Eyenovia, a U.S.-based ophthalmic tech company listed on Nasdaq, is stepping into crypto waters, big time. The firm has announced a $50 million private equity raise aimed at acquiring over one million HYPE tokens, the native asset of Hyperliquid, a decentralized exchange and Layer-1 blockchain.
Alongside this strategic treasury allocation, Eyenovia is also becoming a validator on the Hyperliquid network, marking the first time a publicly traded U.S. company has taken this dual crypto-integrated approach.
Becoming a blockchain validator and rebranding strategy
Eyenovia’s financing was secured through a securities purchase agreement with institutional investors, which includes issuing non-voting convertible preferred stock and warrants tied to the company’s common shares.
If all warrants are exercised, the deal could ultimately generate $150 million.
With the funds, Eyenovia plans to acquire more than 1 million HYPE tokens, enough to become one of Hyperliquid’s top validators. The company also intends to roll out a HYPE staking program and has partnered with Anchorage Digital for secure custody of its digital assets.
As part of the transition, the firm will rebrand itself as “Hyperion DeFi,” with a new ticker symbol “HYPD” on Nasdaq. Hyunsu Jung, recently appointed as Chief Investment Officer and board member, described Hyperliquid as one of the fastest-growing blockchains and highlighted the token’s revenue generation potential.
CEO Michael Rowe emphasized the board’s decision was made after evaluating all available alternatives, framing the strategy as a diversification tool to potentially increase long-term shareholder value.
Balancing innovation with existing operations
While this move signals a pivot toward blockchain integration, Eyenovia isn’t abandoning its core operations. The company remains committed to the development and potential FDA registration of its Gen-2 Optejet User Filled Device, expected in September 2025.
Commercial discussions around its ophthalmic delivery tech are still ongoing.
The offering is expected to close around June 20, 2025, pending standard closing conditions. The company has also entered a registration rights agreement to file with the SEC for resale of common shares tied to the convertible securities.
This crossover between biotech and crypto might signal a broader trend of legacy firms leveraging blockchain tools, not just for treasury diversification, but to align with new market dynamics.
