Nasdaq-listed trading platform Lion Group Holding on Thursday said it completed the swapping of its entire SUI holdings into HYPE, the native token of the Hyperliquid blockchain.
The plans added weight amid VanEck confirmation to launch HYPE ETFs in the U.S. and Europe and Hyperliquid’s proposed USDH stablecoin.
Amid several positive developments, HYPE price skyrocketed more than 22% in a week. Hyperliquid gained popularity among whales and institutional investors, resulting in a rally of more than 1,500% this year.
Lion Group Converts SUI to HyperLiquid’s HYPE
In a press release on September 11, Lion Group Holding disclosed the completion of a strategic transaction as part of the latest plan to convert its Solana (SOL) and SUI holdings.
The firm has converted all of its SUI token holdings into HYPE through BitGo Trust Company. Moreover, the company plans to contribute to the long-term growth of Hyperliquid and participate directly in the Hyperliquid ecosystem.
According to Wilson Wang, CEO of Lion Group, the company’s move to hold all Hyperliquid (HYPE) assets is part of the plan to expand LGHL’s trading platform strategy. In addition, participate in the Hyperliquid ecosystem’s growth that moves to redefine the global market structure.
As The Coin Republic reported in June, Lion Group raised $600 million from ATW Partners to launch its crypto treasury. The firm initially planned to hold HYPE and other altcoins, including SOL and SUI.
At the time of writing, the company holds almost 94,726 HYPE worth over $5.2 million and 6,707 SOL worth $1.5 million. Notably, the Nasdaq-listed firm has approximately one million SUI, worth $3.5 million.
LGHL Stock Price Tumbles
Lion Group stock price fell 6% to $1.879 on Thursday. The 24-hour low and high were $1.660 and $2.049, respectively. In the latest session, the trading volume has dropped below the average volume of $2.44 million.
According to Yahoo Finance, the stock has climbed more than 50% in a week. The firm plans to leverage the rising demand for Hyperliquid blockchain and HYPE token, as its stock price was down nearly 80% year-to-date.
The stock was trading below the 50-moving average (MA), 100-MA, and 200-MA in the daily timeframe. The stock could fall deeper if bulls fail to support upside momentum amid Solana and SUI tokens’ conversion to HYPE.
HYPE Price Shoots 22% in a Week
HYPE price was up 1% in the past 24 hours and 22% in a week, with the price trading at $55. The 24-hour low and high were $53.21 and $56.14, respectively.
Furthermore, the trading volume has increased by 56% in the last 24 hours, indicating a massive rise in interest among traders. The sustained volume amid market uncertainty signals demand amid VanEck HYPE ETF and USDH developments.
VanEck plans to file for a spot HYPE ETF in the U.S. and an ETP in Europe. This comes as VanEck CEO Jan van Eck praised Hyperliquid’s technology.
Hyperliquid’s plans for the USDH stablecoin saw a strong institutional interest. Six companies such as Native Markets, Paxos, Frax Finance, Agora, and Sky submitted 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.
