Eyenovia Embraces Crypto Treasury Strategy with $50 Million HYPE Token Raise

Eyenovia Inc (NASDAQ: EYEN) saw its shares surge 136.4% after unveiling a $50 million private placement to diversify its treasury into the HYPE token on the Hyperliquid blockchain.

Why Eyenovia Is Pivoting to Cryptocurrency

• Treasury Diversification: The company plans to acquire 1 million+ HYPE tokens, positioning itself as a top Hyperliquid network validator and the first DeFi validator listed on Nasdaq.

• Leadership Addition: Hyunsu Jung joins as Chief Investment Officer and board member to spearhead the crypto strategy.

• Continuing Core Business: Eyenovia will maintain its pharmaceutical operations—including FDA registration of its Gen‑2 Optejet User Filled Device by September 2025—while building its crypto reserve.

Deal Structure and Potential Upside

• Convertible Preferred Stock: Non‑voting shares convertible into ~15.4 million common shares at $3.25 each.

• Warrants: Options to buy ~30.8 million additional shares at $3.25, potentially raising up to $150 million if exercised.

• Close Date & Rebranding: Transaction expected around June 20, 2025, after which Eyenovia will rename to “Hyperion DeFi” with ticker HYPD.

Track HYPE token price movements in real time with the Cryptocurrency Daily API. 

Building a DeFi Infrastructure

• HYPE Staking Program: Eyenovia will launch a staking mechanism to earn network rewards and bolster liquidity.

• Custody Partnership: Assets will be secured via Anchorage Digital’s institutional-grade custody solution.

Market Reaction and Risks

Investors cheered the bold pivot, but risks include crypto market volatility, regulatory uncertainties, and execution of validator operations. Monitoring token inflows and news flow will be critical:

Stay informed on Hyperliquid developments and broader crypto sector news via the Crypto News API. 

Investor Takeaways:

1. Novel Treasury Strategy: Eyenovia’s shift to DeFi is among the most aggressive by a public pharma firm.

2. Valuation Impact: Convertible issuance and warrants dilution should be weighed against potential token appreciation.

3. Ongoing Execution: Success hinges on validator performance, token adoption, and regulatory clarity in the evolving crypto landscape.