Eyenovia (NASDAQ: EYEN), a clinical-stage ophthalmic company better known for developing drug delivery devices than digital asset strategies, sent its shares soaring in after-hours trading following the unexpected announcement of a $50 million cryptocurrency treasury initiative.
The pivot—because what else would you call a medical device company suddenly becoming a blockchain validator?—involves acquiring over one million HYPE tokens at approximately $34 per token through private placement financing.
The company’s newfound crypto enthusiasm centers on Hyperliquid, a layer-one blockchain optimized for high-frequency trading that has apparently captured the imagination of institutional investors willing to fund this particular experiment in corporate treasury diversification. HYPE, the protocol’s native token, has achieved the dubious distinction of becoming the 12th-largest cryptocurrency by market capitalization, with more than 25 million tokens already sequestered through the protocol.
Beyond mere token accumulation, Eyenovia plans to operate as a validator node on the Hyperliquid network—a role that would make it the first Nasdaq-listed company to validate transactions for this particular blockchain. This move positions the company within the broader DeFi ecosystem, which enables peer-to-peer financial transactions without traditional banking intermediaries through smart contracts on blockchain networks.
CEO Michael Rowe emphasized the “strategic advantage of crypto diversification,” while newly appointed Chief Investment Officer Hyunsu Jung will oversee this pioneering treasury strategy that somehow complements developing eye-drop delivery mechanisms.
CEO Michael Rowe champions crypto diversification while CIO Hyunsu Jung somehow bridges blockchain validation with ophthalmic device development.
The financing structure involves a private investment in public equity (PIPE) transaction, with closing expected around June 20, 2025. The transaction includes non-voting convertible preferred stock that can convert into approximately 15.4 million shares, along with warrants for additional share purchases. Anchorage Digital will provide custody services, because apparently storing cryptocurrency requires different expertise than manufacturing ophthalmic devices. The company also plans to rebrand as “Hyperion DeFi” with the ticker symbol “HYPD” to reflect its new digital asset focus.
The validator role promises ongoing staking rewards while supporting network security—assuming the blockchain maintains its current trajectory.
Remarkably, management insists this crypto pivot won’t derail their core business objectives. Development of the Gen-2 Optejet User Filled Device continues toward FDA registration by September 2025, with commercial partnering discussions proceeding alongside blockchain validation duties.
Whether shareholders appreciate this dual-focus approach—medical technology development paired with cryptocurrency validation—remains to be seen, though after-hours trading suggests initial market approval of Eyenovia’s transformation from ophthalmic innovator to digital asset pioneer.
