Eyenovia, a Nasdaq-listed biotech company, announced a $50 million private investment to build a crypto treasury focused on the HYPE token. The company plans to buy over 1 million HYPE tokens. This move makes Eyenovia the first publicly traded U.S. company to hold HYPE tokens in its treasury.
To fund this, the company will issue convertible preferred stock and warrants. If all warrants are exercised, the total raised could reach $150 million. The deal is expected to close on or around June 20, 2025. Along with this shift, the company will change its name to Hyperion DeFi and update its ticker from EYEN to HYPD.
Eyenovia’s CEO Michael Rowe said, “We are pleased to join the growing number of companies that have adopted similar strategies for the diversification, liquidity, and long-term capital appreciation potential that cryptocurrency represents.” He added that the board concluded this move was in the best interest of shareholders.
Meanwhile, Hyunsu Jung joined Eyenovia as Chief Investment Officer and board member to oversee the new crypto strategy. Jung described HYPE as “the most robust digital asset,” praising Hyperliquid’s fast growth and high revenue. He said, “We view Hyperliquid as one of the fastest-growing, highest-revenue-generating blockchains in the world.”
The company plans to stake its HYPE tokens to generate yields and secure the assets through a partnership with Anchorage Digital.
Furthermore, the company stated that the $50 million investment came from institutional accredited investors through a private placement. Eyenovia will issue non-voting convertible preferred stock convertible into about 15.4 million common shares at $3.25 per share, along with warrants to purchase about 30.8 million shares.
Chardan will be acting as the sole placement agent for the transaction. The sale of securities was conducted as a private offering and is subject to registration requirements by the SEC.
While expanding into crypto, Eyenovia will continue its core business. The company is developing the second-generation Optejet User Filled Device for eye care, which it expects to register with the FDA by September 2025.
Just recently, Hype traded near its all-time high of about $45.57, hovering around $40.14 at the time of writing.
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