Nasdaq Company Makes Crypto Pivot With $50M HYPE Token Reserve

• Eyenovia commits $50M to HYPE reserve, planning rebrand to Hyperion DeFi while keeping core business.
• Despite a bold crypto move, HYPE token drops 5% as the market shows no immediate confidence boost.

Nasdaq-listed Eyenovia (EYEN) plans to allocate up to $50 million toward a reserve of Hyperliquid (HYPE) tokens, seeking to become the first public company to adopt this treasury approach. The funds will come from issuing convertible preferred stock and warrants under a securities purchase agreement.

Under the terms, the preferred stock can convert into roughly 15.4 million common shares at $3.25 each. The deal also includes warrants for the potential purchase of 30.8 million additional shares at the same price. If all warrants are exercised, the transaction could total $150 million.

The closing date for the agreement is set for June 20. Eyenovia intends to use a portion of the proceeds to acquire up to 1 million HYPE tokens. With that amount, the company plans to become one of the more prominent validators on the Hyperliquid network.

CEO Michael Rowe expressed confidence in the plan, stating,

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.

Eyenovia Renames, Adds New CEO as Crypto Strategy Expands

As part of this major shift, Eyenovia will rebrand itself to Hyperion DeFi and change its Nasdaq ticker symbol to HYPD. Despite this change in identity, the company will maintain its core business of developing ophthalmic delivery technology. This includes continuing progress on its Gen-2 Optejet User-Filled Device, which it expects to register with the U.S. Food and Drug Administration by September 2025.

The company has also named a new CEO, Hyunsu Jung, who has been added to the board as well. Jung said in a statement, 

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.

Along with building a reserve of HYPE tokens, Eyenovia is preparing to launch a staking initiative through Anchorage Digital. This partnership will aim to protect and manage the new digital assets the company holds. In doing so, it follows the lead of other public firms like Strategy and DeFi Development Corporation that have recently shifted toward crypto-backed capital management. 

HYPE Token Drops Despite Treasury Support Plan

Despite the announcement, the HYPE token has not responded well. It is down 5.19% over the past 24 hours, and current signals suggest further weakness. If the price slips below the current zone, support might come in around $30.5. A move higher would need a clear break above the top of the channel to gain traction.

Source: X

Indicators such as the Relative Strength Index and the Stochastic Oscillator are above neutral levels but are moving downward. If they cross below key thresholds, bearish pressure could intensify. So far, Eyenovia’s entry into crypto has not translated into immediate value for the HYPE token.

This move places Eyenovia among a growing segment of public companies exploring digital assets to improve liquidity and capital strategies. Still, the response from the market has been mixed, reflecting both the promise and risks that come with large-scale crypto adoption.