Eyen single day big pump 77%, HYPE becomes the new player in "coin stock"

Written by: BUBBLE

On June 17, the eye medicine digital technology company Eyenovia ( stock code: EYEN) announced that it has signed a securities purchase agreement to conduct a PIPE "public equity private placement" of 50 million dollars to qualified institutional investors, which will be used to establish its first cryptocurrency reserve plan, targeting the Hyperliquid native token HYPE, and the 50 million dollar investment amount even far exceeds the company's market value of 20 million dollars.

On June 23, Eyenovia announced that its previously disclosed $50 million PIPE transaction has been successfully completed, and it has successfully acquired 1,040,584.5 $HYPE at an average price of approximately $34 each. As part of this strategy, the company also plans to initiate and operate its own network validation nodes in collaboration with ecosystem partners to support the activity of the Hyperliquid blockchain and lay the foundation for future HYPE staking rewards. Following the news, Eyen's stock price surged 77% in a single day and has increased by 181% over the past five days, reaching a market capitalization of $26 million.

Hyunsu Jung, Chief Investment Officer of Eyenovia, added: "The steps we are taking aim to provide a secure custody channel for retail and institutional investors to access HYPE and its native yields. The company's successful acquisition of an initial HYPE position also lays the foundation for our further participation in the Hyperliquid ecosystem."

To promote the implementation of this strategic transformation, the company previously appointed Hyunsu Jung as the new Chief Investment Officer (CIO) and a member of the board of directors. After the board's approval in the coming days, the company is expected to be renamed "Hyperion DeFi," and the stock code will also change to "HYPD." As the first publicly listed company in the U.S. that uses on-chain exchange tokens for a "micro-strategy" plan, what exactly is Eyenovia? Who is the driving force behind it, Hyunsu Jung? And with more and more companies leveraging Crypto tokens for a "rebirth," will $Hype be a better choice?

Facing delisting, Eyenovia's last resort

With the recent activity of Hyperliquid, its mainnet TVL has surged into the top 10 of public chains, and the market capitalization of $HYPE has risen to the 11th position among all cryptocurrencies. The number of participants is gradually increasing, and the platform's daily transaction fees are able to maintain between 2 to 3 million dollars daily, with the platform's annual revenue approaching 100 million dollars.

However, the other main player in the collaboration, Eyenovia, hasn't had it so easy. Since its listing at a price of $800 in February 2018, it has plummeted to a low of $1 by April 2025. Eyenovia is primarily an ophthalmology company focused on a device-driven microdosing delivery platform, with product directions covering pupil dilation, postoperative inflammation reduction, and pediatric myopia treatment.

Eyenovia's main product Optejet

The company had a total revenue of only 56,000 dollars in 2024, with a net loss of 50 million dollars and liabilities exceeding 10 million dollars. Cash flow has dried up, and the failure of new product trials, along with various other reasons, is leading Eyenovia to face delisting. However, the strategy of HYPE's reserves has given Eyenovia a chance to "extend its life"; after the related news was released, Eyenovia's stock price soared by 134% in a single day.

The parachuting executive in the crypto circle, Hyunsu Jung

Previously, Eyenovia had no association with blockchain or related industries, and thus the appointment of its Chief Investment Officer (CIO), who was brought on board with an incentive of 500,000 shares of common stock, 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.

Its formal entry into the blockchain job market was at DARMA Capital, an investment advisory firm founded in 2018 by Andrew Keys (one of the co-founders of Consensys). The philosophy of DARMA is to help clients hold ETH in the long term while enhancing returns and controlling risks through DeFi tools. It provides Ethereum staking custody and validation node services, combining strategies such as restaking and LST to obtain 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, like the core team of Hyperliquid, graduating as a Baker Scholar (in the top 5% of his class).

The work in the DARMA product department and Aligned has also accumulated a wealth of relevant experience and connections for executing Hyperliquid DeFi's "micro-strategy".

Not much information about Hyunsu can be found on public websites, but Max "@fiege_max", a core member of the Hyperliquid ecosystem, shared his connection with Hyunsu Jung over the past 10 years: "It has been nearly ten years since Hyunsu and I were broke exchange students in Edinburgh; it has also been five years since we took the risk of trying cryptocurrency as roommates in San Juan."

Suspected Hyperion account, forwarded by community member Max.

On-chain Hyper strategy, stake HYPE to earn passive income.

Eyenovia indicates that this transaction is open only to institutional investors. The company will issue 15.4 million shares of convertible preferred stock and 30.8 million warrants for common stock, both with a conversion price and exercise price of $3.25 per share. If all the warrants are fully exercised, Eyenovia is expected to raise up to $150 million in additional funds.

