Eyenovia, a Nasdaq-listed ophthalmic technology company, announced on June 17 a $50 million private placement to acquire the native token of the Hyperliquid blockchain.
Eyenovia to Rebrand as Hyperion DeFi
Nasdaq-listed Eyenovia, an ophthalmic technology company, announced June 17 a strategic shift into the digital asset space with a $50 million private placement. The financing will be used to build a substantial reserve of HYPE, the native token of the decentralized digital asset exchange and Layer-1 blockchain, Hyperliquid.
The private placement involves the issuance of non-voting convertible preferred stock, convertible into approximately 15.4 million shares of common stock at a conversion price of $3.25 per share, along with warrants to purchase approximately 30.8 million common shares at the same exercise price. The conversion and exercise are subject to beneficial ownership limitations set by the investors.
According to a statement, Eyenovia will, as part of the move, rebrand to Hyperion DeFi and change its Nasdaq ticker to “HYPD” upon the closing of the offering, expected around June 20, 2025. The statement adds Eyenovia’s pivot positions it to become the first U.S.-based publicly listed entity to hold HYPE in its treasury.
Remarking on the plan to create a digital asset treasury based on HYPE, company CEO Michael Rowe stated:
“We are pleased to join the growing number of companies who have adopted similar strategies for the diversification, liquidity and long-term capital appreciation potential that cryptocurrency represents.” He added that a thorough review led the board to conclude this transaction is in the best interest of shareholders.
In connection with the new strategy, Eyenovia has appointed Hyunsu Jung as its chief investment officer and a new board member. Jung, expressing his enthusiasm, said, “I am honored and excited to join the Eyenovia team to help lead this pioneering cryptocurrency treasury strategy built around what we believe to be the most robust digital asset, HYPE. We view Hyperliquid as one of the fastest growing, highest-revenue generating blockchains in the world.”
The $50 million private investment in public equity (PIPE) financing will enable the company to acquire over 1 million HYPE tokens. This holding is expected to position the rebranded company as one of the top globally active validators for Hyperliquid. The company also intends to implement a HYPE staking program, securing these assets through a partnership with Anchorage Digital.
Despite this strategic shift, the company said it remains committed to its existing ophthalmic business. Eyenovia will continue the development of its Gen-2 Optejet User Filled Device (UFD), with an anticipated FDA registration by September 2025. The company will also pursue commercial partnering discussions for its Optejet dispenser.
Meanwhile, as part of his new role, Jung was awarded an inducement grant of 500,000 shares of common stock, approved by the Compensation Committee of the Board in accordance with Nasdaq Listing Rule 5635(c)(4).
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
$50 Million Gamble or Genius Move? Eyenovia’s Big Blockchain Bet
Eyenovia, a Nasdaq-listed ophthalmic technology company, announced on June 17 a $50 million private placement to acquire the native token of the Hyperliquid blockchain.
Eyenovia to Rebrand as Hyperion DeFi
Nasdaq-listed Eyenovia, an ophthalmic technology company, announced June 17 a strategic shift into the digital asset space with a $50 million private placement. The financing will be used to build a substantial reserve of HYPE, the native token of the decentralized digital asset exchange and Layer-1 blockchain, Hyperliquid.
The private placement involves the issuance of non-voting convertible preferred stock, convertible into approximately 15.4 million shares of common stock at a conversion price of $3.25 per share, along with warrants to purchase approximately 30.8 million common shares at the same exercise price. The conversion and exercise are subject to beneficial ownership limitations set by the investors.
According to a statement, Eyenovia will, as part of the move, rebrand to Hyperion DeFi and change its Nasdaq ticker to “HYPD” upon the closing of the offering, expected around June 20, 2025. The statement adds Eyenovia’s pivot positions it to become the first U.S.-based publicly listed entity to hold HYPE in its treasury.
Remarking on the plan to create a digital asset treasury based on HYPE, company CEO Michael Rowe stated:
“We are pleased to join the growing number of companies who have adopted similar strategies for the diversification, liquidity and long-term capital appreciation potential that cryptocurrency represents.” He added that a thorough review led the board to conclude this transaction is in the best interest of shareholders.
In connection with the new strategy, Eyenovia has appointed Hyunsu Jung as its chief investment officer and a new board member. Jung, expressing his enthusiasm, said, “I am honored and excited to join the Eyenovia team to help lead this pioneering cryptocurrency treasury strategy built around what we believe to be the most robust digital asset, HYPE. We view Hyperliquid as one of the fastest growing, highest-revenue generating blockchains in the world.”
The $50 million private investment in public equity (PIPE) financing will enable the company to acquire over 1 million HYPE tokens. This holding is expected to position the rebranded company as one of the top globally active validators for Hyperliquid. The company also intends to implement a HYPE staking program, securing these assets through a partnership with Anchorage Digital.
Despite this strategic shift, the company said it remains committed to its existing ophthalmic business. Eyenovia will continue the development of its Gen-2 Optejet User Filled Device (UFD), with an anticipated FDA registration by September 2025. The company will also pursue commercial partnering discussions for its Optejet dispenser.
Meanwhile, as part of his new role, Jung was awarded an inducement grant of 500,000 shares of common stock, approved by the Compensation Committee of the Board in accordance with Nasdaq Listing Rule 5635(c)(4).