Nasdaq-listed firm cashes out on Solana and SUI, converting holdings to HYPE currency

In a significant move, the Lion Group, a Nasdaq-listed company, has announced its intention to transfer all its holdings in Solana (SOL) and Sui (SUI) to the Hyperliquid (HYPE) token. This decision marks a shift in Lion Group's investment strategy, focusing on the growth potential offered by the Hyperliquid platform.

The Lion Group, which manages a crypto portfolio valued at approximately $600 million, secured a $600 million facility from ATW Partners in June to fund its transition to Hyperliquid assets and other altcoins. Wilson Wang, CEO of Lion Group, stated that this repositioning will improve the portfolio's efficiency and position the platform for sustained growth.

With this institutional adoption, the HYPE token could potentially reach $62 and triple digits by the end of the year. Wilson Wang believes Hyperliquid represents the most promising opportunity in decentralized finance, with its on-chain order book and efficient trading infrastructure.

The transition is part of the recent launch of institutional custody solutions for HYPE in the US by crypto giant BitGo. This move is expected to further boost the confidence of institutional investors in the HYPE token.

Lion Group currently holds over 6,629 SOL (over $1.4 million) and over one million SUI tokens ($3.5 million). With this transition, Lion Group will significantly increase its exposure to the HYPE token. By betting heavily on the HYPE token, Lion Group demonstrates its confidence in the potential of the Hyperliquid blockchain and its long-term vision of the evolution of the cryptocurrency market.

The news of this transition sent Lion Group's stock price up by over 11% in the last session. In extended trading, Lion Group's shares gained another 10%, reaching $1.65.

Buying HYPE

For those interested in buying HYPE, a step-by-step guide is available on Pionex. This includes creating an account, verifying identity, depositing funds, finding the HYPE pair, and placing a buy order.

Cautionary Note

It's important to note that investing in cryptocurrencies comes with risks. This article serves as an informational piece, and readers are advised to exercise caution and do their own research before investing.

Charles Ledoux, a Bitcoin and blockchain technology specialist, wrote this article to share his insights on the crypto market. This article also mentions related topics such as Bittensor (TAO), SUI, XRP, and Solana.

The HYPE token reached a new all-time high of $53 following this announcement. With Lion Group's backing, the future of the HYPE token looks promising.

Nasdaq-listed firm cashes out on Solana and SUI, converting holdings to HYPE currency