This week, Nasdaq-listed company Eyenovia announced cash reserves of $50 million in Hyperliquid HYPE tokens. Let’s take a look at this surprising development for a company that has nothing to do with the world of crypto.
Eyenovia wants to create a $50 million cash reserve in HYPE
This week, Nasdaq-listed company Eyenovia made a groundbreaking announcement, revealing its plans to create a cash reserve in Hyperliquid HYPE tokens.
In total, the company intends to raise more than 1 million HYPE tokens to build a reserve of approximately $50 million. The stated goal is to make Eyenovia one of the first validators on the blockchain that hosts the now famous perpetual crypto trading platform.
With 1 million tokens, this would position the company in 23rd place, just behind Meria:
To finance this operation, the company will issue $15.4 million in non-voting convertible shares at a conversion price of $3.25 per share. In addition, 30.8 million shares will be issued in the form of warrants, also at an exercise price of $3.25 per share. If all conversion rights are exercised, this could bring in up to $150 million for Eyenovia.
For Hyunsu Jung, appointed for the occasion to the board of directors and as chief investment officer, the choice of the HYPE token in this treasury is justified by the strong developments of the Hyperliquid ecosystem:
I am honored and delighted to join the Eyenovia team to help lead this pioneering cryptocurrency treasury strategy, built around what we believe to be the most robust digital asset, HYPE. We consider Hyperliquid to be one of the fastest-growing and highest-revenue-generating blockchains in the world.
What is notable here is that, as with many companies before it, Eyenovia’s share price was collapsing on the stock market. Despite a rebound that began last month, EYEN shares are still down more than 99% from their IPO price.
After rising nearly 135% on the day the cash position was announced in HYPE, the stock lost 30.7% on Wednesday and is now trading at $4.83 per share:
Another interesting point is that the company initially had absolutely nothing to do with the crypto ecosystem, as its flagship product is Optetjet, a medical device that replaces eye drops for eye treatments.
As for the price of HYPE, we are seeing a 6.2% drop over 24 hours, currently standing at $37.84 at the time of writing.
