Dave Knox
32 posts
Dave Knox
@dknox_hypd
CFO at Hyperion DeFi (NASDAQ: HYPD)
Introducing HyperLend 2.0
We are excited to announce the first 30 speakers of Digital Asset Yield Summit (DAYS) Miami. This is the most institutional and influential line-up ever recorded at DAYS (formerly Staking Summit). Matthew Sheffield (@sheffieldreport) — Chief Investment Officer at @Sharplink Maredith Hannon (@MaredithH1) — Head of Business Development, Digital Assets at @WisdomTreePrime Sidney Powell (@syrupsid) — Co-Founder & CEO at @maplefinance Juan David Mendieta Villegas (@JuanDMendieta) — Co-Founder & CSO at @keyrock Duncan Moir (@Duncanmoir) — President at @21shares Vadim Khramov (@vadimthedream0) — Founder & Chief Investment Officer at @EdgeCapitalMgmt Purvi Maniar — Chief Legal Officer at @LaserDigital_ David Knox — Chief Financial Officer at @HyperionDeFi Anna Dinescu — Managing Partner at @HilbertCapital Peter Suarez Ferrara — Director, Technology Investment Banking, Financial Software at @UBS Investment Bank Bentzi Rabi (@bentzzi) — Co-Founder & CEO at @utila_io Zach Pandl (@LowBeta) — Head of Research at @Grayscale Bhavin Vaid (@RealBhavinVaid) — CEO at @BirchHill_io Jon Campagna (@thecampsishere) — Co-Founder & COO at @NexystDigital Alison Mangiero (@AMangiero) — Head of Staking Policy & Industry Affairs at @crypto_council Michael Ashby (@lonvangen) — CEO at ALGOQUANT Lorien Gabel (@lorientree) — Co-Founder & CEO at @Figment_io Jose Martinez Sanguinetti (@MartinezSang) — Founder & CEO at Sothys Capital Thierry Adant (@tadantm) — Chief Investment Officer at Battery Finance Myles Harrison (@MylesHarrison89) — Chief Product Officer at @AMINABankGlobal David Kinitsky (@Kinitsky) — Chief Corporate Development Officer at @everstake_pool Digital Asset Yield Summit is a curated forum for capital allocators to discover the latest advancements in digital asset yield. The event is invite-only and capped at 300 attendees to ensure we can speak and qualify everyone personally. Join us in Miami, 4 May ↓
HYPD 4Q25 Review: The Active Strategy Arrives @HyperionDeFi reported a $39.8M net loss for Q4 2025. The stock rallied 7.84%. Three months ago, Q3's "record $6.6M net income" barely moved. The GAAP headline is mark-to-market theater. What matters is the operating business doubled and shifted from passive treasury holding to active DeFi deployment. 1. The Loss Quarter Had the Better Business Q3's $6.6M profit was almost entirely HYPE price movement ($6.9M in realized gains, $6.4M in unrealized appreciation, offset by $6.3M in impairment charges). Strip that out and the operating business generated $302,506 in revenue. Q4 is the mirror image. HYPE fell 43.7%, and because roughly half of HYPD's position sits in HiHYPE liquid staked tokens under impairment-only accounting (ASC 350-30; losses recognized permanently, gains never), the GAAP loss is structurally overstated. HYPE has since recovered to $38.50, but none of that shows up in the HiHYPE book value until they sell. Underneath that headline shows $496,229 in revenue (+64% QoQ), $821K adjusted gross profit (+87%), and operating expenses ex-SBC down 30%. The loss quarter had the better business, and the market priced it accordingly. HYPD’s HYPE treasury has increased from 1.72M to 1.88M HYPE. 2. The Revenue Mix Changed In Q3, HYPD's revenue was effectively 100% passive. Q4 looks different. Staking yield, the passive core, actually shrank 10% to $305K. The growth came from two new active deployment lines that didn't exist a quarter ago. DeFi Monetization contributed $102K from three HAUS agreements (Credo, Felix, Silhouette) where the same staked HYPE earns yield, validator commissions, and protocol revenue shares simultaneously with zero marginal capital per new deal. Ecosystem Rewards added $285K, mostly from the Kinetiq airdrop (1.92M KNTQ tokens received November 27). That specific drop won't repeat, but active deployment creates structural airdrop eligibility that passive treasuries don't capture. HYPD has already received 1M HPL tokens from HyperLend in Q1, with a Rysk points program active since February. HYPE holdings also grew organically from 1.72M to 1.88M during the quarter, all from operations rather than purchases. The active strategy generates token accumulation independent of price. Management guided $4–6M in adjusted gross profit for 2026, roughly 4x FY2025, though Q4's annualized run rate of ~$3.3M sits below the low end. The capital structure hasn't simplified since my last piece; 32.6M warrants at $3.25 exercisable since December, a $3.05M preferred dividend on $813K in FY2025 revenue. But what Q4 showed is that the deployment model is producing real revenue lines where none existed before, and the HAUS economics, pure margin expansion on the same staked position with every new deal, give the strategy a scaling path that passive holding never had. If the deal pace holds and HyperEVM's ecosystem keeps growing, the active revenue lines that appeared from zero this quarter could look different by year-end.
Hyperliquid Annual Report 2025 Today, we're excited to release Hyperliquid's 2025 Annual Report. What Hyperliquid, the core team, and hundreds of contributors have built this year is largely unprecedented in financial history. This report is our attempt to capture that extraordinary year with the rigor it deserves. A few months ago, we created HRC because we felt a clear need to reduce information asymmetry and lower entry barriers for new participants through independent research. We hope this report helps do exactly that. For us, it is a privilege to be part of this ecosystem and to have produced this work. Months of research, data work, debate, and collaboration across Four Pillars, GLC, and all our contributors went into every page. It means a lot to share it today, so please, let us know what you think and how we can improve the reporting going forward. Enjoy the read. Some excerpts below, with the link to the full PDF. Hyperliquid.
Hyperion DeFi is proud to announce the first Private Lending Pool built in partnership with @hyperlendx, native to the HyperEVM. Through this pool, Hyperion DeFi will access credit on-chain at more favorable economics. This credit infrastructure is expected to expand to other qualified lenders, borrowers, and supported assets over time, with the long-term objective to attract additional institutional-grade capital and support Real-World Asset (RWA) opportunities on HyperEVM. ir.hyperiondefi.com/news-events/pr… gLend.
Felix exchange has crossed $2bn in HIP-3 volume This growth has been driven in large part by SILVER-USDH, which has processed nearly $1bn volume since launch in December and more recent growth on OIL-USDH (over $11m 24hr volume today and $8m OI) Through Felix exchange, we're focused on bringing TradFi markets and TradFi traders on-chain to take advantage of 24/7 markets--a reality that continues to be actualized on-chain Trade Felix markets here: trade.usefelix.xyz/flx:SILVER
