Eyenovia’s $77M Surge: How a Failing Biotech Became a HYPE DeFi Play

The Biotech That Bought a Blockchain

When Eyenovia (EYEN) last traded below \(1 in early 2025, its future looked bleak—negative earnings, shrinking revenue, and a product pipeline that had stalled. Fast forward to June 2025: the stock surged 77% in one day after announcing it had purchased over 1 million \)HYPE tokens via a $50M PIPE deal.

Yes, you read that right: a biotech firm with $56k in annual revenue bought more than 100 times its market cap in HYPE.

This isn’t gambling—it’s strategic positioning. And if you’re still wondering why they did it? Let me explain.

Why ‘Hype’ Is More Than Just a Meme Token

\(HYPE isn’t your average ERC-20. It powers Hyperliquid—a high-throughput DEX with TVL now in the top 10 chains and daily fees consistently above \)200K.

The real kicker? The platform generates actual revenue—close to $1B annually—and rewards stakers with predictable yields.

So when Eyenovia says it’s buying HYPE for long-term yield and ecosystem participation, they’re not talking about moon shots. They’re building an on-chain balance sheet.

And yes—this has already worked before. When Tony G Co-Investment bought just 10k HYPE tokens earlier this month? Its stock jumped over 800% in one hour.

The Man Behind the Move: Hyunsu Jung

Enter Hyunsu Jung—the new CIO of Eyenovia and former Aligned partner who helped architect restaking infrastructure at DARMA Capital.

He didn’t come from biotech—he came from DeFi infrastructure. His résumé includes stints at GoldenTree Asset Management and Consensys-linked ventures.

But here’s what really stands out: he’s known personally by Max (@fiege_max), co-founder of Hyperliquid, dating back to their days as exchange students in Edinburgh.

That kind of network doesn’t exist by accident—it signals deep alignment between corporate strategy and protocol growth.

The ‘HyperStrategy’ Playbook: Beyond Simple Hold

eBay didn’t buy Bitcoin because they wanted to be rich—they bought it because they saw value accrual through integration. Same here:

Eyenovia isn’t just holding HYPE; it’s planning to run its own validator node under HIP-3 rules—requiring at least 1 million HYPE for deployment.

can unlock up to 50% of platform fees as rewards—an institutional-grade cash flow asset disguised as a token.

Then there’s Telaga’s vision: HyperStrategy, an on-chain fund structure where stablecoin deposits generate yield via lending, liquidity provision, veNEST locks, and even derivatives trading—all wrapped into transparent contracts with NAV tracking and periodic payouts.

can make this look like traditional asset management—but decentralized, dynamic, scaleable—at low operational cost. It’s not speculative; it’s systemic risk mitigation using crypto as leverage instead of debt.