Key Insights:
- Nasdaq’s Lion Group announces plan to convert its entire SOL and SUI holdings into HYPE.
- HYPE price surged to a new all-time high of $54.58, a price movement that might be attributed to the news.
- VanEck CEO Jan van Eck issued praises for Hyperliquid’s technology on a recent X post.
Lion Group Holding, a Nasdaq-listed trading platform, will move all of its Sui and Solana holdings into HYPE, the native token of the Hyperliquid blockchain.
The Singapore-based trading platform revealed its plan on Monday. According to the announcement, it will gradually exchange its Solana and Sui to reduce costs.
Besides, it will use the fund to accumulate HYPE at favorable prices by leveraging market volatility. Driven by strong fundamentals, HYPE price surged to a record $54.58, up 10% in 24 hours and more than 1,200% since late 2024 lows.
Lion Group Plans to Double Down on HyperLiquid’s HYPE
According to Wilson Wang, the CEO of Lion Group, the company’s move to hold all Hyperliquid (HYPE) assets through a disciplined accumulation process would enhance portfolio efficiency and position the platform for sustained growth.
The firm added that the move to hold HYPE aims to capitalize on BitGo’s launch of institutional custody solutions for the token in the U.S.
In June, Lion Group announced a $600 million facility from ATW Partners to launch its crypto treasury. The treasury was focused on HYPE and select altcoins, including SOL, for its lead in consumer apps, and SUI, for its support from World Liberty Financial.
At the time of writing, the company holds approximately 6,629 SOL, worth over $1.4 million, ranking sixth among the top SOL treasury holders on CoinGecko.
Notably, the Nasdaq-listed firm has approximately one million SUI, worth $3.5 million. Selling its SOL and SUI at current prices could add over 96,000 HYPE to its existing 128,000 tokens.
Meanwhile, Wang said Hyperliquid offers the most compelling opportunity in decentralized finance, thanks to its on-chain order book and efficient trading infrastructure.
Meanwhile, Lion Group’s stock jumped over 11% in the latest session and is now trading at $1.50.
HYPE Price Reaches New All-time High at $54.58
Meanwhile, HYPE price surged to a new all-time high of $54.58, gaining 10% from yesterday. Daily volumes on Bitget and Bybit reached $570 million, indicating intense trading activity.
Hyperliquid has been setting records month after month, with August revenue reaching a new monthly record of $106 million, a 23% jump from July’s $86.6 million.
As per an analysis shared by Crypto King on X, HYPE broke out of its downtrend in August and has since followed a strong upward trend line. Repeated retests of support have held, showing solid buyer strength.
Meanwhile, after multiple attempts at breaking the $52 resistance, the token has finally surpassed it, signaling momentum that could drive it toward fresh highs near $56 and beyond.
VanEck CEO Jan Van Eck Applauds Hyperliquid’s Technology
On an X post, VanEck CEO Jan van Eck issued praises for Hyperliquid’s technology, governance model, and rollout. He noted that the firm has been actively pushing innovation beyond the current frontiers of decentralized finance.
In addition, he emphasized that his firm was eager to contribute through research, governance, and future partnerships. His remarks are a testament to the growing interest among institutions to adopt decentralized finance technology.
At the same time, Hyperliquid’s plans for the USDH stablecoin drew strong institutional interest, with up to six organizations already submitting governance proposals to help issue or manage the asset.
With increasing institutional involvement and backing from prominent investors like VanEck, Hyperliquid’s HYPE token is well-positioned to continue rising in price.