Lion Group (LGHL) Registration Filing summary

Company overview and business model

• Operates a multi-product trading platform focused on affluent Chinese investors, offering TRS, CFD, OTC stock options, and brokerage services via proprietary apps across global markets.

• Substantial operations are based in Hong Kong, Singapore, and the Cayman Islands, with no current equity interest in mainland China entities.

• Recently shifted strategic focus to digital assets, launching a treasury reserve anchored by Hyperliquid (HYPE), Solana (SOL), and Sui (SUI) tokens, with institutional-grade custody and staking programs.

Financial performance and metrics

• Revenue declined from $25.0M in 2021 to a loss of $2.5M in 2022, then rebounded to $21.1M in 2023, before dropping to a loss of $4.9M in 2024.

• Loss before income taxes was $34.0M in 2022, $5.8M in 2023, and $27.6M in 2024.

• As of September 10, 2025, digital asset treasury totaled approximately $12.25M, with HYPE comprising 88.1% and SOL 11.9%.

Use of proceeds and capital allocation

• At least 75% of net proceeds from convertible note facility closings are allocated to acquiring HYPE, SOL, and SUI for the treasury reserve.

• Remaining proceeds support corporate purposes, crypto trading expansion, on-chain development, marketing, and working capital.

• Over the next 12 months, plans to acquire $200–400M in tokens, with phased conversion of SOL and SUI into HYPE.