Hyperion DeFi reported record third-quarter 2026 GAAP net income of $39.6 million, up 28% from the second quarter and roughly 497% from $6.63 million a year earlier. Revenue rose 168% year over year to $810,415, while most of the headline profit came from gains on the company’s HYPE token holdings. Operating income reached $555,177, marking the first profit from core operations since Hyperion adopted its decentralized finance strategy in June 2025. Adjusted gross profit increased 143% quarter over quarter to $2.8 million, exceeding prior guidance of $2 million to $2.5 million, while staking income rose 49% to approximately $785,000. Hyperion maintained its 2026 adjusted gross profit forecast of $7 million to $8 million and said core operations reached breakeven ahead of guidance. The company sold about $13 million of HYPE during the quarter and fully repaid its approximately $8.6 million obligation to Avenue Capital. Its holdings fell to about 1.848 million HYPE from 2.04 million at the end of June, but their reported value rose to $167.9 million from $132.6 million as the quarter-end token price increased from $65 to $90.80. Reported net asset value reached $182.4 million, while cash, cash equivalents and stablecoins totaled $14.5 million. Hyperion also launched a $20 million share repurchase program, buying 240,124 shares in September for roughly $788,000, or about $3.21 per share and approximately 30% below reported net assets.