The new move comes from Nasdaq-listed financial services firm Lion Group Holdings (LGHL), which first announced its $600 million cryptocurrency treasury strategy in June.
Lion Holding announced its $600 million treasury strategy for Hyperliquid (HYPE), Solana (SOL) and Sui (SUI) in June and made its first purchase a week later.
In a striking move, the company announced that it would swap its SOL and SUI shares for HYPE.
In an official statement, the company announced that it plans to swap its SOL and SUI shares for HYPE.
“Lion Group Holding announced today its plan to transfer all of its existing Solana (SOL) and Sui (SUI) assets to Hyperliquid (HYPE).”
The company also announced that it plans to purchase more HYPE based on future price fluctuations to lower the average entry price.
This decision means the company is changing its previous strategy, which saw it add HYPE to its primary reserves while also making strategic investments in SOL and SUI.
As of July, the company held approximately 129,000 HYPE, 6,629 SOL, and 1.01 million SUI.
LGHL CEO Mr. Wilson Wang said: “We believe Hyperliquid represents the most attractive opportunity in the decentralized finance space with its on-chain order book and efficient trading infrastructure. By shifting our assets from SOL and SUI to HYPE through a disciplined accumulation process, we aim to increase portfolio efficiency and position the company for sustainable growth in the crypto sector.”
*This is not investment advice.