substantially round down all operations related to our legacy biotech segment in the second quarter.

在第二季，我們大幅縮減了所有與既有生技（biotech）分部相關的營運。

With the past behind us, we continue to be laser focused on all cost components as our DeFi businesses evolve and scale.

過去已成過去，隨著我們的 DeFi 業務演進並擴張，我們仍然高度聚焦於所有成本構成。

On the treasury side, our gross hype tokens increased from $1.94 million in Q1 to $2.04 million in Q2. The price of Hype increased from $36.6 million at the end of Q1 to $65.0 million in Q2. This compares to our aggregate purchase price on Hyke tokens of $39.7 million, meaning the value of our Hyke Treasury at $133 million as of Q2 exceeded our cash basis of $81 million by approximately $52 million. Our net asset value, which adjusts our treasury value for net cash and debt, increased from $70 million as of Q1 to $134 million as of Q2.

在資金庫（treasury）方面，我們的 HYPE 代幣總額由第一季的 194 萬美元增加至第二季的 204 萬美元。Hype 的價格由第一季末的 3,660 萬美元上升至第二季的 6,500 萬美元。相較之下，我們購買 Hyke 代幣的合計買入成本為 3,970 萬美元，這表示截至第二季我們 Hyke Treasury 的價值為 1.33 億美元，較我們 8,100 萬美元的現金成本基礎高出約 5,200 萬美元。我們的淨資產價值（會以淨現金與負債調整資金庫價值）由第一季的 7,000 萬美元增加至第二季的 1.34 億美元。

The treasury gains was $54.8 million in Q2 as the price of type increased versus a gain of $21.5 million in Q1. In totality, Q2 net income of $31.0 million, another record for the company, compares to Q1 net income of $8.8 million. Q2 adjusted EBITDA of $53.7 million compares to Q1 adjusted EBITDA of $19.5 million. As with Q1, the primary Q2 reconciliation of net income to adjusted EBITDA is our HYPE Liquid Staking Tokens, or LSTs, for which the GAAP carrying value is the low watermark price of HYPE. If all our HYPE LSTs were converted back to HYPE at the end of Q2, we believe that it would have increased our GAAP net income by approximately $33.2 million. Regarding our cash flows and cash position.

第二季資金庫收益為 5,480 萬美元，係因 type 的價格上升；相較之下第一季收益為 2,150 萬美元。整體而言，第二季淨利為 3,100 萬美元，再創公司紀錄；相較第一季淨利 880 萬美元。第二季調整後 EBITDA 為 5,370 萬美元，相較第一季調整後 EBITDA 為 1,950 萬美元。與第一季相同，第二季由淨利調節至調整後 EBITDA 的主要項目為我們的 HYPE 流動質押代幣（Liquid Staking Tokens，LSTs），其 GAAP 帳面價值採用 HYPE 的低水位價格（low watermark price）。若我們所有 HYPE LSTs 在第二季末轉回 HYPE，我們相信將使 GAAP 淨利增加約 3,320 萬美元。接著談我們的現金流與現金部位。

As a DeFi company, we have been and expect to continue to be very active with on-chain stablecoin activity, which involves USDC, historically USDH, deposits into our vault and potentially other activity in the future as we grow. However, stablecoin-based balances and activities are not presented as GAAP cash and this has caused some period-to-period volatility in our GAAP presentments of cash flows.

作為一家 DeFi 公司，我們一直且預期將持續非常積極地進行鏈上穩定幣活動，包含 USDC、過去的 USDH、存入我們的金庫（vault），以及隨著我們成長未來可能進行的其他活動。然而，以穩定幣為基礎的餘額與活動不會以 GAAP 現金列示，這使得我們 GAAP 現金流量表的呈現出現一定的期間波動。

Starting today, we are now also presenting 2 new non-GAAP metrics, adjusted net operating cash flow. Adjusted net investing cash flow with the goal of removing the volatility caused by our stablecoin forward operations. These are all more fully defined and reconciled in our earnings release and earnings supplement available online.

自今日起，我們也新增揭露 2 項新的非 GAAP 指標：調整後淨營運現金流。以及調整後淨投資現金流，目標是排除由我們穩定幣前向作業所造成的波動。這些指標的完整定義與調節表，均已於我們線上提供的財報新聞稿與財報補充資料中更詳細說明。

Adjusted net operating cash flow was $2.1 million of outflows in Q2 compares to $2.6 million outflows in Q1. Adjusted net investing cash flow was $6.2 million in Q2 versus $1.5 million in Q1 as we continue to grow our high treasury position. Net cash provided by financing activities was $11.0 million in Q2, primarily from our May public offering versus $6.6 million in Q1. As of Q2, we hold $11.8 million in cash equivalents and stablecoins versus $9.1 million as of Q1.

