Eyenovia Becomes First Public Company to Hold HYPE

A publicly listed U.S. biotech firm is pivoting to crypto. Nasdaq-traded Eyenovia (NASDAQ: EYEN) has announced a $50 million private placement to acquire over 1 million HYPE tokens and operate as a validator on the Hyperliquid blockchain. The deal marks the first time a U.S. public company has taken direct treasury exposure to HYPE.

The transaction, announced June 17, includes convertible preferred shares and warrants that could raise up to $150 million if fully exercised. Eyenovia will rebrand to “Hyperion DeFi” and change its ticker to HYPD, with the deal expected to close around June 20. The firm also appointed Hyunsu Jung as Chief Investment Officer and board member to oversee the crypto strategy.

HYPE move signals a strategic shift

Hyperliquid is a high-speed Layer 1 blockchain focused on perpetuals trading. It has rapidly gained market share, with over $250 billion in monthly onchain perps volume and accounting for 60% of the market in the past 30 days. HYPE, its native token, surged 380% from its April lows to an all-time high of $45.57 on June 16, before pulling back to around $40.24.

Eyenovia’s HYPE bet includes a staking program and custodial support from Anchorage Digital. The company says it views this move as a long-term play on capital appreciation and decentralized infrastructure. CEO Michael Rowe said the strategy aligns with the firm’s goal of increasing shareholder value and positioning for growth in digital assets.

Weak balance sheet, crypto pivot

Despite the bold announcement, Eyenovia’s core financials raise concern. The firm’s current market cap stands at just $9.88 million. Its stock is down 94.21% year-over-year, with only $70,000 in trailing 12-month revenue and a current ratio of 0.34, suggesting short-term liquidity challenges.

The company is also facing a potential Nasdaq delisting due to stockholder equity falling below the required $2.5 million threshold. A compliance plan was due by June 13. Additionally, Eyenovia has restructured its loan agreement with Avenue Capital to prevent any single lender from converting into a stake greater than 9.99% of the company’s equity.

Still, in Q1 2025, Eyenovia reported a 70% reduction in cash burn, narrowing its net loss to $3.5 million from $10.9 million year-over-year.

Key terms of the deal

• $50M private placement using convertible preferred shares and warrants.
• Preferred stock convertible into 15.4 million shares at $3.25.
• Additional 30.8 million warrants at same price.
• Full exercise could bring in $150M total.
• Proceeds to acquire over 1 million HYPE tokens.
• Staking program and validator role confirmed.