Eyen rose by 77% in a single day, HYPE has become a new player in the coin stock.

On June 17, eye care digital technology company Eyenovia ( stock code: EYEN) announced it has signed a securities purchase agreement to conduct a $50 million PIPE "public equity private sale" to accredited investors, which will be used to establish its first encryption reserve plan, targeting the Hyperliquid native Token HYPE, and the $50 million investment amount far exceeds the company's market capitalization of $20 million.

On June 23, Eyenovia announced that its previously disclosed $50 million PIPE transaction has been successfully completed and that it has successfully acquired 1,040,584.5 $HYPE at an average price of about $34 per token. As part of this strategy, the company also plans to initiate and operate its own network validation nodes in collaboration with ecological partners to support the activity of the Hyperliquid blockchain and lay the foundation for future HYPE staking rewards. Following the announcement, Eyen's stock price surged 77% in a single day and increased 181% over the past five days, reaching a market capitalization of $26 million.

Eyenovia's Chief Investment Officer Hyunsu Jung added, "The steps we are taking aim to provide a secure custodial channel for both retail and institutional investors to access HYPE and its native yield. The company's successful acquisition of the initial HYPE position also lays the groundwork for our further participation in the Hyperliquid ecosystem."

To promote the implementation of this strategic transformation, the company previously appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and a member of the board of directors. After approval from the board in the coming days, the company is expected to be renamed "Hyperion DeFi", and the stock code will also be changed to "HYPD". As the first publicly listed company in the US to implement a "micro-strategy" plan using on-chain exchange tokens, what exactly is Eyenovia? Who is the driving force behind it, Hyunsu Jung? And with more and more companies utilizing Crypto tokens for "rebirth", will $Hype be a better choice?

On the Verge of Delisting, Eyenovia's Lifeline

With the recent activity of Hyperliquid, its mainnet TVL has surged into the top 10 of public chains, and the market capitalization of $HYPE has also risen to the 11th place among all Crypto Assets. The number of participants is gradually increasing, and the platform's daily transaction fees can maintain at around 2-3 million dollars per day, with the platform's annual revenue approaching 100 million dollars.

However, the other main player in the partnership, Eyenovia, has not fared as well. Since its listing at a price of $800 in February 2018, it plummeted to a low of $1 by April 2025. Eyenovia's core business is as an ophthalmic company centered around a device-driven micro-dosing administration platform, with product directions covering pupil dilation, postoperative inflammation reduction, and treatment of myopia in children.

Eyenovia's main product Optejet

The company had a total revenue of only 56,000 dollars in 2024, with a net loss of 50 million dollars and liabilities exceeding 10 million dollars. Cash flow is depleted, and the failure of new product trials, among other reasons, puts Eyenovia on the verge of delisting. However, the HYPE reserve strategy has given Eyenovia a "lifeline" opportunity, and after the related news leaked, Eyenovia's stock price surged by 134% in a single day.

The parachuting executive in the crypto circle, HyunsuJung

Previously, Eyenovia had no connection to blockchain or related industries, and therefore, the appointment of this Chief Investment Officer (CIO), who was brought in with 500,000 shares of common stock as an incentive reward, attracted public attention. According to publicly available information, Hyunsu Jung previously served as a senior advisor at Ernst & Young Parthenon and has also worked as an investment analyst at GoldenTree Asset Management and as an asset management analyst in New York City.

Its formal entry into the blockchain workforce was at DARMA Capital, an investment advisory firm founded by Andrew Keys (one of the co-founders of Consensys) in 2018. The philosophy of DARMA is to help clients hold ETH for the long term while enhancing returns and controlling risks through DeFi tools. It offers Ethereum staking custody and validation node services, combining strategies such as restaking and LST to obtain additional returns.

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

The work at DARMA's product department and Aligned has also accumulated a wealth of relevant experience and connections for executing Hyperliquid DeFi's "micro-strategies."

Not much information about Hyunsu can be found on public websites, but Max "@fiege_max", a core member of the Hyperliquid ecosystem, shared his connection with HyunsuJung for 10 years: "It has been nearly ten years since Hyunsu and I were broke exchange students in Edinburgh; it has also been five years since we became roommates in San Juan and ventured into trying crypto assets."

Suspected Hyperion account, forwarded by community member Max.

On-chain Hyper Micro Strategy, stake HYPE to earn passively

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

Although it cannot be guaranteed that all warrants will be exercised, if the transaction is completed smoothly, Eyenovia will be able to acquire and stake over 1 million $HYPE.

