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The new move comes from Nasdaq-listed financial services firm Lion Group Holdings (LGHL), which first announced its $600 million cryptocurrency treasury strategy in June.
Lion Holding announced its $600 million treasury strategy for Hyperliquid ($HYPE), Solana ($SOL) and Sui ($SUI) in June and made its first purchase a week later.
In a striking move, the company announced that it would swap its $SOL and $SUI shares for $HYPE.
In an official statement, the company announced that it plans to swap its $SOL and $SUI shares for $HYPE.
“Lion Group Holding announced today its plan to transfer all of its existing Solana ($SOL) and Sui ($SUI) assets to Hyperliquid ($HYPE).”
The company also announced that it plans to purchase more $HYPE based on future price fluctuations to lower the average entry price.
This decision means the company is changing its previous strategy, which saw it add $HYPE to its primary reserves while also making strategic investments in $SOL and $SUI.
As of July, the company held approximately 129,000 $HYPE, 6,629 $SOL, and 1.01 million $SUI.
LGHL CEO Mr. Wilson Wang said: “We believe Hyperliquid represents the most attractive opportunity in the decentralized finance space with its on-chain order book and efficient trading infrastructure. By shifting our assets from $SOL and $SUI to $HYPE through a disciplined accumulation process, we aim to increase portfolio efficiency and position the company for sustainable growth in the crypto sector.”
*This is not investment advice.