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

To facilitate this strategic transformation, the company has concurrently appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and board member, and previewed a name change to Hyperion DeFi, with the updated ticker symbol HYPD. As the first publicly traded U.S. stock to implement a "microstrategy" plan using a decentralized exchange's token, what exactly is Eyenovia? Who is the driving force behind it, Hyunsu Jung? With an increasing number of companies undergoing a token "rebirth" through Crypto, will $Hype be a better choice?

Facing Delisting, Eyenovia's Lifeline

With Hyperliquid's recent activity, its mainnet TVL has surged into the top 10 of public blockchains, and $HYPE's market cap has risen to the 11th spot among all cryptocurrencies. The number of participants is steadily increasing, daily platform fees can sustain between $2-3 million, and the platform's annual revenue is close to $100 million.

However, Eyenovia, the other key player in the collaboration, has not fared as well. Since its IPO in February 2018 at $800, its share price hit a low of $1 in April 2025. Eyenovia's primary business is an ophthalmic company with a device-driven microdose drug delivery platform, focusing on pupil dilation, postoperative inflammation reduction, and pediatric myopia treatment.

Eyenovia's main product, Optejet

The company had only $56,000 in total revenue for the full year 2024, with a net loss of $50 million and liabilities exceeding $10 million. Facing cash flow depletion and various reasons including failed trials of new products, Eyenovia is on the brink of delisting. The HYPE reserve strategy has provided Eyenovia with a lifeline, and after the related news emerged, Eyenovia's stock price surged by 134% in a single day.

Airdropped Crypto Executive, Hyunsu Jung

Previously unassociated with blockchain or related industries, this Chief Investment Officer (CIO) who incentivized Eyenovia with 500,000 common shares has attracted attention. Publicly available information indicates that Hyunsu Jung previously served as a Senior Advisor at EY Parthenon, as well as an Investment Analyst at GoldenTree Asset Management and an Asset Management Analyst in New York City.

His formal entry into the blockchain industry was with DARMA Capital, founded in 2018 by Andrew Keys (one of the co-founders of Consensys), an investment advisory firm. DARMA's ethos is to help clients hold ETH long term while using DeFi tools to increase returns and manage risk. It offers Ethereum staking custody and validation node services, combining strategies such as restaking and LST to gain additional yield.

Then, in December 2023, he joined Aligned as a partner. Aligned is an infrastructure addressing mining and high-performance computing, staking, and liquidity provision. Its founder, Neal Kaufman, previously worked at McKinsey, and like the core team behind Hyperliquid, also graduated from Harvard University, holding the distinction of being a Baker Scholar (graduating in the top 5% of the class).

His work in DARMA's product division and at Aligned has also allowed him to accumulate a significant amount of relevant experience and connections for executing Hyperliquid DeFi's "micro-strategy."

Not much information about Hyunsu is available on public websites, but a core member of the Hyperliquid ecosystem, Max "@fiege_max," shared the story of his 10-year relationship with Hyunsu Jung. "Since Hyunsu and I were broke exchange students in Edinburgh almost ten years ago; since we became roommates in San Juan and ventured into cryptocurrency five years ago."

Account suspected to be linked to Hyperion, forwarded by community member Max.

On-chain Hyper Microstrategy, Stake HYPE and Earn Rewards

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

While the exercise of all warrants is not guaranteed, upon successful completion of this transaction, Eyenovia stands to acquire and stake over 1 million $HYPE tokens.

The official announcement revealed that holdings of over 1 million HYPE will be entrusted to Anchorage Digital for custody. Just a few days ago on June 12, Canadian-listed company Tony G Co‑Investment purchased 10,000 $HYPE tokens, causing a price surge of over 800% within an hour, leveraging only $430,000 to unlock a market value of $57 million.

Eyenovia's CEO Michael Rowe stated, "We are excited to join a growing number of companies adopting a similar strategy to realize the diversification, liquidity, and long-term capital appreciation potential represented by cryptocurrency. After a thorough review of all available options, the board and I unanimously believe that this transaction is in the best interests 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 consider the most robust digital asset, HYPE. We believe that Hyperliquid is one of the fastest-growing and highest-earning blockchains globally."

