The Nasdaq-listed trading platform Lion Group Holding announced plans to phase out all of its SUI and Solana (SOL) assets into the Hyperliquid blockchain native token HYPE.
The Singapore-based trading platform stated in a press release on Monday that the company plans to gradually exchange Solana (SOL) and SUI for HYPE. The company mentioned that it will "accumulate HYPE in optimal price ranges by leveraging market volatility, thereby reducing the average acquisition cost."
Lion Group CEO Wilson Wang stated that the company aims to "discipline accumulate" all Hyperliquid (HYPE) holdings, which will "enhance portfolio efficiency" and prepare the platform for "sustained growth."
Meanwhile, the company indicated that holding HYPE is to seize market opportunities brought by BitGo's launch of institutional HYPE custody services in the United States.
According to CoinGecko, the price of HYPE reached $51.84 on Monday, marking a new all-time high.
Lion Group stated in June that it had secured $600 million in financing from ATW Partners, planning to launch a crypto asset portfolio centered around HYPE and other alternative tokens, noting that SOL was included in the portfolio due to its dominance in consumer-facing crypto applications, while SUI was selected due to support from World Liberty Financial.
According to CoinGecko, Lion Group holds approximately 6,629 SOL, valued at over $1.4 million, ranking sixth among SOL treasury companies.
Lion Group also holds over 1 million SUI, valued at $3.5 million. If sold at current prices, the company could purchase over 96,000 HYPE, bringing the total to over 128,000 HYPE when combined with existing holdings.
Wang stated that Hyperliquid, with its on-chain order book and efficient trading infrastructure, represents one of the most attractive opportunities in the decentralized finance space.
Lion Group's stock reacted positively to the news, closing up more than 11% on the previous trading day.
In after-hours trading, Lion Group's stock continued to rise, increasing another 10% to $1.65.
Not only is Lion Group increasing its HYPE holdings. In July, Hyperliquid Strategies (formerly Sonnet BioTherapeutics) announced plans to purchase and hold 12.6 million HYPE tokens.
Meanwhile, the U.S. biotech company Hyperion DeFi (formerly Eyenovia) announced in June the establishment of a Hyperliquid reserve and has accumulated over 1.5 million tokens.
Related: Gemini launches derivatives and Ethereum (ETH) and Solana (SOL) staking services in Europe
Original: “Lion Group Makes a Major Move into Hyperliquid, HYPE Token Breaks Historical High”
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