Nasdaq-listed buying and selling platform Lion Group Holding has introduced plans to shift its complete stash of Sui and Solana into HYPE, the native token of the Hyperliquid blockchain.
The Singapore-based buying and selling platform said in a press release on Monday that it plans to trade its Solana (SOL) and SUI (SUI) regularly over time to decrease the common acquisition price by “making the most of market volatility and accumulating HYPE at optimum costs.”
Lion Group CEO Wilson Wang stated the corporate’s shift to carry all Hyperliquid (HYPE) “via a disciplined accumulation course of,” would “improve portfolio effectivity,” and place the platform for “sustained progress.”
On the identical time, the agency stated the shift to carry HYPE is a bid to capitalize on the launch of institutional HYPE custody options in america by crypto custodian BitGo.
The transfer comes as HYPE hit a brand new all-time excessive, tapping $51.84 for the primary time on Monday, according to CoinGecko.
$600 million crypto treasury
Lion Group in June stated it secured a $600 million facility from ATW Partners to fund the launch of its crypto treasury with a give attention to HYPE and different altcoins, citing the inclusion of SOL due to its dominance in consumer-facing crypto apps and SUI’s backing from World Liberty Monetary.
The corporate’s SOL holdings are round 6,629 tokens, value over $1.4 million, making it sixth on CoinGecko’s listing of SOL treasury firms.
Lion Group additionally has over a million SUI tokens value $3.5 million. If Lion Group offered its SOL and SUI at present costs, they might purchase greater than 96,000 HYPE, including to its present stash of more than 128,000 HYPE.
“We imagine Hyperliquid represents probably the most compelling alternative in decentralized finance, with its onchain order guide and environment friendly buying and selling infrastructure,” Wang stated.
Inventory worth reacts positively to HYPE plan
Lion Group’s inventory worth has reacted positively to the information, ending the newest session properly into the inexperienced with features of over 11%.
In after-hours buying and selling, Lion Group shares continued to storm even greater, gaining one other 10% to commerce at $1.65.
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Different firms are buying HYPE too
Lion Group isn’t the one firm stacking HYPE. In July, Hyperliquid Methods, previously Sonnet BioTherapeutics, announced plans to buy and maintain 12.6 million HYPE tokens.
In the meantime, US-based biotech agency Hyperion DeFi, beforehand Eyenovia, announced its own Hyperliquid reserve in June and has since acquired over 1.5 million tokens.
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