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 to institutional accredited investors. This funding will be used to establish its first cryptocurrency reserve program, targeting the Hyperliquid native token, HYPE. The $50 million investment amount far surpasses 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. The company disclosed that it has successfully acquired 1,040,584.5 $HYPE tokens at an average price of approximately $34 per token. As part of this strategic move, the company also plans to launch and operate its own network validation node with ecosystem partners to support the activity of the Hyperliquid blockchain and lay the groundwork for future HYPE staking rewards. Following this news, Eyen's stock price surged by 77% intraday and rose by 181% over the past 5 days, bringing the market cap to $26 million.

Eyenovia's Chief Investment Officer, Hyunsu Jung, added, "The steps we are taking are aimed at providing retail and institutional investors with a secure custody channel to access HYPE and its native rewards. The successful acquisition of the initial HYPE position by the company also paves the way for further participation in the Hyperliquid ecosystem."

To drive this strategic transformation, the company recently appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and board member. Pending board approval in the coming days, the company expects to rebrand as "Hyperion DeFi," with the stock ticker changing to "HYPD." As the first publicly traded U.S. company to implement a "micro-strategy" plan using an on-chain exchange token, what exactly is Eyenovia, and who is the mastermind behind it, Hyunsu Jung? With an increasing number of companies undergoing a token "rebirth" through Crypto, will $HYPE prove to be a better choice?

On the Brink of Delisting, Eyenovia's Lifeline

With the recent surge in Hyperliquid activity, the TVL of its mainnet has jumped to the top 10 on public chains. The market cap of $HYPE has also risen to the 11th spot among all cryptocurrencies. The number of participants is gradually increasing, with daily transaction fees on the platform ranging from $2-3 million. The platform's annual revenue is close to $100 million.

However, the other key player in the partnership, Eyenovia, did not fare as well. Since its listing in February 2018 at a price of $800, Eyenovia's stock price plummeted to a low of $1 by April 2025. Eyenovia is a leading ophthalmic company focused on a device-driven microdose drug delivery platform, with product directions covering pupil dilation, post-operative inflammation reduction, and pediatric myopia treatment.

Eyenovia's flagship product, Optejet

With only $56,000 in total revenue for the full year of 2024, a net loss of over $50 million, and liabilities exceeding $10 million, Eyenovia was facing delisting due to cash flow depletion and various reasons, including the failure of new product trials. The HYPE Reserve strategy provided Eyenovia with a "lifeline," and following the release of related news, Eyenovia's stock price surged by 134% in a single day.

Airdropped Crypto Executive, Hyunsu Jung

Prior to this, Eyenovia had no connection to the blockchain or related industries. Therefore, the Chief Investment Officer (CIO) who exchanged 500,000 shares of common stock as an incentive award for Eyenovia's position drew attention. According to publicly available information, Hyunsu Jung previously served as a Senior Consultant at Ernst & Young Paternon, an Investment Analyst at GoldenTree Asset Management, and an Asset Management Analyst in New York City.

His formal entry into the blockchain industry was at DARMA Capital, founded in 2018 by Andrew Keys (one of the co-founders of Consensys). DARMA's concept is to help clients hold ETH long-term while increasing returns and controlling risks through DeFi tools. It provides Ethereum staking custody and validation node services, combining strategies such as restaking and LST to generate additional returns.

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

Hyunsu's work in DARMA's product department and Aligned has also accumulated a significant amount of relevant experience and connections for executing the Hyperliquid DeFi "microstrategy."

Not much information about Hyunsu can be found on public websites, but Max, a core member of the Hyperliquid ecosystem, shared his 10-year relationship with Hyunsu Jung. "It's been almost ten years since Hyunsu and I were penniless exchange students in Edinburgh; it's been five years since we were roommates in San Juan and ventured into cryptocurrency," Max said.

An account possibly related to Hyperion, retweeted by community member Max.

On-chain Hyper Microstrategy: Staking HYPE for Yield Farming

Eyenovia stated that this transaction is only open to institutional investors. 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 ultimately exercised, Eyenovia could further raise up to $150 million.

While there is no guarantee that all warrants will be exercised, if successful upon completion of this transaction, Eyenovia could acquire and stake over 1 million $HYPE.