第二季調整後淨營運現金流為流出 210 萬美元，相較第一季流出 260 萬美元。第二季調整後淨投資現金流為 620 萬美元，相較第一季為 150 萬美元，因我們持續擴大 HYPE 資金庫部位。第二季融資活動提供的淨現金為 1,100 萬美元，主要來自我們 5 月的公開發行，相較第一季為 660 萬美元。截至第二季，我們持有 1,180 萬美元的約當現金與穩定幣，相較第一季為 910 萬美元。

As of August 10th, our common share count is approximately 15.5 million shares. Looking ahead, in our first earnings call under the new DeFi strategy in November 2025, along with our ambitious goal to create a new kind of operating company, we set out ambitious financial goals which we continue to stand behind as we innovate and grow our businesses. We originally gave guidance of $4 million to $6 million of adjusted gross profit for 2026 and raised that guidance in May to $5 million to $7 million. In addition, we anticipate our adjusted net operating cash flow to flip positive by the end of the year, and that is what we have been communicating since day one.

截至 8 月 10 日，我們的普通股股數約為 1,550 萬股。展望未來，在 2025 年 11 月、我們在新 DeFi 策略下的首次財報電話會議中，除了我們打造新型態營運公司的宏大目標外，我們也提出了具雄心的財務目標；隨著我們持續創新並擴展業務，我們仍然支持這些目標。我們原先對 2026 年調整後毛利的指引為 400 萬至 600 萬美元，並於 5 月將該指引上調至 500 萬至 700 萬美元。此外，我們預期調整後淨營運現金流將在年底前轉為正值，這也是我們自第一天起就一直對外溝通的方向。

We continue to be confident in achieving that guidance based on our delivery of consistent quarterly performance, including growing businesses, declining costs and improving cash flows. We believe we have the right team, partners and resources and the right chosen blockchain in HyperLiquid to achieve these goals. Every day, we remain squarely focused on continued execution. Driving value for shareholders over time while helping to build Hyperliquid into the blockchain to house all of finance.

基於我們持續交付一致的季度表現（包括業務成長、成本下降與現金流改善），我們仍有信心達成該指引。我們相信，我們擁有合適的團隊、合作夥伴與資源，並且選擇了合適的區塊鏈 HyperLiquid，以實現這些目標。每天，我們都持續專注於執行。在協助將 Hyperliquid 打造成承載所有金融的區塊鏈的同時，長期為股東創造價值。

As Hyunsu said earlier, our model is no longer a concept that we ask investors to envision. It has become a reality that stands alone among public companies.

如同 Hyunsu 先前所說，我們的模式不再是一個需要投資人去想像的概念。它已成為一個在上市公司之中獨樹一幟、可獨立成立的現實。

We believe the results will continue to speak for themselves.

我們相信，成果將會持續不言自明。

With that, we look forward to answering your questions.

接下來，我們期待回答各位的問題。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

(接線員指示)

[Gareth Casetta, Antor.]

[Gareth Casetta, Antor.]

Hey, guys. Thanks for taking the question. You were very quick to kind of reallocate your host deployments to SKU and entropy.

嗨，各位。謝謝讓我提問。你們很快就把主機部署重新配置到 SKU 和 Entropy。

So I was wondering if you could talk about how much of a ramp you are expecting from those new deployments in the back half of this year and if any of that might be baked into guidance. And then also how we should think about the pipeline going forward if you guys have any additional height kind of sitting idle to do more deployments or if you would have to kind of find a new allocation for that?

所以我想請你們談談，今年下半年你們預期這些新部署會帶來多大幅度的爬坡（ramp），以及其中是否有任何部分已反映在指引中。另外，對於未來的管線（pipeline），我們應該如何看待：你們是否還有任何額外的高度（height）處於閒置狀態可用於更多部署，或是你們需要為此尋找新的配置方式？

Hey, Gareth, thanks for the question.

嗨，Gareth，謝謝你的問題。

I would say that one of our core functions is to continuously have conversations with teams that are either directly building on or looking to come to build on HyperLiquid, and a large part of our ability to pivot so quickly was maintaining those relationships and ensuring that our diligence was robust to ensure that these were the right products to launch through our deployment product house.

