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Investing.com -- Hyperion DeFi Inc stock surged 51% after the company, previously known as Eyenovia (NASDAQ:EYEN), announced a corporate rebranding that reflects its strategic pivot toward cryptocurrency holdings.
The company, which trades on the Nasdaq Capital Market, will begin trading under the new ticker symbol "HYPD" starting July 3, 2025. The rebranding marks a significant shift as the firm positions itself as a holder of HYPE tokens, the native cryptocurrency of the Hyperliquid protocol and decentralized digital asset exchange.
Michael Rowe, Chief Executive Officer of Hyperion DeFi, explained the name change represents "the next important step in the evolution of our cryptocurrency treasury reserve strategy." The company aims to become the largest holder of HYPE tokens globally while continuing development of its Optejet dispenser technology.
As part of its cryptocurrency strategy, Hyperion DeFi has launched a co-branded validator called ’Kinetiq x Hyperion’ and has begun staking its HYPE holdings to generate yield. The company’s CUSIP number for common stock remains unchanged despite the rebranding.
Hyperion DeFi is the first publicly-listed U.S. company to build a strategic treasury of HYPE tokens, according to the company’s announcement. Chief Investment Officer Hyunsu Jung stated that the company is "uniquely positioned to be a pioneer in the growing acceptance of digital currencies as a treasury asset."
The company was previously focused on ophthalmic technologies as Eyenovia before adopting its new cryptocurrency treasury reserve strategy.
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