Summary
Ketju does not approve Hyperithm’s vaults: about 70% of tracked deposits sit in one vault on Monad, and Hyperithm’s Japanese registration does not cover its on-chain vaults. We do not doubt the firm. Hyperithm Co., Ltd. is a disclosed Tokyo proprietary trading firm founded in 2018, backed by Coinbase Ventures, Samsung Next and Hashed, and covered in the trade press. Its Japanese registration is a Qualified Institutional Investor exemption, a light registration for funds sold only to institutions. It covers Hyperithm’s CeFi funds. The on-chain vaults run on four venues with different structures: Morpho, Accountable Capital, Midas and Neutral. Hyperithm markets them as covering ten chains, which hides how concentrated they are. We found no audit of Hyperithm’s own vaults. For the largest vaults we could find no redemption terms beyond a general “Open Term, subject to strategy liquidity” label.
Review triggers
- Hyperithm publishes one consistent eligibility and legal-claim disclosure across all four venues it curates on, or Ketju splits this memo by venue
- Deposits spread meaningfully beyond the single Monad vault that holds most of them today
- An audit attributed to Hyperithm is published for the vaults that hold most tracked capital
- Hyperithm publishes a regulatory registration that covers its on-chain vault business, beyond its CeFi fund business
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Monad, Ethereum, Arbitrum, Plasma, Stable, Solana, Hyperliquid L1, Katana, XRPL EVM, BSC
- Reviewed
- Last confirmed