我會說，我們的一項核心職能是持續與那些正在直接在 HyperLiquid 上建置、或希望轉而在 HyperLiquid 上建置的團隊保持對話；而我們能夠如此快速轉向的一大原因，就是維持這些關係，並確保我們的盡職調查足夠扎實，以確認這些是適合透過我們的部署產品工坊（deployment product house）推出的正確產品。

We expect them to ramp relatively quickly with SKU. The institutional listing service that we are calling Partner Markets is designed to onboard more bespoke products that are not yet listed on HyperLiquid and have them trading relatively quickly. And that is obviously contingent upon the roadmap for permissionless HIV-4. And then with Entropy, HIV-3 is already live, and we expect that the team to start very quickly. We have actually staked the 500,000 hype today and will be working on getting the deployment.

我們預期 SKU 會相對快速地爬坡。我們稱之為 Partner Markets 的機構上架服務，旨在導入更多尚未在 HyperLiquid 上架的客製化產品，並讓它們能相對快速地開始交易。而這顯然取決於無許可（permissionless）HIV-4 的路線圖。至於 Entropy，HIV-3 已經上線，我們預期該團隊會很快開始。我們今天實際上已質押了 500,000 枚 HYPE，並將著手推進部署。

In terms of the longer-term roadmap for this year, we want to see these teams scale their revenues and obviously directly contributing type period and we will continue to have conversations either through our listing service or bespoke deployments for individual permissionless markets.

就今年較長期的路線圖而言，我們希望看到這些團隊擴大其營收規模，並且顯然在相應期間直接做出貢獻；同時，我們也會持續透過我們的上架服務，或針對個別無許可市場的客製化部署，與相關團隊保持對話。

Great, thank you. And then just a quick one on your validator business. I am wondering if you could provide how much of the 11.1K total hype you guys earned was from the validator business, and did you guys see any uplift from the early days of the integration with Blockdaemon, and how are you thinking about potential future integrations?

很好，謝謝。另外快速問一個關於你們驗證者（validator）業務的問題。我想請你們說明一下，你們總共賺到的 11.1K 枚 HYPE 中，有多少是來自驗證者業務；以及你們是否在與 Blockdaemon 整合的初期看到任何提升（uplift），並且你們如何看待未來可能的整合？

Thanks so much for the question, Gareth.

非常感謝你的問題，Gareth。

In terms of the commissions earned from validating in isolation, it was about 500 tokens from validating, meaning the majority of our tokens earned in hype were from our own native staking.

就單純來自驗證（validating）的佣金而言，大約是 500 枚代幣；也就是說，我們所賺取的 HYPE 代幣大多數來自我們自有的原生質押（native staking）。

The partnership with Blockgate, while announced, is expected to ramp throughout the quarter and into next. And I think that the platform that we have set up. We believe to be world-class for a number of reasons, right? Kinetic is the number one liquid staking protocol on HyperLiquid, which means that it is functionally attractive for multiple reasons. And the partner that we have on the infrastructure side, Pier 2, who is purchased by Maven, owned by Bitmine, one of the largest players in validating across multiple blockchains and a very large player among institutions. And essentially what happens, and this is what happens with block payment, like every other financial service product, institutions really care about who they're working with, why they're working with them. They care about the track record, the compliance, the reporting, of course, economics and overall reliability and dependability. And block payment is just the first institutional partnership that we have, and we are expecting others to follow. And as part of the broader trend on hyperliquid. More broadly, where, of course, it achieves such a large market share of overall crypto activity and financial activity, but so much is still not yet accomplished of institutional adoption. And when that shifts, even more balances will flow, even more.

與 Blockgate 的合作雖已宣布，但預期會在本季並延續到下一季逐步爬坡。而我認為我們所建立的平台。我們相信其在多個面向都屬世界級，對吧？Kinetic 是 HyperLiquid 上排名第一的流動質押（liquid staking）協議，這代表它在多個原因上都具備功能性吸引力。而在基礎設施端，我們的合作夥伴是 Pier 2，其被 Maven 收購，而 Maven 由 Bitmine 持有；Bitmine 是跨多條區塊鏈進行驗證（validating）的最大玩家之一，也是在機構端非常重要的參與者。本質上會發生的是——而這也和區塊支付（block payment）一樣，像其他所有金融服務產品一樣——機構非常在意他們與誰合作、以及為什麼與其合作。他們在意過往紀錄、合規、報告，當然也在意經濟性以及整體可靠性與可依賴性。而區塊支付只是我們第一個機構合作夥伴，我們預期後續還會有其他合作夥伴跟進。並且作為 Hyperliquid 上更廣泛趨勢的一部分。更宏觀地說，當然它在整體加密活動與金融活動中取得了如此大的市占率，但在機構採用方面仍有許多尚未完成。而當那個轉變發生時，將會有更多資金餘額流入，更多。

Institutions and other participants will be active. We think and we believe in core to our thesis is that they will want to be active with world-class institutions such as ourselves.

