On June 17, eye drug digital technology company Eyenovia (stock code: EYEN) announced that it had signed a securities purchase agreement for a PIPE 'public equity private placement' of $50 million with qualified institutional investors, which will be used to establish its first cryptocurrency reserve plan, targeting the native token HYPE of Hyperliquid, and the investment amount of $50 million far exceeds the company's market value of $20 million.
To promote the implementation of this strategic transformation, the company has simultaneously appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and a member of the board, and announced that the company name will be changed to Hyperion DeFi, with the stock code also updated to HYPD. What exactly is Eyenovia, the first publicly listed company in the US to use on-chain exchange tokens for a 'micro-strategy' plan? Who is Hyunsu Jung, the driving force behind it? As more and more companies use Crypto tokens for 'rebirth', will $Hype be a better choice?
On the brink of delisting, Eyenovia's lifeline
With the recent activity of Hyperliquid, its mainnet TVL has jumped into the top 10 of public chains, and the market cap of $HYPE has also risen to 11th among all cryptocurrencies. The number of participants is gradually increasing, and the platform's daily transaction fees can maintain between $2-3 million daily, with the platform's annual revenue approaching $100 million.
However, Eyenovia, the other main character in the collaboration, has not had it easy. Since going public at $800 in February 2018, its stock price plummeted to a low of $1 by April 2025. Eyenovia's core business is an ophthalmic company centered on a device-driven micro-dosing delivery platform, covering product directions including pupil dilation, post-operative inflammation reduction, and treatment of childhood myopia.
Eyenovia's main product Optejet
The company generated only $56,000 in revenue for the entire year of 2024, with a net profit of negative $50 million and liabilities exceeding $10 million. Cash flow depletion, coupled with failures in new product trials, has led Eyenovia to face delisting. The strategy of reserving HYPE has given Eyenovia a 'lifeline', and after this news broke, Eyenovia's stock price surged 134% in a single day.
The incoming cryptocurrency executive, Hyunsu Jung
Previously, Eyenovia had no connections to blockchain or related industries, which is why the appointment of Hyunsu Jung as Chief Investment Officer (CIO) with 500,000 common shares as incentive has attracted public attention. According to public information, Hyunsu Jung previously served as a senior consultant at Ernst & Young Parthenon and has also worked as an investment analyst at GoldenTree Asset Management and as an asset management analyst in New York City.
He officially entered the blockchain workforce at DARMA Capital, an investment advisory firm founded by Andrew Keys (one of the co-founders of Consensys) in 2018. DARMA's philosophy is to help clients hold ETH long-term while using DeFi tools to enhance returns and manage risks. It offers Ethereum staking custody and validation node services, combining restaking and LST strategies to achieve additional returns.
In December 2023, he joined Aligned as a partner. Aligned is an infrastructure that addresses mining and high-performance computing, staking, and liquidity provision. Its founder, Neal Kaufman, previously worked at McKinsey and graduated from Harvard University, just like the core team of Hyperliquid, and graduated as a Baker Scholar (top 5% of the class).
Working in the DARMA product department and Aligned has also accumulated a wealth of relevant experience and connections for executing Hyperliquid DeFi's 'micro-strategy'.
There isn't much information available about Hyunsu on public websites, but Max '@fiege_max', a core member of the Hyperliquid ecosystem, shared the story of his acquaintance with Hyunsu Jung for 10 years: 'It has been nearly ten years since Hyunsu and I were broke exchange students in Edinburgh; and five years since we roomed together in San Juan and adventured into cryptocurrency.'
A suspected Hyperion account, forwarded by community member Max.
On-chain Hyper micro-strategy, staking HYPE to earn passively
Eyenovia stated that this transaction is only open to institutional investors, and the company will issue 15.4 million convertible preferred shares and 30.8 million common stock warrants, both with a conversion price and exercise price of $3.25 per share. If all warrants are fully exercised, Eyenovia expects to raise up to $150 million in further funding.
While it cannot be guaranteed that all warrants will be exercised, if the transaction goes smoothly, Eyenovia can acquire and stake over 1 million $HYPE.
The official announcement states that the purchase of over 1 million HYPE will be entrusted to Anchorage Digital for custody. Just days earlier, on June 12, Canadian publicly listed company Tony G Co-Investment saw its stock price surge over 800% within an hour after purchasing 10,000 $Hype, leveraging just $430,000 to unlock a market cap of $57 million.
