Nasdaq firm to swap 1M SUI & 6.6K SOL for HYPE – Why now?
What’s behind the sudden wave of investor confidence?
Key Takeaways
Lion Group Holding plans to gradually convert its Solana and Sui holdings into Hyperliquid, following BitGo’s rollout of institutional custody solutions.
Lion Group Holding Ltd (LGHL), operator of an all-in-one trading platform, has announced plans to convert its Solana [SOL] and SUI [Sui] holdings into Hyperliquid [HYPE].
The move targets exposure to Hyperliquid’s Layer-1 chain and on-chain perp exchange.
Lion’s Hyperliquid shift
Rather than executing the swap at once, the company will gradually transition its holdings through an accumulation strategy. It will be done using market volatility to average entry points and secure HYPE at favorable prices.
Remarking on the same, Mr. Wilson Wang, CEO of LGHL, noted,
“We believe Hyperliquid represents the most compelling opportunity in decentralized finance, with its on-chain order book and efficient trading infrastructure.”
He added,
“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.”
But why HYPE?
LGHL’s focus on HYPE also aligns with BitGo Trust’s rollout of institutional custody solutions in the U.S., which LGHL views as vital for secure and scalable asset management.
Surprisingly, the transition came as Hyperliquid gained momentum, recently hitting a new all-time high of $51.84 before climbing to $53.94, a 6.8% gain in 24 hours, per CoinGecko.
The move builds on earlier steps the company has taken to expand its digital asset strategy.
Back in June, LGHL obtained a $600 million facility from ATW Partners to support its crypto treasury, initially targeting HYPE along with SOL and SUI.
Company executives explained that Solana’s prominence in consumer-facing applications and Sui’s institutional support from World Liberty Financial were key factors behind their selection.
What’s more?
According to CoinGecko, LGHL held about 6,629 SOL tokens valued at over $1.4 million, at press time, ranking sixth among companies with the largest Solana treasuries.
With more than one million SUI tokens valued at $3.5 million and 6,629 SOL worth over $1.4 million, a full conversion at current prices would allow the company to secure an additional 96,000 HYPE on top of its existing 128,000 holdings.
Meanwhile, the market has responded favorably to this strategy, with LGHL’s shares surging over 11% during the latest session and climbing another 10% in after-hours trading to $1.65.