機構與其他參與者將會更加活躍。我們認為，並且我們論點的核心信念是，他們會希望與像我們這樣的世界級機構合作並參與其中。

Awesome. Thanks for the color, guys, and a good quarter.

太棒了。謝謝你們提供的補充說明，這一季表現也很不錯。

Thank you, Gareth.

謝謝你，Gareth。

Brian Vieten, Siebert.

Brian Vieten，Siebert。

Alright, thanks guys. A nice job at the summit in July. I was not able to catch it online. Sorry I missed it, but in the past you guys spoke to HIP 4, it is kind of a potentially larger opportunity than HIP 3. Is that still how you guys see it?

好的，謝謝各位。你們 7 月在峰會上的表現很棒。我沒能在線上看到。很抱歉錯過了；但過去你們談到 HIP 4，認為它可能是比 HIP 3 更大的機會。你們現在仍然這麼看嗎？

Hey, Brian. Great to hear from you. Yeah, absolutely. We think that the trend -- I mean, there is obviously so much that is going on right now, both in the political sphere and the financial sphere with regards to prediction markets, perpetuals, and the changing nature of financial systems moving on-chain. But net-net, we think that there are so many ways to not only directionally express beliefs. Through markets and prediction markets or outcome markets captures that the best. And the advantage with Hyperliquid as a unified settlement layer for all financial services or systems is the fact that you will be able to not only access spot for perpetuals and outcome markets all in that same settlement layer. And our belief from the Hyperion perspective is that we can not only support perps, which we have already, but also find teams on the outcome market side as HFB4 moves to permissionless and basically. Infrastructure that enables all of these to functionally grow as a result of volume generally increasing. The other trend that we are seeing is the tokenization of real-world assets, and that continuously drives more utilization not only to the HyperCore platform but also to HyperEVM. And that means that you have many verticals that are using these financial primitives to not only satisfy the use of DeFi in addition to.

嗨，Brian。很高興聽到你的聲音。是的，絕對如此。我們認為這個趨勢——我的意思是，現在無論在政治領域或金融領域，關於預測市場（prediction markets）、永續合約（perpetuals），以及金融系統上鏈（on-chain）所帶來的性質變化，都有非常多事情正在發生。但總體而言，我們認為有很多方式不僅能以方向性表達信念。透過市場，而預測市場或結果市場（outcome markets）最能捕捉這一點。而 Hyperliquid 作為所有金融服務或系統的統一結算層（unified settlement layer）的優勢在於，你不僅能在同一個結算層中同時存取現貨（spot）、永續合約與結果市場。從 Hyperion 的角度，我們相信我們不僅能支援我們已經支援的永續合約（perps），也能在 HFB4 走向無許可（permissionless）之際，在結果市場端找到團隊，並且基本上。提供能讓所有這些在整體交易量提升的情況下實質成長的基礎設施。我們看到的另一個趨勢是真實世界資產（real-world assets）的代幣化（tokenization），而這會持續推動不僅是 HyperCore 平台、也包括 HyperEVM 的使用率提升。這意味著有許多垂直領域正在使用這些金融原語（financial primitives），不僅是為了滿足 DeFi 的使用，此外還包括。

Having that collateral to utilize it for outcome markets. And so, net-net, we think that there is just only the -- we are just beginning to scratch the surface of what's possible when you have infrastructure like HyperLiquid.

擁有那樣的抵押品，便能將其用於結果型市場。因此，總體而言，我們認為在擁有像 HyperLiquid 這樣的基礎設施時，可能性的表面我們才剛開始觸及。

That is great. And we will see some elections or something like that later in the year. But just two other quick ones, hopefully.

