Nasdaq-listed Lion Group Holding Ltd. (LGHL) has secured a $600 million facility from ATW Partners to launch the world's largest Hyperliquid (HYPE) treasury. The treasury will primarily hold HYPE tokens as its main reserve asset, alongside allocations in Solana (SOL) and Sui (SUI) cryptocurrencies. BitGo will provide custody and staking services to support this strategy. Following the facility's first closing, Lion Group completed its initial tranche purchase of $2 million worth of HYPE tokens. Separately, former Blackstone executive and Tether co-founder are raising $1 billion through the SPAC M3-Brigade Acquisition V Corp. to establish a publicly listed crypto reserve vehicle that will hold Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). In another development, Nasdaq-listed Sonnet BioTherapeutics (SONN) agreed to merge with Rorschach I LLC to form Hyperliquid Strategies Inc., a crypto treasury company valued at approximately $888 million. The new entity will hold 12.6 million HYPE tokens valued at $583 million and $305 million in cash, with backing from Paradigm, Galaxy, and Pantera Capital. Additionally, Mercurity Fintech (MFH), also Nasdaq-listed, secured a $200 million strategic investment from Solana Ventures to launch a Solana-based digital asset treasury focused on accumulating SOL, earning yield via staking and DeFi, and investing in tokenized projects. These moves reflect a growing trend of publicly traded companies and investment vehicles establishing substantial crypto treasury reserves across multiple digital assets.