cointelegraph.com
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 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.
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.