Nasdaq-listed buying and selling platform Lion Group Holding has introduced plans to shift its whole stash of Sui and Solana into HYPE, the native token of the Hyperliquid blockchain.
The Singapore-based buying and selling platform stated in a press release on Monday that it plans to alternate 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) “by way of 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 the USA 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, in accordance to CoinGecko.
$600 million crypto treasury
Lion Group in June stated it secured a $600 million facility from ATW Companions 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, price over $1.4 million, making it sixth on CoinGecko’s listing of SOL treasury firms.
Lion Group additionally has over a million SUI tokens price $3.5 million. If Lion Group bought its SOL and SUI at present costs, they might purchase greater than 96,000 HYPE, including to its present stash of extra than 128,000 HYPE.
“We imagine Hyperliquid represents essentially the most compelling alternative in decentralized finance, with its onchain order e-book 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 most recent session properly into the inexperienced with features of over 11%.
In after-hours buying and selling, Lion Group shares continued to storm even larger, 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, introduced plans to purchase and maintain 12.6 million HYPE tokens.
In the meantime, US-based biotech agency Hyperion DeFi, beforehand Eyenovia, introduced its personal Hyperliquid reserve in June and has since acquired over 1.5 million tokens.
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