A Nasdaq-listed biotech company is betting big on crypto with a $50 million move into Hyperliquid’s HYPE token.

According to a June 17 press release from Eyenovia, Inc., a U.S.-based ophthalmic technology firm, the company has secured $50 million in private equity financing to accumulate over 1 million Hyperliquid (HYPE) tokens. With this move, Eyenovia becomes the first publicly traded U.S. company to hold HYPE in its treasury and operate as a Hyperliquid blockchain validator.

The funding deal includes convertible preferred shares and warrants, which could raise up to $150 million if fully exercised. Alongside the announcement, Eyenovia named Hyunsu Jung as chief investment officer and board member to oversee the new digital asset strategy.

“We’re pleased to join the growing number of companies adopting cryptocurrency treasury strategies,” said chief executive officer Michael Rowe. “We believe this move supports long-term capital appreciation and shareholder value.”

Jung called HYPE “the most robust digital asset,” citing Hyperliquid’s rapid growth and leading onchain revenue. HYPE ranks as the 12th-largest cryptocurrency by market cap, having surged 380% from its April low to an all-time high of $45.57 on June 16. At press time, HYPE is trading at $40.24, down 11% from its peak.

Hyperliquid, a high-speed Layer 1 blockchain optimized for perpetuals trading, has seen a wave of adoption. In the past 30 days, it has accounted for 60% of the total onchain perps volume, according to data from a Dune Analytics dashboard. Monthly perps volume has topped $250 billion, making it a strong competitor to centralized exchanges such as Binance.

Eyenovia plans to execute a staking strategy with its HYPE holdings and use Anchorage Digital to secure its assets. In addition, the company will rebrand to “Hyperion DeFi”  and change its ticker symbol to HYPD.

Eyenovia will keep working on its flagship Optejet eye treatment device, which is expected to receive FDA registration by September, while branching out into cryptocurrency. If other public companies follow Eyenovia’s lead, Hyperliquid could see a sharp increase in token demand and network effects, potentially positioning it as a top 10 blockchain by market capitalization.