On June 17, Eyenovia, a digital eyecare technology company (stock code: 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. The proceeds will be used to establish its first cryptocurrency treasury reserve plan, targeting the Hyperliquid native token, HYPE. The $50 million investment amount far exceeds the company's $20 million market value.

To drive forward this strategic transformation, the company simultaneously appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and board member, and previewed a change of the company name to Hyperion DeFi, with the ticker symbol being updated to HYPD. As the first publicly traded U.S. company to execute a "microstrategy" plan using an on-chain exchange token, what exactly is Eyenovia? Who is the driving force behind it, Hyunsu Jung? With an increasing number of companies undergoing a token "rebirth" using crypto, will $HYPE be a better choice?

Facing Delisting, Eyenovia's Lifeline

With the recent activity on Hyperliquid, the total value locked (TVL) on its mainnet has surged into the top 10 of public chains. The market capitalization of $HYPE has also risen to the 11th position among all cryptocurrencies. The number of participants is gradually increasing, daily platform fees can maintain 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 at $800 in February 2018, its stock price plummeted to as low as $1 by April 2025. Eyenovia's core business is an ophthalmic company with a device-driven microdose drug delivery platform, focusing on pupillary dilation, postoperative inflammation reduction, and pediatric myopia treatment.

Eyenovia's main product, Optejet

In the full year 2024, the company's revenue was only $56,000, with a net loss of over $50 million and liabilities exceeding $10 million. With cash flow depletion and the failure of new product trials, Eyenovia is on the brink of delisting. The HYPE reserve strategy has given Eyenovia a lifeline, and following the news, Eyenovia's stock price surged by 134% in a single day.

Airdropped Crypto Executive, Hyunsu Jung

Previously unrelated to blockchain or any related industry, this Chief Investment Officer (CIO) who made Eyenovia use 500,000 shares of common stock as an incentive reward has attracted attention. According to public information, 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 at DARMA Capital, founded by Andrew Keys (one of the co-founders of ConsenSys) in 2018, an investment advisory firm. DARMA's concept 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 earn additional returns.

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

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

Not much information about Hyunsu is available on public websites, but Max, a core member of the Hyperliquid ecosystem, shared his decade-long connection with Hyunsu Jung. "It's been almost a decade since Hyunsu and I met as broke exchange students in Edinburgh; five years have passed since we became roommates and ventured into cryptocurrency in San Juan."

Account suspected to be linked to Hyperion, forwarded 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 shares of common stock warrants, both with 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 there is no guarantee that all warrants will be exercised, if successful, Eyenovia will be able to acquire and stake over 1 million $HYPE.

The official announcement stated that purchases 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 experienced an over 800% price surge within an hour after purchasing 10,000 $HYPE, leveraging only $430,000 to directly impact a market value of $57 million.

Eyenovia CEO Michael Rowe stated: "We are pleased to join the growing number of companies adopting a similar strategy to realize the diversification, liquidity, and long-term capital appreciation potential that cryptocurrencies represent. After a comprehensive review of all available options, the board and I are aligned in believing 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 funding strategy, which revolves around what we believe to be the most robust digital asset, HYPE. We see Hyperliquid as one of the fastest-growing and highest-revenue blockchains globally."

Both statements hint that Eyenovia's strategy may not just be limited to purchasing HYPE but rather aiming to build a comprehensive strategic system around it. According to the HIP-3 protocol on Hyperliquid, enabling nodes to "list" requires staking at least 1 million $HYPE, allowing the token deployer to receive 50% of the total market fees and customize fees on top of that.

As for how to build the Hyperliquid version of MicroStrategy, community member Telaga "_Telaga_" has provided his vision. He believes that the on-chain structure of HyperStrategy is gradually emerging as a decentralized extension following MicroStrategy's logic of holding assets. Rather than being a simple asset allocation model, it is more of a "strategy 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 highly volatile digital asset similar to BTC. However, unlike BTC's digital gold narrative, $HYPE exists as an on-chain economic engine with intrinsic cash flow. Therefore, HyperStrategy has designed a structural exposure and yield compounding treasury mechanism that allows users and institutions to earn long-term stable on-chain returns through activities such as staking, borrowing, trading, and providing liquidity.

Specifically, the treasury receives fund injections from external users, primarily in the form of the USD stablecoin. Upon depositing funds, users receive two types of on-chain tokens: Convertible Debt Token (CDT), representing principal rights, and Option-type NFTs (Options NFT), symbolizing future revenue options or repurchase rights. This design allows user assets to have liquidity while being bound to long-term value growth expectations through the contract structure.

Once funds enter the treasury, the protocol deploys this stablecoin portion into multiple revenue 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, collecting transaction fees and platform incentives. It can also stake $HYPE as a validator node to receive rewards generated by network operation. In more advanced configurations, funds can be invested in Nest's trading protocol to earn additional rewards through LP provision and veNEST staking. Furthermore, HyperStrategy integrates on-chain derivative protocols, such as HIP-3 perpetual contracts, to further enhance fund utilization efficiency.

In the revenue 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 revenue for buybacks, reinvestment, or executes the redemption of CDTs and fulfillment of Options NFTs. Some designs may also introduce Net Asset Value (NAV) growth logic to make 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 across five major blockchains, including Hyperliquid (along with Solana, XRP, Sui, Bittensor), to create an institution-focused trend of multi-token staking vault. EBZT officially stated that this strategy would make it the first U.S. stock company to directly return staking rewards to shareholders, with an expected annual staking reward of approximately $1 million after deployment, and plans to give back to investors through dividends in the future. From this perspective, it seems that rewarding investors with on-chain vault compound interest is more sustainable than simply engaging in coin speculation.

Why HYPE?

The HyperStrategy differs from BTC as it is not just about accumulating $HYPE but building an on-chain vault that can consistently generate compound interest in the long term. This structure transforms holding behavior from mere "static holding" to a configurable, manageable, dividend-paying on-chain asset operation model. For traditional publicly traded companies entering Hyperliquid like Eyenovia, such strategic protocols not only provide a starting point for on-chain exposure but also create a comprehensive financial model with liquidity, cash flow, governance rights, and potential capital appreciation.

And the protocol economy formed around $HYPE seems to be providing a foundational experimental ground for the chainization of corporate finance operations, fund management, and balance sheets. Of course, some community members believe that with Coinbase and Robinhood announcing the issuance of derivative perpetual contracts in the U.S. region, and the fact that most major holders are from the U.S., Hyperliquid is facing unprecedented pressure.

Can Hyperliquid sustain its current growth pattern? And can "on-chain microstrategies" succeed or are they just a way of "exit liquidity"? BlockBeats will continue to monitor this situation.

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