On June 17th, Eyenovia (stock ticker: EYEN), an ophthalmic digital technology company, announced that it has signed a securities purchase agreement for a $50.000 million PIPE (Private Investment in Public Equity) offering to institutional accredited investors. The funds will be used to establish its first Cryptocurrency reserve program, targeting Hyperliquid's native token, HYPE. The $50.000 million investment even exceeds the company's $20.000 million market cap. To drive this strategic transformation, the company simultaneously appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and a member of the Board of Directors, and announced that the company name will be changed to Hyperion DeFi, with the stock ticker updated to HYPD. But what exactly is Eyenovia, the first US-listed company to use a token from an on-chain exchange for a "MicroStrategy" plan? Who is the driving force behind it, Hyunsu Jung? And with more and more companies using Crypto tokens for a "rebirth," is $HYPE a better choice?
Near Delisting, Eyenovia's Lifeline
With Hyperliquid's recent activity, its mainnet TVL has jumped to the top 10 among public chains, and the $HYPE market cap has also risen to 11th among all cryptocurrencies. The number of participants is gradually increasing, and the platform's daily transaction fees can be maintained at $2.000.000-3.000.000 per day, with annual platform revenue approaching $100.000.000.
However, the other protagonist in the partnership, Eyenovia, has not been doing so well. Since listing in February 2018 at a price of $800.00, it fell to a low of $1.00 in April 2025. Eyenovia's main business is an ophthalmology company focused on device-driven microdose delivery platforms, with products covering pupil dilation, postoperative inflammation reduction, and childhood myopia treatment. Eyenovia's main product, Optejet, generated only $56000.00 in revenue for the entire year of 2024, with a net profit of negative $50.000.000, and liabilities exceeding $10.000.000. Cash flow depletion, coupled with the failure of new product trials, has led Eyenovia to face delisting.
The $HYPE reserve strategy has given Eyenovia a chance to "extend its life," and Eyenovia's stock price soared 134% in a single day after the news broke.
An Airborne Crypto Executive, Hyunsu Jung
Previously, Eyenovia had no connection with blockchain or related industries, so the Chief Investment Officer (CIO) that Eyenovia acquired with 500.000 shares of common stock as an incentive reward has attracted a lot of attention. According to public information, Hyunsu Jung previously served as a senior consultant at Ernst & Young Parthenon, and also worked as an investment analyst at GoldenTree Asset Management and an asset management analyst in New York City. His formal entry into the blockchain field was at DARMA Capital, an investment advisory firm founded in 2018 by Andrew Keys (co-founder of Consensys). DARMA's philosophy is to help clients hold ETH for the long term while increasing returns and controlling risks through DeFi tools. It provides Ethereum staking custody and validator node services, combined with restaking and LST strategies to obtain additional returns. In December 2023, he joined Aligned as a partner. Aligned is an infrastructure that solves mining and high-performance computing, staking, and liquidity provision. Its founder, Neal Kaufman, previously worked at McKinsey and, like the core team of Hyperliquid, graduated from Harvard University and graduated as a Baker Scholar (ranked in the top 5% of the graduating class). His work in DARMA's product department and Aligned has accumulated a wealth of relevant experience and connections for executing Hyperliquid DeFi's "MicroStrategy."
Not much information about Hyunsu can be found on public websites, but Max "@fiege_max," a core member of the Hyperliquid ecosystem, shared his 10-year relationship with Hyunsu Jung: "It's been almost a decade since Hyunsu and I were penniless exchange students in Edinburgh; it's also been five years since we were roommates in San Juan, adventurously trying out cryptocurrency."
Suspected Hyperion Account, Forwarded by Community Member Max
On-chain Hyper MicroStrategy, Stake $HYPE to Earn
Eyenovia stated that this transaction is only open to institutional investors, and the company will issue 15.400.000 shares of convertible preferred stock and 30.800.000 common stock warrants, with a conversion price and exercise price of $3.25 per share. If all warrants are ultimately fully exercised, Eyenovia is expected to raise up to $150.000.000 in additional funds. Although there is no guarantee that all warrants will be exercised, if this transaction is completed smoothly, Eyenovia can acquire and stake more than 1.000.000 $HYPE. The official announcement stated that the purchase of more than 1.000.000 $HYPE will be entrusted to Anchorage Digital for custody.
