# EDGAR Filing Document

**Accession Number:** 0001806524
**File Stem:** 0000000000-25-009776
**Filing Date:** 2025-9
**Character Count:** 7120
**Document Hash:** 5453af5459b466e7dc4523038791eafe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009776.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0000000000-25-009776

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250909

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lion Group Holding Ltd
- **CENTRAL INDEX KEY:** 0001806524
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-289794

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 UBI CRESCENT, #06-51 (OFFICE 12)
- **STREET 2:** UBI TECHPARK, LOBBY C
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 408574
- **BUSINESS PHONE:** 65 8877 3871

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 UBI CRESCENT, #06-51 (OFFICE 12)
- **STREET 2:** UBI TECHPARK, LOBBY C
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 408574
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-079899

## Text-Extract

```

                                                            September 9, 2025

Chunning Wang
Chief Executive Officer
Lion Group Holding Ltd.
10 Ubi Crescent, #06-51 (Office 12), Ubi Techpark
Singapore 408574, Lobby C

       Re: Lion Group Holding Ltd.
           Registration Statement on Form F-3
           Filed August 22, 2025
           File No. 333-289794
Dear Chunning Wang:

       We have conducted a limited review of your registration statement and
have the
following comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form F-3
General

1.     We note that you appear to be relying on General Instruction I.B.5 for
Form F-3
       eligibility. Please revise to include the information required by
Instruction 7 to
       General Instruction I.B.5 of Form F-3. Refer to Securities Act Sections
Compliance
       and Disclosure Interpretation 139.21 for guidance.
Prospectus Summary
Recent Development on our Cryptocurrency Strategy, page S-7

2.     Please expand your disclosure to describe your plan of operations for
the next twelve
       months by describing the source of capital for your acquisition of
Hyperliquid
       (HYPE), Solana (SOL) and Sui (SUI), including when you intend to
purchase the
       tokens with the proceeds from the Purchase Agreement.
 September 9, 2025
Page 2

3.     Please revise to provide a materially complete description of your
staking policy and
       your staking program, including disclosure regarding the percentage of
HYPE,
       SOL and SUI, respectively, you stake or intend to stake. Please revise
to describe
       whether you intend to generate income with your token holdings, and, if
so, please
       describe your policies and procedures related to doing so.
4.     Please expand your disclosure to describe the policies and procedures
you have in
       place or intend to adopt that govern when you exchange cash for HYPE,
SOL and
       SUI, respectively, and when you monetize your HYPE, SOL and SUI,
respectively.
       Disclose whether you have policies or will establish policies governing
the percentage
       of your treasury holdings that will be HYPE, SOL and SUI, respectively.
Also
       disclose the percentage of your treasury that is currently invested in
HYPE, SOL and
       SUI, both cumulatively and on a per token basis. In addition, please
disclose whether
       you intend to hedge your exposure to HYPE, SOL and SUI, and, if so,
please describe
       your hedging strategy.
5.     Please expand to describe the material terms of your agreement with
BitGo Trust
       Company, Inc., including but not limited to the term and termination
provisions, and
       file the agreement as an exhibit to your registration statement. If
BitGo will provide
       custodial services for your HYPE, SOL and SUI holdings, please disclose
whether
       your assets are held in segregated accounts, the identity of entities
that have access to
       the custodied assets, whether any entity is responsible for verifying
the existence of
       the HYPE, SOL and SUI custodied, and the insurance coverage of your
token
       holdings. Additionally, disclose where your third-party custodian is
chartered and how
       it is regulated.
6.     Please revise to include a materially complete description of HYPE, SOL
and SUI and
       the Hyperliquid, Solana and Sui blockchains. For example purposes only,
for each
       crypto asset, provide a description of its lifecycle, its use case,
including its respective
       purpose, use and/or functions, its market cap, its circulating supply,
its maximum
       supply, if any, its average trading volume, its launch date and the
launch date of the
       respective blockchain, and the governance of its respective blockchain.
Risk Factors
Risks Related to Our Cryptocurrency Strategy and Holdings, page S-46

7.     Please revise your risk factor disclosure so that it is tailored to
risks specific to HYPE,
       SOL and SUI, and their respective blockchains. In this regard, we note
references
       throughout to risks related to bitcoin.
HYPE, SOL, and SUI are highly volatile assets, and fluctuations in the price of
HYPE, SOL,
and SUI have in the past..., page S-48

8.     Please expand this risk factor to provide quantitative information that
demonstrates
       the volatility of HYPE, SOL and SUI.
Part II     Information Not Required in Prospectus
Item 9. Exhibits, page II-2

9.     Please file an opinion of counsel as to the legality of the securities
being registered.
       Refer to Item 601(b)(5) of Regulation S-K.
 September 9, 2025
Page 3

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

      Please contact David Gessert at 202-551-2326 or Sandra Hunter Berkheimer
at 202-
551-3758 with any other questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Crypto
Assets
cc:   Lawrence Venick, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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