In a move that would make even the most crypto-curious CFO pause mid-spreadsheet, Eyenovia has announced a $50 million pivot into cryptocurrency treasury management—specifically targeting the Hyperliquid blockchain and its HYPE token with the kind of conviction typically reserved for FDA drug approvals.
The pharmaceutical company’s strategy involves acquiring over one million HYPE tokens while positioning itself as a leading global validator on the Hyperliquid network—a distinction that apparently carries more weight than one might expect, given that Eyenovia became the first NASDAQ-listed entity to achieve this status.
The plan encompasses treasury diversification, enhanced liquidity, and long-term capital appreciation through digital assets, because why settle for traditional treasury bonds when you can stake cryptocurrency?
Eyenovia structured this ambitious venture through a private placement offering at $3.25 per share, raising capital via convertible preferred stock that can transform into approximately 15.4 million common shares.
The transaction includes warrants for roughly 30.8 million additional shares at the same price, potentially generating up to $150 million if fully exercised—a financial instrument that hedges both traditional equity participation and crypto market volatility. The company expects the offering to close around June 20, 2025, subject to customary closing conditions.
The market responded with characteristic enthusiasm, sending Eyenovia’s shares soaring over 136% following the announcement.
This reaction seems particularly notable given that HYPE token ranks as the 12th largest cryptocurrency by market capitalization as of mid-2025, lending credibility to what might otherwise appear as corporate FOMO.
Strategic leadership falls to newly appointed Chief Investment Officer Hyunsu Jung, who joins the board specifically to manage digital asset portfolios and validator operations. The company has already accumulated HYPE tokens at an average acquisition price of approximately $34.
Jung’s mandate includes implementing a HYPE staking program while ensuring compliance through Anchorage Digital’s custodial services—because even revolutionary treasury strategies require traditional risk management. As validators in the Proof of Stake consensus mechanism, the company will participate in validating transactions and securing the blockchain network while earning token rewards for their participation.
CEO Michael Rowe emphasized the strategy’s alignment with shareholder interests and blockchain technology adoption, following what the company describes as a “comprehensive review of alternatives.”
The initiative represents a fascinating convergence of decentralized finance with traditional corporate treasury management, transforming Eyenovia from a pharmaceutical company into something resembling a crypto-pharmaceutical hybrid—a category that apparently needed to exist.