Although it cannot be guaranteed that all warrants will be exercised, if the transaction is successfully completed, Eyenovia will be able to acquire and stake over 1 million $HYPE.

The official announcement states that the funds used to purchase over 1 million HYPE will be entrusted to Anchorage Digital for custody. Just a few days ago, on June 12, the Canadian listed company Tony G Co-Investment saw its stock price soar over 800% within an hour after purchasing 10,000 $Hype, directly leveraging a market value of $57 million with just $430,000.

Eyenovia CEO Michael Rowe stated, "We are excited 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 comprehensive review of all available options, the board and I unanimously believe that this transaction is in the best interests of our shareholders."

Jung added: "I am honored to join the Eyenovia team and help lead this pioneering cryptocurrency funding strategy, which is built around what we believe to be the most robust digital asset, HYPE. We believe that Hyperliquid is one of the fastest-growing and highest-revenue blockchains in the world."

The two statements mentioned that Eyenovia's strategy may not just be to purchase Hype but rather to build a complete strategic system around it. According to the HIP-3 protocol on Hyperliquid, allowing nodes to "list tokens" requires staking at least 1 million $Hype, with token deployers able to earn 50% of the total market fees and set custom fees based on this.

Regarding how to build a Hyperliquid version of the microstrategy, community member Telaga "_Telaga_" provided his vision. He believes that the on-chain structure of HyperStrategy is gradually coming to light, becoming a decentralized extension version following the holding logic of MicroStrategy. Rather than saying it is a purely asset allocation model, it is more accurate to describe it as a "strategy protocol system" that embeds liquidity, yield, leverage, and capital structure into on-chain financial infrastructure.

The HyperStrategy concept of Telaga views the native token $HYPE on Hyperliquid as a highly volatile digital asset similar to BTC. The difference is that $HYPE does not exist under the narrative of digital gold but participates in the entire protocol ecosystem as an on-chain economic engine with intrinsic cash flow. Therefore, HyperStrategy has designed a vault mechanism with structured exposure and yield compounding, allowing users and institutions to obtain long-term stable on-chain returns through staking, lending, trading, market making, and other means.

Specifically, the treasury is funded by external users, primarily in the form of USD stablecoins. After the funds are deposited, users will receive two types of on-chain certificates: one is the Convertible Debt Token (CDT), representing the principal rights; the other is the Options NFT, symbolizing the future rights to profit or repurchase. This design allows user assets to possess liquidity while also binding long-term value growth expectations through the contractual structure.

After the funds enter the vault, the protocol will deploy this portion of stablecoins into multiple yield modules. The main strategy is to lend $HYPE to other users through the on-chain lending system, earning interest in return. In addition, the vault can also participate in trading and liquidity provision on the Hyperliquid platform, collecting trading fees and platform incentives. Alternatively, it can stake $HYPE as a validator node to earn rewards generated by network operations. In more advanced configurations, funds can also be invested in Nest's trading protocol to obtain additional profit sharing through LP market making and locking veNEST. Meanwhile, HyperStrategy also integrates on-chain derivative protocols, such as HIP-3 perpetual contracts, further enhancing capital efficiency.

In the revenue recycling mechanism, the treasury will periodically collect and consolidate income from sources such as staking rewards, transaction fees, and lending interest. The protocol will use the revenue for buybacks, reinvestment, or to execute the repayment of CDT and the fulfillment of Options NFTs 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, the U.S. listed company Everything Blockchain Inc. (EBZT) also incorporated HYPE into its portfolio, announcing plans to invest 10 million USD in five major blockchains, including Hyperliquid, Solana, XRP, Sui, and Bittensor, to create a multi-token staking vault aimed at institutional adoption trends. EBZT's official statement asserts that this strategy will make it the first U.S. stock company to directly return staking profits to shareholders, expecting to generate approximately 1 million USD in staking rewards annually after deployment, and plans to reward investors through dividends in the future. From this perspective, it seems that using a compound return on-chain vault to reward investors is more sustainable than simply buying coins for speculation.

Why HYPE?

The gameplay of HyperStrategy is different from BTC; it is not just about increasing $HYPE at a single point, but rather building an on-chain treasury that can yield compound returns over the long term. This structure transforms the act of holding tokens from merely "static holding" into a configurable, manageable, and dividend-bearing on-chain asset operation model. For traditional listed companies like Eyenovia entering Hyperliquid, such strategy 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 for enterprises. Of course, some community members believe that with Coinbase and Robinhood announcing the issuance of perpetual contracts derivatives in the US region, the pressure faced by Hyperliquid, which mainly comprises large holders from the US, is unprecedented.