Both statements suggest that Eyenovia's strategy may not solely be about acquiring HYPE but rather about building a comprehensive strategic framework around it. According to the HIP-3 protocol on Hyperliquid, nodes can be "listed" by staking at least 1 million $HYPE tokens. Token deployers can receive 50% of the total market fees and can customize fees based on this.

As for how to build the Hyperliquid version of a MicroStrategy, community member Telaga "_Telaga_" has shared his vision. He believes that the on-chain structure of HyperStrategy is gradually emerging as a decentralized extension of MicroStrategy's hodling logic. Instead of being a simple asset allocation model, it is more of a "strategy protocol system" that embeds liquidity, yield, leverage, and capital structure into the on-chain financial infrastructure.

Telaga's HyperStrategy concept considers the native token $HYPE on Hyperliquid as a highly volatile digital asset similar to BTC. However, unlike BTC's digital gold narrative, $HYPE is seen as an on-chain economic engine with intrinsic cash flow. Therefore, HyperStrategy has designed a mechanism that combines structural exposure with yield to allow users and institutions to obtain long-term stable on-chain income through activities such as staking, borrowing, trading, and providing liquidity.

Specifically, the treasury is funded by external users primarily in the form of US dollar stablecoins (USD). After depositing funds, users receive two types of on-chain tokens: Convertible Debt Tokens (CDT) representing principal equity and option-based NFTs symbolizing future income options or buyback rights. This design provides users' assets with both liquidity and the ability to bind long-term value growth expectations through the contract structure.

Once funds enter the treasury, the protocol deploys this portion of stablecoins into multiple yield modules. The primary strategy involves lending out $HYPE to other users through the on-chain lending system to earn interest. Additionally, the treasury can participate in trading and liquidity provision on the Hyperliquid platform to collect transaction fees and platform incentives. It can also stake $HYPE as a validator node to receive network operation rewards. In more advanced configurations, funds can be allocated to Nest's trading protocol to earn additional returns through LP providing and veNEST staking. Furthermore, HyperStrategy integrates on-chain derivative protocols such as the HIP-3 perpetual contract to further enhance fund utilization efficiency.

In the income reinvestment mechanism, the treasury periodically collects and consolidates income from staking rewards, transaction fees, lending interest, and other channels. According to the rules, the protocol uses the income for buybacks, reinvestment, or executing CDT redemption and Options NFT settlement. Some designs may also introduce Net Asset Value (NAV) growth logic to make the entire strategy system more akin to the transparency and stability of traditional asset management institutions.

Following closely behind Eyenovia, on June 20, the U.S.-based publicly traded company Everything Blockchain Inc. (EBZT) also welcomed HYPE into its ecosystem, announcing plans to invest $10 million in the top five blockchains, including Hyperliquid (along with Solana, XRP, Sui, Bittensor), to create a multi-token staking treasury aimed at institutional adoption. EBZT officially stated that this strategy will make it the first U.S. stock company to directly return staking rewards to shareholders, expecting to generate approximately $1 million in staking rewards annually after deployment and planning to distribute future returns to investors through dividends. From this perspective, it seems that rewarding investors with on-chain yield from a composite income treasury is more sustainable than simply buying coins for speculation.

Why HYPE?

The HyperStrategy gameplay differs from BTC, as it is not just about holding $HYPE but about building an on-chain treasury that can consistently generate compound yield. This structure transforms holding behavior from mere "static holding" to a configurable, manageable, dividend-generating on-chain asset operation model. For traditional publicly traded companies like Eyenovia entering Hyperliquid, such a strategy protocol not only provides a starting point for on-chain exposure but also creates 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 ground for on-chain financial operations, fund management, and asset-liability balance sheet digitization. However, some community members believe that with Coinbase and Robinhood announcing the issuance of perpetual contract derivatives in the U.S. region and considering that most major holders are from the U.S., Hyperliquid is facing unprecedented pressure.

Can Hyperliquid sustain its current growth trajectory? Can "on-chain micro-strategies" succeed, or are they merely a form of "liquidity exit"? BlockBeats will continue to monitor this situation.

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