On June 17, Eyenovia, a digital eye care technology company (ticker: EYEN), announced that it has signed a securities purchase agreement to raise $50 million from qualified institutional investors through a PIPE (Private Investment in Public Equity) offering, which will be used to establish its first cryptocurrency reserve program targeting Hyperliquid's native token HYPE. The $50 million investment far exceeds the company's $20 million market capitalization.

To implement this strategic transformation, the company simultaneously appointed Hyunsu Jung as its new Chief Investment Officer (CIO) and board member, and announced that the company name will be renamed to Hyperion DeFi, with the stock ticker also updated to HYPD. But what is Eyenovia, the US-listed company that is the first to implement a "microstrategy" plan using on-chain exchanges for tokens? Who is the driving force behind it, Hyunsu Jung? And with more and more companies using crypto tokens for "rebirth," is $Hype a better choice?

Desperate for Survival, Eyenovia's Lifeline

With Hyperliquid's recent activity, its TVL on the mainnet has jumped to the top 10 among public chains, and the market capitalization of $HYPE has climbed to the 11th position among all cryptocurrencies. The number of participants is gradually increasing, and the platform's daily transaction fees remain between $2-3 million, with annual revenue approaching $100 million.

However, Eyenovia, the other key player in this collaboration, has not fared as well. Since its listing in February 2018 at $800, its price dropped to as low as $1 by April 2025. Eyenovia is an ophthalmic company focused on a device-driven microdose delivery platform, with product directions covering pupil dilation, post-operative inflammation reduction, and treatment of childhood myopia.

Eyenovia's main product Optejet

The company's total revenue for the entire year of 2024 was only $56,000, with a net loss of $50 million and liabilities exceeding $10 million. With cash flow exhausted and the failure of new product trials, multiple factors have led Eyenovia to face delisting. The HYPE reserve strategy provided Eyenovia with a "second chance." After the news leaked, Eyenovia's stock price surged 134% in a single day.

Blockchain Executive Suddenly Joined, Hyunsu Jung

Eyenovia had no prior connection with blockchain or related industries, which made the newly appointed Chief Investment Officer (CIO), who was rewarded with 500,000 shares of common stock, attract attention. According to public information, Hyunsu Jung previously served as a senior consultant at PwC Parthenon, and also worked as an investment analyst at GoldenTree Asset Management and an asset management analyst in New York City.

He officially entered the blockchain industry at DARMA Capital, a consulting firm founded in 2018 by Andrew Keys, one of the co-founders of Consensys. DARMA's philosophy is to help clients hold ETH long-term while enhancing returns and managing risks through DeFi tools. It provides Ethereum staking custody and validator node services, combining restaking and LST strategies to generate additional income.

In December 2023, he joined Aligned as a partner. Aligned is an infrastructure solution for mining, high-performance computing, staking, and liquidity supply. Its founder Neal Kaufman previously worked at McKinsey, and like the core team of Hyperliquid, graduated from Harvard University with the title of Baker Scholar (top 5% of his class).

His work in DARMA's product department and Aligned also accumulated extensive experience and contacts for executing Hyperliquid DeFi's "microstrategy."

There is not much information about Hyunsu on public websites, but Max, a core member of the Hyperliquid ecosystem, shared his 10-year relationship with Hyunsu Jung: "It has been nearly ten years since I met Hyunsu as an exchange student in Edinburgh with no money; it has been five years since we tried cryptocurrency together as roommates in San Juan."

A suspected Hyperion account, forwarded by community member Max.

On-chain Hyper Microstrategy, Staking HYPE to Earn Passively

Eyenovia stated that this transaction is only open to institutional investors, and the company will issue 15.4 million convertible preferred shares and 30.8 million warrants for common stock, both with a conversion and exercise price of $3.25 per share. If all warrants are exercised, Eyenovia could potentially raise up to $150 million in funds.

Although it cannot be guaranteed that all warrants will be exercised, if this transaction is successfully completed, Eyenovia can obtain and stake over 1 million $HYPE.

The official announcement states that the purchase of over 1 million HYPE will be entrusted to Anchorage Digital for custody. A few days earlier, on June 12, the Canadian company Tony G Co-Investment purchased 10,000 $Hype, and its stock price surged over 800% within an hour, directly leveraging $430,000 to create a $57 million market capitalization.

Michael Rowe, CEO of Eyenovia, said: "We are pleased to join an increasing number of companies adopting similar strategies to realize the diversification, liquidity, and long-term capital appreciation potential represented by cryptocurrency. After a comprehensive review of all available options, the board and I unanimously believe that this transaction is in the best interest of our shareholders."

