Lion Group Plans to Swap SOL, SUI Holdings for HYPE
Nasdaq-listed Lion Group (LGHL) plans to exchange all of its SOL and SUI holdings for HYPE tokens.
The Singapore-based trading platform operator is aiming to capitalize on the launch of custody services for the the Hyperliquid ecosystem in the U.S. by digital asset custodian BitGo.
Lion Group said it plans to optimize its crypto portfolio using the Hyperliquid layer-1 network’s decentralized perpetual futures exchange capabilities, in an announcement on Monday.
The company began acquiring HYPE tokens in late June, having previously announced its Hyperliquid treasury initiative. At the time, however, Lion Group said it planned to continue acquiring SOL and SUI.
Lion Group CEO Wilson Wang described Hyperliquid as “the most compelling opportunity in decentralized finance, with its on-chain order book and efficient trading infrastructure.”
“By shifting our holdings from SOL and SUI to HYPE through a disciplined accumulation process, we aim to enhance portfolio efficiency and position the Company for sustained growth in the crypto sector,” he added.
At the time of writing, HYPE is priced at $51.39, 9% higher in the last 24 hours.
LGHL shares traded at $1.25 of of midday on the East Coast on Monday, a fall of 7.4% on the day.
Swissborg Secures MiCA License From France’s AMF, Expanding Regulated Crypto Services Across EU
Europe’s Markets in Crypto-Assets regulation is rapidly reshaping the region’s crypto industry, with Swissborg obtaining regulatory approval in...
Ethereum Shorts Pile in as Binance Funding Rates Turn Deeply Negative
Ethereum derivatives positioning shows growing bearish pressure as Binance funding rates remain in negative territory, highlighting sustained short...
Oil Crisis Drives Global Stock Selloff While Precious Metals and Crypto Hold Tight
Global markets ended the week under pressure as an oil shock tied to escalating tensions around the Strait...