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

Michael Rowe, CEO of Eyenovia, stated: "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 Crypto Assets. 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 and help lead this groundbreaking Crypto Assets funding strategy, which is built around what we believe to be the most robust digital asset, HYPE. We believe Hyperliquid is one of the fastest-growing and highest-revenue blockchains in the world."

These two statements mentioned that Eyenovia's strategy may not just be to purchase Hype but aims to build a complete strategic system around it. According to the HIP-3 protocol on Hyperliquid, allowing nodes to 'list coins' requires staking at least 1 million $Hype, allowing token deployers to earn 50% of the total market fees and configure custom fees based on this.

Regarding how to build a Hyperliquid version of MicroStrategy, community member Telaga "_Telaga_" provided his vision. He believes that the on-chain structure of HyperStrategy is gradually emerging, becoming a decentralized extension following the holding logic of MicroStrategy. Rather than being a simple asset allocation model, it is more accurately described as a "strategy protocol system" that embeds liquidity, yield, leverage, and capital structure into on-chain financial infrastructure.

The philosophy of Telaga's HyperStrategy is to view the native token $HYPE on Hyperliquid as a highly volatile digital asset similar to BTC. The difference is that $HYPE does not exist under the narrative of digital gold, but participates in the entire protocol ecosystem as an on-chain economic engine with inherent cash flow. Therefore, HyperStrategy has designed a structured exposure and yield compounding vault mechanism that allows users and institutions to obtain long-term stable on-chain returns through staking, lending, trading, market making, and other methods.

Specifically, the treasury is funded by external users, primarily in the form of US dollar stablecoins (USD). After the funds are deposited, users will receive two types of on-chain certificates: one type is Convertible Debt Token (CDT), which represents the principal equity; the other type is Options NFT, which symbolizes the future rights to profit or repurchase. This design allows users' assets to have both liquidity and binding long-term value growth expectations through contractual structures.

After the funds enter the vault, the protocol will deploy this portion of stablecoins into multiple yield modules. The main strategy is to lend out $HYPE to other users through the on-chain lending system, earning interest in the process. Additionally, the vault can also participate in trading and liquidity provision on the Hyperliquid platform, earning trading fees and platform incentives. Alternatively, it can stake $HYPE as a validator node to earn rewards generated from network operations. In more advanced configurations, funds can also be invested in the Nest trading protocol, obtaining additional profit sharing through LP market making and locking veNEST. Meanwhile, HyperStrategy also integrates on-chain derivative protocols, such as HIP-3 perpetual contracts, further enhancing fund utilization efficiency.

In the revenue recycling mechanism, the treasury will periodically collect and consolidate income from sources such as staking rewards, transaction fees, and lending interest. The protocol uses the income for buybacks, reinvestment, or to execute the repayment of CDT and the fulfillment of Options NFTs according to the rules. Some designs may also introduce NAV (Net Asset Value) growth logic to make the entire strategy system more aligned with the transparency and stability of traditional asset management institutions.

Following Eyenovia, on June 20, the publicly listed company Everything Blockchain Inc. (EBZT) will also incorporate HYPE into its portfolio, announcing plans to invest $10 million into five major blockchains, including Hyperliquid, Solana, XRP, Sui, and Bittensor, to create a multi-token staking vault aimed at institutional adoption trends. EBZT's official statement claims that this strategy will make it the first U.S. stock company to directly return staking earnings to shareholders, with an expected annual generation of about $1 million in staking rewards post-deployment, and plans to reward investors through dividends in the future. From this perspective, it seems that using a compound interest on-chain vault to reward investors is more sustainable than merely buying coins for speculation.

Why HYPE?

The gameplay of HyperStrategy is different from BTC; it is not just about increasing $HYPE at a single point, but rather constructing an on-chain treasury that can generate compound returns over the long term. This structure transforms holding coins from merely "static holding" into a configurable, manageable, and dividend-distributing on-chain asset operation model. For traditional listed companies like Eyenovia entering Hyperliquid, such strategy 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.

The protocol economy formed around $HYPE seems to be providing a foundational experimental space for on-chain financial operations, capital management, and balance sheet construction for enterprises. Of course, some community members believe that with Coinbase and Robinhood announcing the issuance of perpetual contract derivatives in the U.S. region, the pressure faced by Hyperliquid, which mainly consists of large holders from the U.S., is unprecedented.

Can Hyperliquid continue to maintain its current growth model? And can "on-chain micro-strategies" succeed, or are they merely a way to "exit liquidity"? Rhythm BlockBeats will continue to pay attention to this.

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