Eyen single-day big rise 77%, HYPE becomes the new player of "coin stock"

The eye drug company in the U.S. has transformed into a Decentralized Finance project, an experiment of capital rebirth about HYPE.

Author: BUBBLE

On June 17, Eyenovia, a digital eye care technology company with the stock code (: EYEN), announced that it has signed a securities purchase agreement to conduct a $50 million PIPE (Private Investment in Public Equity) with institutional accredited investors. The funds will be used to establish its first cryptocurrency reserve program targeting the native token HYPE of Hyperliquid, with the investment amount of $50 million far exceeding the company’s market value of $20 million.

On June 23, Eyenovia announced that its previously disclosed $50 million PIPE transaction had been successfully completed, and announced that it had successfully purchased 1,040,584.5 $HYPE at an average price of approximately $34 per token. As part of this strategy, the company also plans to launch and operate its own network validation nodes with ecosystem partners to support the activity of the Hyperliquid blockchain and lay the foundation for future HYPE staking rewards. Upon the news, Eyen’s stock price rose by 77% intraday and by 181% in the past 5 days, reaching a market value of $26 million.

Eyenovia’s Chief Investment Officer, Hyunsu Jung, added, ‘The steps we are taking are aimed at providing a secure custody channel for retail and institutional investors to access HYPE and its native yields. The company’s successful purchase of the initial HYPE position also lays the foundation for our further involvement in the Hyperliquid ecosystem.’

To drive this strategic transformation, the company has simultaneously appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and board member. After the board approves in the next few days, the company is expected to be renamed as ‘Hyperion Decentralized Finance’, and the stock code will also be changed to ‘HYPD’. As the first U.S. listed company to do a ‘microstrategy’ plan using on-chain exchanges, what is Eyenovia? Who is the mastermind behind it, Hyunsu Jung? And with more and more companies ‘rebirth’ using Crypto tokens, will $Hype be a better choice?

On the verge of delisting, Eyenovia’s life-saving straw

With the recent activity of Hyperliquid, its mainnet TVL has surged into the top 10 of public chains, and the market value of $HYPE has also risen to the 11th place among all cryptocurrencies. The number of participants is gradually increasing, and the platform’s daily transaction fees can be maintained at 2-3 million US dollars. The platform’s annual revenue has approached nearly 100 million US dollars.

But the other protagonist of the collaboration, Eyenovia, didn’t fare as well. Since its listing in February 2018 at a price of $800, it fell to as low as $1 in April 2025. Eyenovia’s main business is an ophthalmic company with a device-driven micro-dose drug delivery platform as its core, covering product directions such as pupil dilation, postoperative inflammation reduction, and pediatric myopia treatment.

Eyenovia’s main product Optejet

The company’s full-year revenue was only 56000 US dollars in 2024, with a net loss of as much as negative 50 million US dollars and liabilities exceeding 10 million US dollars. With cash flow depletion and the failure of new product trials, Eyenovia is on the brink of delisting. The HYPE reserve strategy has given Eyenovia a chance to ‘resurrect,’ and after the related news leaked, Eyenovia’s stock price skyrocketed by 134% in a single day.

Airdropped cryptocurrency executive, Hyunsu Jung

Prior to this, Eyenovia had no connection with blockchain or related industries, so the Chief Investment Officer (CIO) who persuaded Eyenovia to use 500,000 common shares as an incentive reward has attracted attention. According to public information, Hyunsu Jung previously served as a senior advisor at Ernst & Young, as well as an investment analyst at GoldenTree Asset Management and an asset management analyst in New York City.

And its formal entry into the blockchain industry was at DARMA Capital, which was founded by Andrew Keys (one of the co-founders of Consensys) in 2018. DARMA’s idea is to help clients hold ETH for the long term, increase returns and control risks through Decentralized Finance tools. It provides Ethereum staking custody and validation node services, combined with strategies such as restaking and LST to obtain additional returns.

And in December 2023, he joined Aligned as a partner. Aligned is an infrastructure that solves mining and high-performance computing, staking and liquidity supply. Its founder, Neal Kaufman, previously worked at McKinsey, and the founding team of Hyperliquid also graduated from Harvard University, and graduated as a Baker Scholar (ranking in the top 5% of the graduating class).

In DARMA’s product department and Aligned, the work has also accumulated a wealth of relevant experience and contacts for its execution of ‘micro-strategies’ in Hyperliquid Decentralized Finance.

There isn’t much information about Hyunsu on public websites, but Max, a core member of the Hyperliquid ecosystem, shared the story of his 10-year friendship with Hyunsu Jung. ‘It’s been almost ten years since Hyunsu and I, as broke exchange students in Edinburgh; and five years since we were roommates in San Juan, venturing into cryptocurrency.’

Suspected account of Hyperion, forwarded by community member Max.

On-chain Hyper micro-strategy, pledge HYPE to earn lying down

Eyenovia stated that this transaction is only open to institutional investors, and the company will issue 15.4 million shares of convertible preferred stock and 30.8 million common stock warrants, both at a conversion and exercise price of $3.25 per share. If all warrants are fully exercised, Eyenovia could raise up to $150 million.

