Finance Giant Builds $600 Million Treasury for This Altcoin: SOL and Competitor Included! 💵💵

Hong Kong-based financial giant Lion Group Holding (LGHL) has announced that it will establish a massive $600 million crypto treasury focused on popular altcoins. Two new altcoins will also be included in the treasury.

The company announced that it secured $600 million in funding from ATW Partners to create this enormous crypto treasury for the Hyperliquid (HYPE) project. In the statement, it was noted that a portion of $10.6 million is expected to be completed within the next 48 hours as part of the first phase of funding. Lion Group emphasizes that with this initiative, it aims to expand its existing derivative operations into decentralized markets, highlighting that the future of trading will take place on decentralized platforms.

Lion Group CEO Wilson Wang stated that they will collaborate with next-generation layer-1 blockchains like Solana (SOL) and Sui (SUI) alongside HYPE. Wang expressed that these assets will form the cornerstones of the company's main reserve strategy. Additionally, he announced that the custody and staking operations for these assets will be conducted through industry leader BitGo.

The company's preference for Solana and Sui is attributed to the high performance and wide user bases these networks have demonstrated recently. Lion Group aims to execute the first crypto treasury initiative focused on HYPE in the Asian region by making secondary listings on the Tokyo and Singapore exchanges.

Founded in 2015 and going public on the Nasdaq in 2020, Lion Group's shares closed at $3.33 on Wednesday, up 19.78%, while losing 3.9% in after-hours trading.

With the increasing interest of traditional financial institutions in cryptocurrencies, Lion Group's strategic move has drawn attention in the markets. The shift of large companies towards various crypto assets as an alternative to Bitcoin-weighted treasury strategies is contributing to the increased diversity in the markets.