那很棒。而且我們會在今年稍晚看到一些選舉之類的事件。不過還有另外兩個很快的問題，希望可以。

So, great to hear the quick pickup from winding down the Felix relationship. And I guess, could you guys contextualize the pipeline a little bit more? It seems like the longer the better, the more volume and activity the better. And so long as the pipeline is there, it is a relatively, costless, painless switch. That is the beauty of, the tokens themselves. But I guess how sticky are these folks? Like, how long might someone be in the pipeline ready to go?

所以，很高興聽到在逐步結束與 Felix 的合作關係後，能快速回升。我想請你們再多一些脈絡說明一下 pipeline（合作/導入管線）？看起來越長越好、量能與活動越多越好。而只要管線還在，切換相對是低成本、無痛的。這就是代幣本身的美妙之處。但我想問，這些客戶/團隊的黏著度有多高？像是，一個人可能會在管線裡待多久、準備好要上線？

Before maybe they go try and find another Ave. Do you guys have a couple months or some amount of timeline to be able to find a way to work together, if that makes sense?

在他們可能轉而去找另一個管道之前。你們是否有幾個月或某個時間窗口，能夠找到合作方式（如果這樣問有道理的話）？

So it varies by each deployer. We take our diligence process very seriously, and I would say that both Skew and Entropy have been well capitalized. They've been participants in the markets for a long time, and we looked at their methodology both for perps and outcome markets and felt very confident in their ability to create products that traders want to trade, both at the retail and institutional level. When it comes to deal structures, I would say the base minimum requirement at the hyper-liquid platform level is six months, but we do. Design longer-term deal structures and, again, have revenue share and equity exposure to our partners. So, if they are able to generate substantial revenues and use it to allocate to their own hype stake, then that is perfectly fine. We still have exposure to their long-term success. But realistically, for teams that are building new infrastructure, they should be allocating that capital towards the growth of their own product and distribution. And so that is why we feel very confident in our ability to not only position Hyperion as the bonded capital layer for these. Deployers, but with products like partner markets with institutional listing services, we can scale both horizontally and vertically. So, that is how we think about long-term deployments of HYPE. And again, our unique offering in this market is that we are not just a HYPE holder and provider, but we have also built primitives across the HYPE EDM and have services like the HYPE ACT-E service for fee reductions to offer to traders. So, we offer this cohesive partnership-based product that is what enables us to not only engage. Work long-term with the best builders in the ecosystem.

這會因每個部署方而異。我們非常重視盡職調查流程；我會說 Skew 和 Entropy 的資本實力都很充足。他們長期參與市場，我們也檢視了他們在永續合約與結果型市場的做法，並對他們打造交易者想交易的產品能力非常有信心，涵蓋零售與機構層級。在交易結構方面，我會說在 hyper-liquid 平台層級的基本最低要求是六個月，但我們也會設計更長期的交易結構，並再次強調，我們對合作夥伴同時有分潤與股權曝險。因此，如果他們能產生可觀收入並用來配置到他們自己的 hype stake，那完全沒問題。我們仍然能分享他們長期成功的成果。但務實來說，對於正在打造新基礎設施的團隊，他們應該把資本配置到自身產品與通路的成長上。這也是為什麼我們非常有信心，不僅能把 Hyperion 定位為這些部署方的綁定資本層（bonded capital layer），同時透過像合作夥伴市場（partner markets）與機構上架服務（institutional listing services）等產品，我們能在水平與垂直兩個方向擴張。這就是我們看待 HYPE 長期部署的方式。此外，我們在這個市場的獨特之處在於：我們不只是 HYPE 的持有者與提供者，我們也在 HYPE EDM 上建立了基礎元件（primitives），並提供像 HYPE ACT-E 服務這類可為交易者降低費用的服務。因此，我們提供的是一套一致、以合作夥伴為核心的產品，這使我們不僅能夠參與，也能與生態系中最優秀的建設者長期合作。

Okay, that is great. That kind of answers this next one, but just quick housekeeping. I think you guys might have hit on it, but how much of the token holdings are ready to rock as far as deploying to new strategies?

好的，那很棒。這某種程度也回答了下一題，但先做個簡短確認。我想你們可能提到過，但你們的代幣持倉中，有多少已經準備好可用於部署到新策略？

And then can you just talk about the balance between, hey, let us get out there and track down more tokens to marry them with all the folks in the pipeline versus, hey, it is more about getting the right partnerships.

另外，你們能談談兩者之間的平衡嗎：一方面是「我們出去再追更多代幣，把它們和管線裡的各方配對」；另一方面是「更重要的是找到正確的合作夥伴」。

Sort of, I guess, quality versus quantity, like just talk about the balance a little bit.

