HYPE drops 6% amid Eyenovia plans to establish Hyperliquid treasury

Source Fxstreet
  • Eyenovia announced that it has entered into a sales agreement for a $50 million PIPE offering to establish a Hyperliquid treasury.
  • The company intends to purchase up to 1 million HYPE from the proceeds of the offering.
  • HYPE declined 6% in the past 24 hours despite the announcement.

Hyperliquid (HYPE) sustained a 6% decline on Tuesday despite Nasdaq-listed Eyenovia's (EYEN) announcement that it entered a securities purchase agreement to offer up to $50 million of its shares to establish a HYPE treasury.

HYPE declines despite Eyenovia's plan to establish a Hyperliquid reserve

Digital ophthalmic technology company Eyenovia plans to become the first publicly traded company to implement a Hyperliquid treasury strategy.

The company announced that it has entered into a securities purchase agreement for a $50 million private placement in public equity offering (PIPE) with accredited investors. The company plans to use the funds to establish its Hyperliquid treasury.

Eyenovia's offering will include the issuance of over 30 million shares of its common stock, which it expects will generate proceeds of approximately $150 million "if the warrants are exercised in full."

The offering, expected to close on June 20, could enable the company to purchase up to 1 million HYPE to "become one of the top globally active validators for Hyperliquid."

Eyenovia also plans to launch a HYPE staking initiative to safeguard its digital assets through a collaboration with Anchorage Digital.

Following the close of the offering, the company plans to rebrand to Hyperion DeFi and also change its ticker to HYPD. However, Eyenovia will maintain its current line of business, which includes developing a Gen-2 Optejet User-Filled Device (UFD).

In line with the changes, Eyenovia has appointed Hyunsu Jung as its Chief Executive Officer and a member of the Board.

"I am honored and excited 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," Jung stated in the press release.

The company is the latest in an expanding list of public companies to adopt a cryptocurrency treasury strategy. It also joins the likes of Strategy and DeFi Development Corporation, who did a restructuring of their business models to reflect their new crypto-focused reserve plan.

HYPE is down nearly 6% in the past 24 hours despite the announcement. The altcoin could find support near the lower boundary of a key channel if the decline continues. A move below the key channel could see HYPE find support at $30.5.

HYPE/USDT daily chart

On the upside, HYPE has to cross above the upper boundary of the channel and hold it as support to resume its uptrend.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above their neutral levels but trending downward. A successful crossover below will accelerate the bearish momentum.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Samsung to Manufacture Tesla’s AI6 Chips in $16.5B Deal, Musk ConfirmsTesla CEO Elon Musk announced on Monday that the company has signed a $16.5 billion chip supply deal with Samsung Electronics, a move that could revitalize Samsung’s struggling contract chip manufacturing business. The agreement designates Samsung to produce Tesla’s upcoming AI6 chips, which are expected to power future versions of the automaker’s autonomous driving technology.
Author  Mitrade
7 Month 28 Day Mon
Tesla CEO Elon Musk announced on Monday that the company has signed a $16.5 billion chip supply deal with Samsung Electronics, a move that could revitalize Samsung’s struggling contract chip manufacturing business. The agreement designates Samsung to produce Tesla’s upcoming AI6 chips, which are expected to power future versions of the automaker’s autonomous driving technology.
placeholder
Asia FX Steady as Dollar Softens Before Fed Rate DecisionMost Asian currencies experienced minimal fluctuations on Wednesday, as the dollar saw a slight retreat from its recent advances.
Author  Mitrade
7 Month 30 Day Wed
Most Asian currencies experienced minimal fluctuations on Wednesday, as the dollar saw a slight retreat from its recent advances.
placeholder
Trump Announces 15% Tariff on South Korean ImportsPresident Donald Trump announced on Wednesday that the United States will impose a 15% tariff on South Korean imports, lowered from the previously threatened 25%
Author  Mitrade
7 Month 31 Day Thu
President Donald Trump announced on Wednesday that the United States will impose a 15% tariff on South Korean imports, lowered from the previously threatened 25%
placeholder
Apple Q4 revenue tops estimates; $1.1B tariff impact forecastApple projected its revenue for the current quarter ending in September well above Wall Street forecasts on Thursday.
Author  Mitrade
4 hours ago
Apple projected its revenue for the current quarter ending in September well above Wall Street forecasts on Thursday.
placeholder
Bitcoin falls to $115.5K amid tariffs; payroll data awaitedBitcoin experienced a 2.5% drop on Friday, and might decline approximately 2% over the week as investors engaged in profit-taking amidst growing worries about U.S. trade tariffs and interest rate policies.
Author  Mitrade
4 hours ago
Bitcoin experienced a 2.5% drop on Friday, and might decline approximately 2% over the week as investors engaged in profit-taking amidst growing worries about U.S. trade tariffs and interest rate policies.
goTop
quote