Eyenovia CEO Michael Rowe stated: 'We are pleased to join an increasing number of companies adopting similar strategies to realize the diversification, liquidity, and long-term capital appreciation potential represented by cryptocurrencies. After a thorough review of all available options, the board and I unanimously 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 is built around what we believe to be 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 mention that Eyenovia's strategy may not just be to buy Hype but aims to build a complete strategy system around it. And if they choose to do so. According to the HIP-3 protocol on Hyperliquid, allowing nodes to 'list tokens' requires staking at least 1 million $Hype, whereby token deployers can earn 50% of the total market fees and configure custom fees based on this.
Regarding how to build Hyperliquid's version of micro-strategy, community member Telaga '_Telaga_' provided his vision, believing that the on-chain structure of HyperStrategy is gradually emerging as a decentralized extension version following the holding logic of MicroStrategy. Rather than viewing it as a simple asset allocation model, it is more of a strategic protocol system that embeds liquidity, yield, leverage, and capital structure into on-chain financial infrastructure.
Telaga's HyperStrategy concept views the native token $HYPE on Hyperliquid as a highly volatile digital asset similar to BTC. The difference is that $HYPE does not exist as a narrative of digital gold but participates in the entire protocol ecosystem as an on-chain economic engine with intrinsic cash flow. HyperStrategy therefore designs a structured exposure and yield compounding treasury mechanism, allowing users and institutions to obtain long-term stable on-chain returns through staking, lending, trading, and market-making.
Specifically, the treasury is funded by external users, primarily deposited in the form of USD stablecoins. After the funds are deposited, users will receive two types of on-chain certificates: one is a convertible debt token (CDT), representing principal rights; the other is an options-type NFT (Options NFT), symbolizing future profit options or repurchase rights. This design allows user assets to have liquidity while binding long-term value growth expectations through contract structures.
Once funds enter the treasury, the protocol will deploy this portion of stablecoins into multiple yield modules. The primary strategy is to lend out $HYPE to other users through on-chain lending systems, earning interest from it. Additionally, the treasury can participate in trading and liquidity provision on the Hyperliquid platform, earning transaction fees and platform incentives, or stake $HYPE as a validator node to receive rewards generated from network operations. In more advanced configurations, funds can also be invested in Nest's trading protocols to gain additional profit shares through LP market-making and locking veNEST. Meanwhile, HyperStrategy also integrates on-chain derivative protocols, such as HIP-3 perpetual contracts, to further enhance capital utilization efficiency.
In the revenue return mechanism, the treasury periodically collects and consolidates income from sources such as staking rewards, transaction fees, and lending interest. The protocol uses the income for repurchase, reinvestment, or to execute repayment of CDT and fulfillment of Options NFT according to the rules. 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 Eyenovia, on June 20, American publicly listed company Everything Blockchain Inc. (EBZT) also included HYPE in its portfolio, announcing plans to invest $10 million into five major blockchains including Hyperliquid (also including Solana, XRP, Sui, Bittensor) to create a multi-token staking treasury aimed at institutional adoption trends. EBZT's official statement indicates that this strategy will make it the first US public company to directly return staking revenue to shareholders, with an expected annual yield of about $1 million in staking rewards after deployment, and plans to return profits to investors through dividends in the future. From this perspective, it seems that using a compound yield on-chain treasury to reward investors would be more sustainable than merely speculating on buying tokens.
Why HYPE?
HyperStrategy's approach differs from BTC, not merely increasing $HYPE at a single point, but building an on-chain treasury capable of producing compound returns over the long term. This structure transforms holding tokens from merely 'static holding' into a configurable, manageable, and distributable on-chain asset operation model. For traditional public companies like Eyenovia entering Hyperliquid, such 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.
The protocol economy surrounding $HYPE seems to be providing a foundational experimental ground for on-chain financial operations, fund management, and balance sheet construction. Of course, some community members believe that with Coinbase and Robinhood announcing the issuance of perpetual contract derivatives in the US region, the pressure faced by Hyperliquid, which mainly has large holders from the US, is unprecedented.
Can Hyperliquid continue to maintain its current growth model? And can 'on-chain micro-strategy' succeed or is it merely a way to 'exit liquidity'? Rhythm BlockBeats will continue to monitor this.