也就是說，品質對數量——請稍微談談這個平衡。

Sure. So, I guess we should be relatively clear, right? We faced a headwind, unexpected event with USDA Sunset, and within a month, we were able to deploy more hype than we had actually had to undelegate and have built better economic structures. So, there is a lot of flexibility that we have, and it is the same thing that attributes to our increasing cost efficiency. In terms of our operating structure. We are able to use these digital assets most optimally and are able to find the best deal structures that enable long-term growth. So, when it comes to, again, going to market, most of these times the teams are coming to us and we have a lot of privilege to be able to identify the best teams and work with them closely to support the growth of Hyperliquid ecosystem, but also generate and establish long-term revenue opportunities.

當然。我想我們應該說得相對清楚，對吧？我們遇到了一個逆風——USDA Sunset 的意外事件——但在一個月內，我們就部署了比實際需要解除委託（undelegate）的 hype 還要多，並建立了更好的經濟結構。所以我們有很大的彈性，而這也同樣促成我們成本效率的提升。就我們的營運架構而言。我們能以最優方式運用這些數位資產，並能找到最好的交易結構以支持長期成長。因此，談到再次走向市場時，多數情況是團隊主動找上我們；我們也很有優勢能辨識最好的團隊並與他們緊密合作，以支持 Hyperliquid 生態系的成長，同時也產生並建立長期的營收機會。

It is about maintaining the flexibility around the asset, and then, obviously, it is critical for us to be able to continue to accumulate and redeploy hype and optimize the yield that is possible in the ecosystem.

重點在於維持資產運用的彈性；然後，當然，對我們而言也很關鍵的是能持續累積並重新部署 hype，並把生態系中可取得的收益率最佳化。

That is great. Are you guys going to leave the charge there? I had to ask. But thanks again, guys.

那很棒。你們會把這個領先優勢維持下去嗎？我得問一下。不過再次感謝各位。

(Operator Instructions)

（接線員指示）

Jim McIlree, Chardan Capital Markets, LLC.

Jim McIlree，Chardan Capital Markets, LLC。

Yeah, thanks a lot. Good evening, guys.

是的，非常感謝。各位晚上好。

I would like to figure out how you get to the adjusted gross profit guidance. You did two in the first half, so you need three. Four in the second-half, and it is a pretty big jump from Q1.

我想了解你們是如何推導出調整後毛利（adjusted gross profit）的指引。你們上半年做了 2（單位），所以你們下半年需要 3。4（單位），而且相較 Q1 是很大的跳升。

The staking is it looks like it is really driven by the price of the token more than anything else.

質押（staking）看起來主要是由代幣價格驅動，勝過其他因素。

So the delta's got to come from something else. And I am assuming that it is DeFi monetization. Is that true? And then secondly, it sounds like it is really going to be more fourth quarter loaded than third quarter loaded. Is that true?

所以差額（delta）一定得來自其他來源。我假設是 DeFi 變現。是這樣嗎？另外第二點，聽起來會更偏向第四季貢獻大於第三季。是這樣嗎？

Thanks very much, Jim, for the question.

Jim，非常感謝你的提問。

I think when you consider that we had two major partnerships wind down in the second quarter, both impacting defund monetization, yes, it is certainly logical to extrapolate that that is where we will have the most recovery and growth following through.

我想如果你考量到我們在第二季有兩個重大合作關係結束，兩者都影響了 DeFi 變現，是的，推論我們後續的回升與成長主要會來自那裡，確實是合乎邏輯的。

Both from the partnerships that we have announced and potentially future activity through the remainder of the year.

一方面來自我們已宣布的合作夥伴關係，另一方面也可能來自今年剩餘期間的未來活動。

So DeFi monetization should be a large source of growth.

因此，DeFi 變現應會是主要的成長來源。

Ecosystem award to the extent that there are airdrops or other awarded tokens and equity positions could contribute quite a bit.

生態系獎勵方面，若有空投或其他獲配的代幣，以及股權部位，可能會貢獻相當多。

Your point on faking is correct. That is. Fairly linear to the number of tokens that we have and the price of hike.

你對 staking 的看法是正確的。那是。與我們持有的代幣數量以及 hike 的價格呈相當線性的關係。

I think that, sitting here today, we certainly continue to feel very confident in the guidance that we have.

我認為，以我們今天所處的位置來看，我們仍然對目前給出的指引非常有信心。

I think that we expect to continue to grow every single quarter.

