Lion Group (LGHL) Registration Filing summary

Company overview and business model

• Operates a trading platform offering TRS, CFD, OTC stock options, and brokerage services, primarily targeting affluent Chinese investors globally (excluding the US).

• Provides access to global futures, stocks, indices, commodities, forex, ETFs, and more via proprietary apps on multiple platforms.

• Recent strategic focus includes a cryptocurrency treasury reserve anchored by Hyperliquid (HYPE), Solana (SOL), and Sui (SUI), with assets safeguarded by BitGo.

Financial performance and metrics

• Revenue fell from $25.0M in 2021 to a loss of $2.5M in 2022, with a pre-tax loss of $34.0M in 2022.

• Revenue rebounded to $21.1M in 2023, with a reduced pre-tax loss of $5.8M.

• Revenue declined again to a loss of $4.9M in 2024, with a pre-tax loss of $27.6M.

• As of July 2025, held $9.62M in HYPE, SOL, and SUI tokens.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of ADSs by selling securityholders; proceeds from note sales are allocated 75% to cryptocurrency purchases.

• Notes proceeds are secured by a first priority interest in all company assets, including purchased cryptocurrency.