It was officially announced that holdings of over 1 million $HYPE from this fundraise will be custody by Anchorage Digital. Just a few days ago, on June 12, the Canadian listed company Tony G Co-Investment saw its stock price surge over 800% within an hour after purchasing 10,000 $Hype, leveraging only $430,000 to unlock a market value of $57 million.

Eyenovia CEO Michael Rowe stated, "We are pleased to join the increasing number of companies adopting similar strategies to realize the diversification, liquidity, and long-term capital appreciation potential that cryptocurrency represents. Having thoroughly reviewed all available options, the Board and I 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 our belief in the most robust digital asset, HYPE. We believe that Hyperliquid is one of the fastest-growing and highest-revenue blockchains globally."

These two statements suggest that Eyenovia's strategy may not just be about buying Hype but about wanting to build a comprehensive strategic system around it. According to the HIP-3 protocol on Hyperliquid, allowing nodes to "list" requires staking at least 1 million $Hype tokens. As the token deployer, you can receive 50% of the total market fees and customize fees based on this.

Regarding how to build a MicroStrategy version for Hyperliquid, community member Telaga "_Telaga_" has provided his vision. He believes that the on-chain structure of HyperStrategy is gradually emerging as a decentralized extension of the MicroStrategy holding logic. Rather than being just an 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 views the native token $HYPE on Hyperliquid as a high-volatility digital asset similar to BTC. However, $HYPE does not exist in the narrative of digital gold but as an on-chain economic engine with intrinsic cash flow. Therefore, HyperStrategy has designed a treasury mechanism that combines structural exposure and yield compounding, allowing users and institutions to earn long-term stable on-chain returns through staking, borrowing, trading, liquidity provision, and other means.

Specifically, this treasury receives funding from external users, primarily in the form of the US dollar stablecoin (USD). After depositing funds, users receive two types of on-chain tokens: Convertible Debt Tokens (CDT), representing principal equity; and Option-type NFTs (Options NFT), symbolizing future revenue options or repurchase rights. This design allows user assets to have liquidity while being tied to long-term value growth expectations through contract structures.

Once funds enter the treasury, the protocol deploys this stablecoin to multiple revenue modules. The primary strategy is to lend out $HYPE to other users through the on-chain lending platform, earning interest. Additionally, the treasury can participate in trading and liquidity provision on the Hyperliquid platform, collecting 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 provision and veNEST staking. Furthermore, HyperStrategy integrates on-chain derivative protocols like the HIP-3 perpetual contract to further enhance fund utilization efficiency.

In the Yield Reinvestment Mechanism, the treasury periodically collects and consolidates income from channels such as staking rewards, transaction fees, lending interest, etc. According to the rules, the protocol uses the income for buybacks, reinvestment, or to execute CDT redemptions and Options NFT settlements. Some designs may also introduce NAV (Net Asset Value) growth logic, making the entire strategy system more aligned with the transparency and stability of traditional asset management institutions.

Following closely behind Eyenovia, on June 20th, the U.S. publicly traded company Everything Blockchain Inc. (EBZT) also incorporated HYPE into its roadmap, announcing plans to invest $10 million in five major blockchains, including Hyperliquid (along with Solana, XRP, Sui, Bittensor), to create a trend-following multi-asset staking treasury geared towards institutions. EBZT stated that this strategy would make it the first U.S. stock company to directly return staking rewards to shareholders, with an expected annual yield of about $1 million post-deployment, intending to distribute future returns to investors in the form of dividends. From this perspective, it seems that rewarding investors with compound income from an on-chain treasury is more sustainable than simply engaging in coin speculation.

Why HYPE?

The HyperStrategy approach differs from BTC in that it is not just about accumulating $HYPE at a single point but rather about building an on-chain treasury that can consistently generate compound income. This structure transforms holding assets from being merely "static holding" to becoming a configurable, manageable, dividend-bearing on-chain asset management model. For traditional publicly traded companies like Eyenovia entering Hyperliquid, these 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.

Regarding the protocol economy formed around $HYPE, it seems to be serving as a foundational experimental ground for the chainization of corporate financial operations, fund management, and balance sheets. Of course, some community members believe that with Coinbase and Robinhood announcing the issuance of perpetual contract derivatives in the U.S. region, and with most major holders coming from the U.S., Hyperliquid is facing unprecedented pressure.

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

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