Eyenovia’s $50M Crypto Pivot: Betting Big on HYPE and Hyperion DeFi

Introduction

Eyenovia, Inc., a Nasdaq-listed digital ophthalmic technology company, has made waves with a bold $50 million investment to acquire HYPE tokens, the native cryptocurrency of the Hyperliquid blockchain. Announced on June 17, 2025, this move, coupled with a rebrand to Hyperion DeFi and a ticker change to HYPD, aims to position Eyenovia as a pioneer in blending traditional business with blockchain innovation. This article explores the details of Eyenovia’s crypto treasury strategy, its market impact, and the risks and opportunities it presents.

Strategic Shift to HYPE Treasury

Eyenovia has entered a $50 million private placement in public equity (PIPE) financing deal with institutional investors to build a treasury reserve of over 1 million HYPE tokens, making it the first U.S. publicly listed company to hold this asset. The funds will enable Eyenovia to become a top validator on Hyperliquid’s Layer-1 blockchain, which uses the HyperBFT consensus algorithm optimized for non-custodial trading of spot and futures markets. The company will issue non-voting convertible preferred stock, convertible into 15.4 million common shares at $3.25 per share, and warrants for 30.8 million shares at the same price, potentially raising up to $150 million if fully exercised.

Rebranding and Leadership Changes

As part of this strategic pivot, Eyenovia will rebrand to Hyperion DeFi, with its ticker changing from EYEN to HYPD around June 20, 2025. To lead the initiative, Hyunsu Jung has been appointed Chief Investment Officer and board member, tasked with overseeing the HYPE staking program in partnership with Anchorage Digital for secure asset management. CEO Michael Rowe emphasized that this move aligns with a growing trend of companies diversifying into cryptocurrencies for liquidity and long-term capital appreciation, citing peers like Strategy, Metaplanet, and Mara Holdings. The rebrand reflects Eyenovia’s ambition to tap into the Hyperliquid ecosystem, noted for its rapid growth and high revenue generation.

Market Reaction and HYPE Performance

Eyenovia’s stock soared 136.4% following the announcement, though it later dipped 7.7% in after-hours trading, reflecting the volatility typical of such bold moves. Posts on X captured mixed sentiment, with some users praising the “insane” strategy as a game-changer for Eyenovia’s valuation, while others expressed skepticism about the viability of altcoin treasuries due to HYPE’s limited institutional demand and liquidity compared to Bitcoin. HYPE itself traded at $41, down 3.5% from a recent high of $44.75, showing no immediate price surge from the news. This suggests the market views Eyenovia’s move as more speculative than transformative for HYPE’s value.

Balancing Crypto and Core Business

Despite its crypto pivot, Eyenovia remains committed to its core ophthalmic business, particularly the development of its Gen-2 Optejet User Filled Device (UFD), which is on track for FDA registration by September 2025. The Optejet, designed for precise delivery of eye treatments, targets billion-dollar markets like myopia and dry eye disease. However, Eyenovia faces challenges, including a potential Nasdaq delisting due to stockholders’ equity falling below $2.5 million and a low current ratio of 0.34, signaling liquidity concerns. The company’s prior struggles, including a 50% workforce cut in 2024 after a failed Phase III myopia trial, add context to this high-risk crypto strategy aimed at reviving its share price.

Risks and Industry Context

Eyenovia’s move mirrors a trend of companies adopting altcoin treasuries, such as Classover Holdings’ $500 million Solana purchase and DeFi Dev Corp’s $100 million investment, though results vary, with some stocks rising and others stagnating. Critics on X warn that altcoins like HYPE are riskier than Bitcoin or Ethereum due to lower liquidity and adoption, potentially exposing Eyenovia to significant volatility. Additionally, the company’s financial health remains precarious, with just $0.07 million in revenue over the past year. The success of this strategy hinges on HYPE’s growth and Hyperliquid’s ability to compete with established blockchains, alongside Eyenovia’s ability to navigate regulatory and market challenges.

Conclusion

Eyenovia’s $50 million investment in HYPE tokens and its rebrand to Hyperion DeFi mark a daring leap into the crypto space, aiming to capitalize on blockchain’s growth while revitalizing its struggling stock. The appointment of Hyunsu Jung and the partnership with Anchorage Digital signal a serious commitment to becoming a Hyperliquid validator, but the strategy carries significant risks given Eyenovia’s financial challenges and HYPE’s nascent market position. As the company balances its innovative eye care technology with this bold crypto venture, its success will depend on market acceptance of HYPE and its ability to execute both business lines effectively. This move could either redefine Eyenovia as a trailblazer or highlight the perils of speculative diversification.