While it cannot be guaranteed that all warrants will be exercised, if successful after this transaction, Eyenovia will be able to acquire and pledge over 1 million $HYPE.

The official announcement stated that the purchase of more than 1 million HYPE will be entrusted to Anchorage Digital for custody. And a few days ago, on June 12, the Canadian listed company Tony G Co-Investment saw its stock price skyrocket by over 800% within an hour after purchasing 10,000 $Hype, directly leveraging a market value of $57 million with only $430,000.

Eyenovia CEO Michael Rowe said, “We are pleased to join an increasing number of companies adopting similar strategies to realize the diversification, liquidity, and long-term capital appreciation potential represented by cryptocurrencies. After a comprehensive review of all available options, the board and I unanimously believe that this transaction is in the best interest of our shareholders.”

Jung added: “I am honored to join the Eyenovia team to help lead this groundbreaking cryptocurrency fund strategy, which revolves around what we believe to be the most robust digital asset HYPE. We believe that Hyperliquid is one of the fastest growing and highest revenue generating blockchains globally.”

These two statements mentioned that Eyenovia’s strategy may not just be to buy HYPE, but to build a complete strategic system around it. According to the HIP-3 protocol on Hyperliquid, staking at least 1 million $Hype is required for nodes to “list” tokens, and token deployers can receive 50% of the total market fees and configure custom fees based on this.

And as for how to build the Hyperliquid version of the micro-strategy, community member Telaga ‘_Telaga_’ has given his idea. He believes that the on-chain structure of HyperStrategy is gradually emerging, becoming a decentralized extension version after MicroStrategy’s coin-holding logic. Rather than being a simple asset allocation model, it is more of a ‘strategic protocol system’ that embeds liquidity, returns, leverage, and capital structure into the on-chain financial infrastructure.

Telaga’s HyperStrategy concept regards the native token $HYPE on Hyperliquid as a highly volatile digital asset similar to BTC. Unlike BTC’s digital gold narrative, $HYPE participates in the entire protocol ecosystem as an on-chain economic engine with intrinsic cash flow. Therefore, HyperStrategy has designed a set of structured exposure and income compound treasury mechanisms, allowing users and institutions to obtain long-term stable on-chain income through methods such as pledging, borrowing, trading, and providing liquidity.

Specifically, the treasury is funded by external users, mainly in the form of US dollar stablecoins (USD). After the funds are deposited, users will receive two types of on-chain certificates: one is Convertible Debt Token (CDT), representing principal rights; the other is Option-type NFT, symbolizing future profit options or repurchase rights. This design allows user assets to have liquidity and bind long-term value growth expectations through contract structure.

After the funds enter the treasury, the protocol will deploy this portion of stablecoins into multiple revenue modules. The primary strategy is to lend $HYPE to other users through on-chain lending systems and earn interest from it. In addition, the treasury can also participate in trading and provide liquidity on the Hyperliquid platform, collecting transaction fees and platform incentives. Alternatively, it can stake $HYPE as a validator node to receive rewards generated by network operation. In more advanced configurations, funds can also be invested in Nest’s trading protocol to earn additional profits through LP market-making and locking veNEST. Additionally, HyperStrategy integrates on-chain derivative protocols such as the HIP-3 perpetual contract to further enhance the efficiency of fund utilization.

In the profit return mechanism, the treasury will periodically collect and consolidate income from channels such as staking rewards, transaction fees, lending interest, etc. The protocol will use the income for repurchase, reinvestment, or to execute the repayment of CDT and fulfill the Options NFT. Some designs may also introduce NAV (Net Asset Value) growth logic to make the entire strategy system closer to the transparency and stability of traditional asset management institutions.

Following Eyenovia, on June 20, Everything Blockchain Inc. (EBZT), a US-listed company, also included HYPE in its portfolio, announcing plans to invest $10 million in the five major blockchains, including Hyperliquid (including Solana, XRP, Sui, Bittensor), to create a trend-oriented multi-token staking pool for institutions. EBZT officially stated that this strategy will make it the first US stock company to directly return staking rewards to shareholders, expecting to generate approximately $1 million in staking rewards per year after deployment, and planning to reward investors in the future through dividends. From this perspective, it seems that using a compound yield on-chain treasury to reward investors is more sustainable than simply buying and speculating on coins.

Why HYPE?

The gameplay of HyperStrategy is different from BTC, not just a simple increase in holding $HYPE, but to build an on-chain treasury that can generate compound returns in the long run. This structure transforms holding behavior from just “static holding” to a configurable, manageable, and dividend-paying on-chain asset management model. For traditional listed companies like Eyenovia entering Hyperliquid, such strategic protocols not only provide a starting point for on-chain exposure but also create a complete financial model with liquidity, cash flow, governance rights, and potential capital appreciation.

And the protocol economy formed around $HYPE seems to be providing a basic experimental field for the on-chain construction of enterprise financial operations, fund management, and balance sheet. Of course, some community members believe that with Coinbase and Robinhood announcing the issuance of derivative perpetual contracts in the United States, the pressure faced by Hyperliquid, whose major large holders mostly come from the United States, is unprecedented.