我認為我們預期將在每一個季度都持續成長。

There is reasons why there could be variability, but we expect Q3 to be strong and Q4 to potentially be stronger. But there is a lot of reasons why Q3 might end up stronger than Q4 and vice versa.

確實有一些原因可能導致波動，但我們預期第三季會很強勁，而第四季可能會更強。不過，也有很多原因使得第三季最終可能比第四季更強，反之亦然。

As you can imagine, as part of our broader triple-dip strategy of. Owning tokens and sharing the upside in businesses and sharing the upside in the equity of the various protocols and companies that we support, it supports a long-term way of operating, and that is how we aim to position ourselves for the benefit of shareholders. So, quarter-to-quarter numbers are going to continue to be volatile. It is the nature of the way that we operate, and it is the nature of the broader digital assets and crypto space.

如你所想，作為我們更廣泛的三重收益策略的一部分。持有代幣並分享企業上行，以及分享我們所支持的各種協議與公司的股權上行，這支持一種長期的營運方式，而這也是我們希望為股東利益來定位自身的方式。因此，季度對季度的數字將會持續波動。這是我們營運方式的本質，也是更廣泛的數位資產與加密領域的本質。

But I think that how you described it is a fair overall sense for where things could land.

但我認為你剛才的描述，對於事情可能落點的整體感受是公平的。

Great. And just two more, I will ask them at the same time. So, one is the kinetic staking yield, is that reported in ecosystem rewards? And then secondly, with the sale of the legacy.

很好。再兩個問題，我會一起問。第一個是 Kinetic 的質押收益（staking yield），是否列在生態系獎勵（ecosystem rewards）中？第二個是，隨著出售既有的

Healthcare to Arctic Vision, do you get any significant reduction in operating expenses from the Q2 levels?

醫療保健業務給 Arctic Vision，你們的營運費用相較第二季水準會有顯著下降嗎？

Great question.

問得很好。

The additional staking on Kinetic, where we have our KNCQ staked into SKNCQ and are continuing to earn yield, we view that as defined monetization.

在 Kinetic 上的額外質押，我們將 KNCQ 質押到 SKNCQ 並持續賺取收益，我們將其視為已定義的變現（defined monetization）。

As I mentioned earlier on the call, we have accumulated about 40,000 tokens, while these tokens continue to be liquid staked, so that is where that is and will continue to be, in terms of the sale to Arctic Vision.

如我先前在電話會議中提到，我們已累積約 40,000 枚代幣；由於這些代幣仍以流動質押（liquid staked）的形式存在，因此就目前狀況以及未來都會是如此；至於出售給 Arctic Vision 的部分。

Q2, obviously, we saw a substantial decline in our costs from $3.0 million to $2.3 million.

第二季，顯然我們的成本從 300 萬美元大幅下降到 230 萬美元。

However, that does not reflect a full quarter of the legacy segments of being run off.

然而，這並未反映既有業務板塊完全退出（run off）的一整個季度。

So we would anticipate even further declines, Q3 versus Q2, to have a full quarter of lower personnel costs, patent.

因此我們預期還會進一步下降，第三季相較第二季，因為將完整反映一整季較低的人員成本、專利。

IP maintenance, and things of that nature.

智慧財產（IP）維護，以及諸如此類的事項。

Can you just frame that in terms of how big that decline might be?

你能否就這個下降幅度做個框架說明？

Maybe a range?

例如一個區間？

Sure. I think that an incremental reduction of anywhere between.

當然。我認為在核心費用的常態水準（run rate）上，額外再降低約

10% to 20% versus the run rate of the core expenses, excluding stock-based compensation, I think would be a good measurement of success for us. And again, keeping that in context, the first quarter that we started, Q3 last year, it was $4.3 million, Q3 2025. So, we have already reduced to close to half and getting under half of where we started of overall run rate cash is. Would be a great success. And then going to an earlier question, we can do all of these activities with a fairly low enduring cost base.

10% 到 20%（不含股份基礎給付），我認為會是衡量我們成功的一個良好標準。同樣地，放在脈絡中來看，我們開始的第一個季度是去年第三季，當時是 430 萬美元，2025 年第三季。所以，我們已經降到接近一半，而把整體常態現金支出降到低於起點的一半。將會是非常大的成功。另外回到先前的問題，我們可以用相當低且可持續的成本基礎來進行所有這些活動。

It is infrastructure that we have built. It is legal framework that we have developed that we have obviously cleared through all of our reporting infrastructure and governance procedures, and this kind of growth.

