Hyperliquids native token HYPE surged to a new all-time high of $55 after rising by almost 10% on Monday, which pushed its market capitalization to $18.26 billion.

The rally comes on the heels of Lion Group Holding Ltd. announcing plans to reallocate its crypto treasury from Solana (SOL) and Sui (SUI) into HYPE.

Lion Group Treasury Shake-Up

According to the official press release shared by the Nasdaq-listed company, the purchase will be executed gradually through an accumulation strategy designed to lower average acquisition costs and capitalize on market volatility. The decision aligns with its goal of prudent risk management and long-term value creation as the digital asset industry matures.

In a statement, LGHL CEO Wilson Wang commented,

We believe Hyperliquid represents the most compelling opportunity in decentralized finance, with its on-chain order book and efficient trading infrastructure. By shifting our holdings from SOL and SUI to HYPE through a disciplined accumulation process, we aim to enhance portfolio efficiency and position the Company for sustained growth in the crypto sector.

The move follows BitGo Trust Companys recent rollout of institutional HYPE EVM custody services in the United States, which strengthens infrastructure for larger investors seeking secure access to the token. Market observers note that HYPEs latest price surge reflects both growing institutional interest and the projects operational strength.

Hyperliquid, which is the Layer 1 blockchain and a decentralized perpetual futures exchange, has gained significant traction in 2024. In August, the protocol ranked as the fifth-largest project in crypto by fees generated, as it recorded $114 million.

$409M in Six Months

As recently reported, Hyperliquid outpaced Ethereum and Solana in revenue as HYPE traded at a discount. In the past six months, the platform generated $409 million in user fees, which is 23% more than Ethereum and 75% more than Solana, despite capturing nearly 10% of global BTC and ETH perpetual volumes.

Its high-throughput, on-chain central limit order book supports sub-second trades, low fees, and self-custody. Nearly all revenue is reinvested into HYPE buybacks, which have boosted token value for holders. Hyperliquid also recorded $1.95 trillion annualized volume.