Eyenovia, Inc. announced it has rebranded and changed its corporate name to align with the company’s new vision and strategy focused on a cryptocurrency treasury reserve strategy.
The name: Hyperion DeFi, Inc.
Hold up … what?
A major pivot, right? Let’s start with the very basics …
Cryptocurrency is a digital currency (a digital payment method) designed to work through a computer network and does not depend on banks (or any central authority—including a government—for that matter) to verify transactions.
Its purpose: This digital currency can be utilized to purchase goods and services or traded for a profit (as an investment).
- A few cryptocurrency examples: Bitcoin (the first and most popular); Ethereum; altcoins; and meme coins (a subcategory of altcoins)
- To note: Ethereum utilizes the same tech as Bitcoin; however, its network is built on a different blockchain (essentially a digital ledger of transactions managed by a secure network of computers
- Importantly: Blockchain tech has increasingly been used for such applications like legal contracts, property sales, medical records, and other industries requiring authorization and a record of actions or transactions
- To note: Ethereum utilizes the same tech as Bitcoin; however, its network is built on a different blockchain (essentially a digital ledger of transactions managed by a secure network of computers
Okay … and what about this “cryptocurrency treasury reserve”?
At a national level, the United States government established a strategic bitcoin reserve in March 2025 that treats bitcoin as a reserve asset and is owned by the Department of Treasury.
- What this did: The national reserve capitalizes on bitcoin already owned by the federal government, making the U.S. the largest state holder of bitcoin in the world.
Separately, the U.S. president also created a digital asset stockpile for non-bitcoin assets.
And why would a company want to invest in cryptocurrency?
Adding cryptocurrency to a business strategy—even just as part of the strategy and not the whole—can offer companies additional flexibility for financing as well as provide their investors with new ways to invest in digital assets.
A major advantage: Experts have noted that this can also provide protection against inflation and diversification from other cash assets (possibly reducing portfolio risk).
- Conversely: Check out these risks a company may also face.
Okay … now back to this company — explain the name change.
Per the July 2 announcement, the move is intended to reflect Hyperion DeFi’s recent launch of its “cryptocurrency treasury reserve strategy,” centered around the HYPE token (a type of cryptocurrency).
Note: As of July 3, the company’s common stock is now trading under a new ticker symbol (HYPD) on the Nasdaq Capital Market.
For reference:
- HYPE is a social tokenomics experience developed to test if a crowd can “effectively control the inflation and deflation of a tokenomy (more on this below) without central governance.”
- This is also noted as the native token of Hyperliquid (HPL), which uses its own layer-1 blockchain that combines centralized and decentralized exchanges (DEX) to offer fast speeds, low fees, and advanced trading tools for decentralized finance (DeFi) users
- Note: DeFi enables users (investors) to purchase and sell assets on a public blockchain (such as Ethereum) without a go-between (such as a bank or broker)—essentially a peer-to-peer service.
- This is also noted as the native token of Hyperliquid (HPL), which uses its own layer-1 blockchain that combines centralized and decentralized exchanges (DEX) to offer fast speeds, low fees, and advanced trading tools for decentralized finance (DeFi) users
- Tokenomy (token + economy) essentially shapes how tokens function as units of value, governance, and incentive
Digital currency is an interesting pivot.
Indeed it is. This also makes the former Eyenovia the first publicly-listed U.S. company to build a strategic treasury of HYPE.
CEO Michael Rowe noted that the corporate change “reflects our new vision for the company and represents the next important step in the evolution of our cryptocurrency treasury reserve strategy.”
- For more info on the company’s new focus, click here.
One note: In order to operationalize its crypto engagement, the company recently launched a co-branded validator with Kinetqic (a liquid staking protocol built natively for the HPL ecosystem) dubbed “Kinetiq x Hyperion,” and began staking its HYPE holdings to generate yield while preparing for deeper onchain participation.
Go on …
Plus: Shareholders are also intended to benefit from this shift through an indirect, “gradually compounding exposure” to HYPE—see here for details on how.
Hyunsu Jung, the company’s chief investment officer, added that the emergence of blockchain technology—such as HPL—challenges not only existing financial infrastructure but also centralized cryptocurrency exchanges.
- “We believe that we are uniquely positioned to be a pioneer in the growing acceptance of digital currencies as a treasury asset,” Jung stated.
But the company is still also focused on eyecare, right?
It’s a dual focus now. The company is also working on efforts to commercialize the Optejet UFD—which, let us remind you, is already FDA-cleared—and is actively looking for companies to partner with and license the device.
- A targeted Q3 2025 filing for U.S. regulatory approval was previously reported.
Ok—so now back up and refamiliarize me with the former Eyenovia.
As Eyenovia, this New York-headquartered commercial-stage ophthalmic pharmaceutical technology company has focused on developing a pipeline of micro-dosed treatments for front-and-back-of-eye diseases—with an emphasis on presbyopia, mydriasis, and myopia.
See here for the latest news.
And its technology?
That would be the Optejet user-filled device (UFD), an FDA-cleared proprietary dispensing platform that uses the company’s Microdose Array Print (MAP) technology to topically deliver medication (akin to an inkjet printer).
- Medication examples: artificial tears and lens rewetting products
How it works: The medication is sprayed (misted) horizontally to coat the surface of the cornea at a low velocity to reduce ocular impact.
- And take note: The Optejet operates as a delivery system for the company’s Mydcombi (tropicaide and phenylephrine hydrochloride ophthalmic spray) 1%/2.5%, which was granted FDA clearance in 2023 for inducing mydriasis.
Got it. So now they’re targeting Q3 2025 filing for U.S. regulatory approval?
Correct. This follows previous reporting (in November 2024) of the phase 3 CHAPERONE clinical study for pediatric myopia, in which the trial failed to meet its primary goal.
Specifically: MicroPine—an investigational drug-device combo of low-dose atropine—when used with the Optejet device failed to achieve a rate of myopia progression significantly different between the two active treatment arms versus placebo.
- See here for all the details—and spoiler: This resulted in the program’s termination.
And more recently: In May 2025, then-Eyenovia had proposed a possible merger with Betaliq to form a glaucoma-focused company (no word yet on the status of that proposition).