這是我們建立起來的基礎設施。這是我們所建立的法律架構；顯然我們也已經通過所有申報基礎設施與治理程序的檢視，而這類成長。

Can happen only because of scalable blockchain technologies, and in particular, the blockchain that we have chosen, which is hyperliquid.

之所以能發生，只因為可擴展的區塊鏈技術，特別是我們所選擇的區塊鏈，也就是 Hyperliquid。

So, yes, you should continue to see declining costs as we saw this quarter to quarter, and continue to see further optimization from here as we are laser-focused on how we scale.

所以，是的，隨著我們本季所見的季度對季度變化，你應該會持續看到成本下降；而且從現在起，隨著我們高度聚焦於如何擴張，也會持續看到進一步的優化。

Got it. Thanks a lot. Well done, guys.

了解。非常感謝。各位做得很好。

There are no more questions. We will now turn the call back over to Hyunsu Jung for closing remarks.

沒有更多問題了。我們現在把電話交回給 Hyunsu Jung 做結語。

Our second quarter was defined by two things, resilience and expansion, supported by sound operating processes and flexible pioneering partners.

我們第二季由兩件事所定義：韌性與擴張；這得益於健全的營運流程與具彈性、具開創性的合作夥伴。

When the ecosystem shifted, we adapted within weeks and came out with stronger economics and better infrastructure than we had before.

當生態系發生轉變時，我們在數週內就完成調整，並以比以往更強的經濟性與更好的基礎設施走出來。

That is a core mandate as a true operating company and today's results reflect it.

這是作為一家真正的營運型公司（operating company）的核心使命，而今天的成果也反映了這一點。

But what excites us most is what has to come.

但最令我們振奮的是接下來將要到來的事。

HyperLiquid crossed $1 billion in cumulative revenue this quarter and opened an entirely new frontier in outcome markets, one where existing perpetual infrastructure operates in a unified financial system and where Hyperion is positioned at forefront.

HyperLiquid 本季累計營收突破 10 億美元，並在結果市場（outcome markets）開啟了一個全新的前沿；在那裡，既有的永續合約基礎設施在一個統一的金融系統中運作，而 Hyperion 站在最前沿。

From validator operations and the Hyper Asset Use Service to institutional volatility and credit products on the HyperEVM to the next generation of markets on HyperCore, the foundations we spent the past year laying are becoming the infrastructure this ecosystem runs on.

從驗證者營運與 Hyper Asset Use Service，到 HyperEVM 上的機構級波動率與信用產品，再到 HyperCore 上的下一代市場，我們過去一年所奠定的基礎，正成為這個生態系賴以運行的基礎設施。

Each business line feeds the flywheel. Revenue tied to utilization, rising value across our partner protocols, and more hike bought back and burned.

每一條業務線都在推動飛輪效應。營收與使用量掛鉤、我們合作協議中的價值上升，以及更多的 hike 被回購並銷毀。

As that flywheel accelerates, so does the global adoption of HyperLiquid, bringing new users, new products, and new capital to the ecosystem we serve.

隨著飛輪加速，HyperLiquid 的全球採用也同步加速，為我們所服務的生態系帶來新用戶、新產品與新資本。

While a passive treasury experiences hyperliquid evolution as price volatility, Hyperion experiences as a pipeline.

當被動式金庫（passive treasury）將 hyperliquid 的演進視為價格波動時，Hyperion 則將其視為一條管線（pipeline）。

That is the difference we set out to build and our objective is to keep proving that each quarter to come.

這就是我們著手打造的差異，而我們的目標是在未來每一個季度持續證明這一點。

And again, as large shareholders ourselves, our goals have been and always will be directly aligned with yours. We only win if you win.

再者，作為我們自己也是大股東，我們的目標一直以來、也將永遠與你們的目標直接一致。只有你們贏，我們才會贏。

Every decision we make, every partnership, every deployment, every dollar of capital is optimized for that outcome.

我們做出的每一個決策、每一個合作、每一次部署、每一美元資本，都以達成這個結果為最佳化目標。

To our investors and partners, thank you for your continued support as we build the premier institutional gateway to Hyperliquid.

致我們的投資人與合作夥伴，感謝你們在我們打造通往 Hyperliquid 的頂級機構入口（gateway）過程中持續支持。

Thank you.

謝謝。

This concludes today's teleconference. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。