Lion Group completed its first acquisition of HYPE tokens, purchasing $2 million worth of tokens at an average price of $37.30
ChainCatcher news, according to PR Newswire, Lion Group Holding Ltd. (NASDAQ: LGHL) today announced the completion of its first acquisition of Hyperliquid (HYPE) tokens, purchasing $2 million worth of tokens at an average price of approximately $37.30 per token. This move marks the official launch of the company's previously announced $600 million convertible debt financing plan, with the first phase completing $11 million in financing.LGHL plans to use most of the funds to expand its token reserves, including further purchases of HYPE, Solana (SOL), and Sui (SUI). According to the terms of the agreement, at least 75% of the net proceeds from subsequent financings will be used for token acquisitions, while the remaining funds will support cryptocurrency business operations and on-chain projects.LGHL CEO Wilson Wang stated that this acquisition is the first step in the company's commitment to building a "next-generation Layer-1 token reserve," viewing HYPE as a foundational asset for decentralized finance.