Nasdaq-listed trading platform Lion Group Holding has announced plans to shift its entire stash of Sui and Solana into HYPE, the native token of the Hyperliquid blockchain.
The Singapore-based trading platform said in a statement on Monday that it plans to exchange its Solana (SOL) and Sui (SUI) gradually over time to lower the average acquisition cost by “taking advantage of market volatility and accumulating HYPE at optimal prices.”
Lion Group CEO Wilson Wang said the company’s shift to hold all Hyperliquid (HYPE) “through a disciplined accumulation process,” would “enhance portfolio efficiency,” and position the platform for “sustained growth.”
At the same time, the firm said the shift to hold HYPE is a bid to capitalize on the launch of institutional HYPE custody solutions in the United States by crypto custodian BitGo.
The move comes as HYPE hit a new all-time high, tapping $51.84 for the first time on Monday, according to CoinGecko.
$600 million crypto treasury
Lion Group in June said it secured a $600 million facility from ATW Partners to fund the launch of its crypto treasury with a focus on HYPE and other altcoins, citing the inclusion of SOL because of its dominance in consumer-facing crypto apps and SUI’s backing from World Liberty Financial.
The company’s SOL holdings are around 6,629 tokens, worth over $1.4 million, making it sixth on CoinGecko’s list of SOL treasury companies.
Lion Group is listed as having the sixth-largest SOL treasury by CoinGecko. Source: CoinGeckoLion Group also has over one million SUI tokens worth $3.5 million. If Lion Group sold its SOL and SUI at current prices, they could buy more than 96,000 HYPE, adding to its current stash of more than 128,000 HYPE.
“We believe Hyperliquid represents the most compelling opportunity in decentralized finance, with its onchain order book and efficient trading infrastructure,” Wang said.
Stock price reacts positively to HYPE plan
Lion Group’s stock price has reacted positively to the news, ending the latest session well into the green with gains of over 11%.
In after-hours trading, Lion Group shares continued to storm even higher, gaining another 10% to trade at $1.65.
Lion Group Holdings’ stock price has gained over 20% total. Source: Google FinanceRelated: Crypto treasuries set for ‘bumpy ride’ as premiums narrow: NYDIG
Other companies are acquiring HYPE too
Lion Group isn’t the only company stacking HYPE. In July, Hyperliquid Strategies, formerly Sonnet BioTherapeutics, announced plans to buy and hold 12.6 million HYPE tokens.
Meanwhile, US-based biotech firm Hyperion DeFi, previously Eyenovia, announced its own Hyperliquid reserve in June and has since acquired over 1.5 million tokens.
Magazine: Astrology could make you a better crypto trader: It has been foretold
Source: https://cointelegraph.com/news/lion-group-buys-hype-token-sells-solana-sui?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
