Nasdaq-listed financial services firm Lion Group Holdings previously announced that it has completed its first acquisition as part of its $600 million cryptocurrency treasury strategy.
According to the official statement, the company completed its first HYPE purchase of $2 million within the scope of the $600 million reserve plan.
Lion Group also added that it will purchase more Hyperliquid (HYPE), Solana (SOL), and SUI.
” The company completed its first strategic acquisition in Hyperliquid (HYPE), making it the first strategic acquisition under its previously announced HYPE treasury initiative.
HYPE tokens were purchased for $2 million at an average price of approximately $37.30.
Additional acquisition plans are ongoing for HYPE, Solana (SOL) and Sui (SUI).”
The HYPE acquisition follows the initial closing of $11 million principal amount of the company’s $600 million convertible note facility.
Although the company is initially focusing on the HYPE token, Lion Group said it will also acquire Solana and Sui as part of its $600 million plan.
At this point, the company plans to use a significant portion of the net proceeds to make additional HYPE, SOL and SUI acquisitions. Accordingly, based on current conditions, at least 75% of the net proceeds from each closing will be allocated to SUI, SOL and HYPE acquisitions for the company’s treasury reserve.
*This is not investment advice.
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