Jung added: "I am honored to join Eyenovia's team to help lead this pioneering cryptocurrency fund strategy, which is built around what we believe is the most robust digital asset, HYPE. We believe Hyperliquid is one of the fastest-growing and highest-revenue blockchains globally."

These statements indicate that Eyenovia's strategy may not just be buying Hype, but rather building a complete strategy system around it. If they choose to do so, according to the HIP-3 protocol on Hyperliquid, nodes need to stake at least 1 million $Hype to "list" tokens, allowing token deployers to receive 50% of the total fees and configure custom fees on top of that.

Regarding how to build a Hyperliquid version of the microstrategy, community member Telaga " _Telaga_ " outlined his vision, stating that the on-chain structure of HyperStrategy is gradually emerging, becoming a decentralized extension of the MicroStrategy coin-holding logic. Rather than being a simple asset allocation model, it is a "strategy protocol system" that embeds liquidity, yield, leverage, and capital structure into on-chain financial infrastructure.

Telaga's HyperStrategy concept views the native token $HYPE on Hyperliquid as a high-volatility digital asset similar to BTC. Unlike BTC, $HYPE does not exist with the narrative of digital gold, but rather functions as an on-chain economic engine with intrinsic cash flows participating in the entire protocol ecosystem. Therefore, HyperStrategy designs a structured exposure and compounding yield vault mechanism, allowing users and institutions to obtain long-term stable on-chain yields through staking, lending, trading, and market-making.

Specifically, the vault is funded by external users, primarily in the form of USD stablecoins. After the funds are deposited, users receive two types of on-chain tokens: one is a convertible bond token (CDT), representing principal equity, and the other is an option NFT, symbolizing future yield options or repurchase rights. This design allows user assets to maintain liquidity while binding long-term value growth expectations through contract structures.

Once the funds enter the vault, the protocol deploys the stablecoins into multiple yield modules. The main strategy involves using the on-chain lending system to lend $HYPE to other users and earn interest. Additionally, the vault can participate in trading and liquidity provision on the Hyperliquid platform, collecting transaction fees and platform incentives. Or, it can act as a validator node to stake $HYPE and earn rewards generated by network operations. In more advanced configurations, funds can be invested in Nest's trading protocol, earning additional profits through LP market-making and locking veNEST. At the same time, HyperStrategy also integrates on-chain derivatives protocols such as HIP-3 perpetual contracts, further improving capital efficiency.

In the revenue return mechanism, the vault periodically collects and consolidates income from staking rewards, transaction fees, and lending interest. The protocol uses rules to use the revenue for buybacks, reinvestments, or fulfilling CDT repayments and Options NFT executions. Some designs may also introduce NAV (Net Asset Value) growth logic, making the entire strategy system closer to the transparency and stability of traditional asset management firms.

Following Eyenovia, on June 20, the US-listed company Everything Blockchain Inc. (EBZT) will also include HYPE in its portfolio, announcing plans to invest $10 million in five blockchains (including Hyperliquid, Solana, XRP, Sui, and Bittensor), creating a multi-token staking vault aimed at institutional adoption trends. EBZT's official statement claims this strategy will make it the first US company to directly return staking earnings to shareholders, expecting to generate approximately $1 million in staking rewards annually after deployment, and planning to distribute dividends to investors in the future. From this perspective, using compound yield on-chain vaults to return value to investors seems more sustainable than simply buying coins for speculation.

Why HYPE?

HyperStrategy's approach differs from BTC, not just a single point increase in $HYPE, but building an on-chain vault that can generate compound yields over the long term. This structure makes holding tokens no longer just a "static holding," but an on-chain asset operation model that is configurable, manageable, and distributable. For traditional listed companies like Eyenovia entering Hyperliquid, such strategy protocols not only provide a starting point for on-chain exposure, but also create a complete financial model with liquidity, cash flow, governance rights, and potential capital appreciation.

The protocol economy centered around $HYPE seems to be providing a foundational experimental field for enterprise financial operations, fund management, and balance sheet construction. Of course, some community members also believe that with Coinbase and Robinhood announcing the launch of perpetual contracts in the US region, and the majority of major holders coming from the US, Hyperliquid faces unprecedented pressure.

Can Hyperliquid continue to maintain its current growth model? Can the "on-chain microstrategy" succeed or is it merely a way to "exit liquidity"? ChainThink will continue to monitor this.

Click to learn more about ChainThink ChainThink job openings