The US-listed ophthalmic technology company Eyenovia announced yesterday that it will privately place $50 million to purchase Hyperliquid's native token HYPE, becoming the first international company to include HYPE in its financial reserves. At the same time, the company will change its name to Hyperion DeFi, appoint a new Chief Investment Officer, and participate in staking node verification programs. Following the announcement, EYEN's stock price rose 134% in a single day.
Is Eyenovia embracing Hyperliquid recognition or speculation?
Ophthalmic digital technology company Eyenovia (stock code: EYEN) announced yesterday that it has completed a $50 million private placement (PIPE) to establish its first cryptocurrency reserve, targeting the high-growth potential Hyperliquid native token HYPE, which even far exceeds the company's market value of $20 million.
This transaction is limited to institutional investors, and the company will issue 15.4 million shares of convertible preferred stock and 30.8 million shares of common stock warrants, with both the conversion and exercise prices set at $3.25 per share. If all warrants are fully subscribed, it can attract up to $150 million in additional funds.
It seems that to implement the transformation strategy, the company appointed Hyunsu Jung as the new Chief Investment Officer and board member, and concurrently announced that the company name and stock code will change to 'Hyperion DeFi' and 'HYPD'.
(VanEck reveals concerns about Bitcoin reserve company discounts: issuing new shares will only dilute shareholder value faster)
The CEO is optimistic about Hyperliquid: staking HYPE generates passive income
Eyenovia stated that it will use the funds from this round to purchase over 1 million HYPE tokens, making it one of the largest holders globally, and plans to participate in staking validation on Hyperliquid, entrusted to Anchorage Digital for custody. The company's CEO Michael Rowe stated:
This is not just an investment decision, but a significant step for us to seek diversified returns for shareholders and embrace the blockchain revolution.
New Chief Investment Officer Jung also added: 'We believe HYPE is one of the strongest and most promising digital assets currently available.'
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In contrast, HYPE's price has skyrocketed: Eyenovia's stock price has fallen 86% over the past year.
As Hyperliquid has recently jumped to become the 8th largest L1 by TVL globally, and HYPE has reached the 13th largest cryptocurrency by market capitalization, its on-chain order book DEX trading volume and active users continue to rise rapidly. However, on the other hand, EYEN's stock price seems to be less favorable.
Even though the HYPE reserve caused EYEN's stock price to soar 134% in a single day, the company has already dropped 40.3% this year and 86.2% within the last year, losing 99% of its value since its listing in 2018. Now, even if they turn to speculative hype on crypto reserves, if their core business continues to incur losses, it may be too late to recover.
(Not every company can become a micro-strategy: looking at the risks of crypto reserve companies from Sharplink's 70% plunge)
Core business continues to advance, Eyenovia builds a dual-engine growth model
Eyenovia emphasizes that even with a large investment in the crypto space, it has not deviated from its core medical business, including the development of innovative treatment devices like the UFD specifically designed for patients with dry eye syndrome. The CEO stated that they will steadily advance with a 'dual-engine' operational model that combines medical technology with crypto investment as part of their Web3 transformation strategy, providing shareholders with richer sources of value.
This article discusses how the ophthalmic company Eyenovia raised $50 million to create a HYPE crypto reserve, with the stock price rising 134% in a single day, originally appearing in Chain News ABMedia.