Just a few days earlier, on June 12th, Canadian listed company Tony G Co‑Investment saw its stock price soar more than 800% in one hour after purchasing 10.000 $Hype, directly leveraging a $430000.00 investment into a $57.000.000 market cap.
Eyenovia CEO Michael Rowe said: "We are excited to join the growing number of companies adopting similar strategies to realize the diversification, liquidity, and long-term capital appreciation potential that cryptocurrency represents. After a thorough review of all available options, the Board and I unanimously agreed 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 funding strategy, which is built around what we believe is 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 suggest that Eyenovia's strategy may not be just to buy $Hype but to build a complete strategy system around it, and if they choose to. According to Hyperliquid's HIP-3 protocol, allowing nodes to "list coins" requires staking at least 1.000.000 $Hype, and as a token deployer, you can get 50% of the total market fees and configure custom fees on top of that.
Regarding how to build a Hyperliquid version of MicroStrategy, community member Telaga "_Telaga_" gave his vision. He believes that the on-chain structure of HyperStrategy is gradually emerging, becoming a decentralized extension of MicroStrategy's holding logic. Rather than a simple asset allocation model, it is a "strategy protocol system" that embeds liquidity, yield, leverage, and capital structure into on-chain financial infrastructure.
Telaga's HyperStrategy concept is to regard Hyperliquid's native token $HYPE as a high-volatility digital asset similar to BTC. The difference is that $HYPE does not exist as a digital gold narrative, but as an on-chain economic engine with endogenous cash flow participating in the entire protocol ecosystem. HyperStrategy therefore designs a structural exposure and yield composite vault mechanism, allowing users and institutions to obtain long-term stable on-chain returns through staking, lending, trading, and market making.
Specifically, the vault is funded by external users, mainly deposited in the form of USD stablecoins. After the funds are deposited, users will receive two types of on-chain credentials: one is a convertible bond token (CDT), representing the principal equity; the other is an option-type NFT (Options NFT), symbolizing the future right to choose income or repurchase rights. This design allows user assets to have both liquidity and bind long-term value growth expectations through contract structure.
After the funds enter the vault, the protocol will deploy this part of the stablecoin to multiple revenue modules. The most important strategy is to lend $HYPE to other users through the on-chain lending system, earning interest from it. In addition, the vault can also participate in trading and liquidity provision on the Hyperliquid platform, collecting transaction fees and platform incentives. Or stake $HYPE as a validator node to obtain rewards generated by network operation. In more advanced configurations, funds can also be invested in Nest's trading protocol, earning extra dividends through LP market making and locking veNEST. At the same time, HyperStrategy also integrates on-chain derivative protocols, such as HIP-3 perpetual contracts, to further improve capital utilization efficiency.
In the revenue repatriation mechanism, the vault will periodically collect and consolidate income from staking rewards, transaction fees, lending interest, and other channels. The protocol uses the income for repurchase, reinvestment, or execution of CDT redemption and Options NFT performance according to the rules. Some designs may also introduce NAV (net asset value) growth logic, making the entire strategy system closer to the transparency and stability of traditional asset management institutions.
Following Eyenovia, on June 20th, US listed company Everything Blockchain Inc. (EBZT) also included $HYPE in its territory, announcing plans to invest $10.000.000 in five major blockchains including Hyperliquid (also including Solana, XRP, Sui, Bittensor) to create a multi-token staking vault for institutional adoption trends. EBZT officially stated that this strategy will make it the first US stock company to directly return staking income to shareholders, and it is expected to generate approximately $1.000.000 in staking rewards per year after deployment, and plans to give back to investors through dividends in the future. From this perspective, it seems that returning a compound yield on-chain vault to investors is more sustainable than simply buying coins for speculation.
Why $HYPE?
HyperStrategy's gameplay is different from BTC. It is not just a single-point increase in $HYPE, but the construction of an on-chain vault that can generate compound returns for a long time. This structure makes holding coins no longer just "static holding," but an on-chain asset operation model that can be configured, managed, and distributed. For traditional listed companies like Eyenovia entering Hyperliquid, this type of 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 basic experimental field for the on-chainization of corporate financial operations, fund management, and balance sheet construction.
Of course, some community members believe that as Coinbase and Robinhood announce the issuance of perpetual contract derivatives in the United States, Hyperliquid, whose main large accounts are mostly from the United States, is facing unprecedented pressure. [BlockBeats]