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HYPE Hyperion DeFi bought back shares and paid off debts, transforming itself into the first U.S. listed DeFi company on the Hyperliquid chain
Dallas-based Hyperion DeFi, Inc. (NASDAQ: HYPD) announced that as the first U.S. listed company built on the Hyperliquid blockchain, it repurchased 240,124 shares of HYPD stock and cancelled approximately $8.6 million in legacy debt on October 2. This debt repayment was partially provided by sales funds from HYPE tokens. According to a press release filed with the U.S. Securities and Exchange Commission (SEC), the move marks the company's comprehensive transformation into the decentralized finance (DeFi) space.
Share repurchase and debt settlement
The company repurchased 240,124 shares of common stock at a weighted average price of US$3.21 per share (excluding costs and expenses) and fully repaid all outstanding principal and interest under its loan agreement with Avenue Capital. The move allows Hyperion DeFi to no longer hold any long-term debt. CEO Hyunsu Jung said that in September, the company raised its performance guidance, launched a share repurchase program, completed debt repayments, and issued a number of new business announcements. He also thanked Avenue Capital for supporting the company's strategic transformation from its original biotechnology brand Eyenovia.
Treasury assets partially supported by HYPE
As of September 30, the company had approximately US$14.5 million in cash, cash equivalents and stable currency, and held 1.85 million HYPE tokens, with approximately 15.44 million shares outstanding at this time. HYPE is a native token for Hyperliquid, a Layer-1 blockchain network specifically designed for high-frequency transactions. Since it was launched on Binance under the seed label in September this year, the token has been traded on major trading platforms.
The company announced that transaction fees on its central limit order book have prompted the network to independently purchase and quarantine more than 47 million HYPE tokens. According to the documents, the network settles orders, cancellations, and closes positions in a 70-millisecond block time and runs HyperEVM, a smart contract platform for permission-free DeFi applications. Pledging HYPE online can get lower transaction fees and higher recommendation rewards.
Strategic shift from biotechnology to on-chain DeFi
Hyperion DeFi defines itself as the first U.S. -listed DeFi company on Hyperliquid, providing shareholders with HYPE exposure through pledge proceeds and on-chain utility income. With the extensive expansion of Hyperliquid lending service launched this year, the company's business is growing simultaneously.
The forward-looking statements contained in the document, including plans to expand the scale of its on-chain DeFi business and further optimize its capital structure, remain subject to market and regulatory risks. The company has not set a timetable for additional repurchase. Overall, the company aims to provide investors with streamlined (simplified/efficient) access to what it calls one of the fastest growing blockchains. Except for the number of shares and average price, the company did not disclose the total dollar value of the repurchase.
