Lion Group Holding Ltd. (LGHL): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the strategy for Lion Group Holding Ltd. (LGHL) right now, and honestly, it's a fascinating blend of old finance and new crypto bets. This isn't just a brokerage anymore; they are aggressively managing a digital asset treasury, backed by a massive $600 million Hyperliquid facility and using BitGo for custody of assets like SOL and HYPE. While their core revenue still flows from CFD trading, understanding how they balance that with their $16.93 million cash holdings and multi-jurisdictional licenses is key to seeing their late 2025 play. Keep reading to see the full nine-block breakdown of this strategy.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Key Partnerships

You're looking at the scaffolding that supports Lion Group Holding Ltd.'s (LGHL) strategic pivot into on-chain finance, so let's detail the key players making that happen.

ATW Partners for Treasury Facility

The cornerstone of the digital asset strategy is the credit facility secured from ATW Partners. Lion Group Holding Ltd. announced it had secured a $600 million facility from ATW Partners in June 2025 to launch its HYPE Treasury and on-chain initiative. The initial deployment of capital was set at $10.6 million, slated for deployment within days of the June 19, 2025, announcement. This facility is designed to fund the strategic accumulation of Hyperliquid (HYPE) as the primary reserve asset, alongside Solana (SOL) and Sui (SUI). This move marked the relaunch of LGHL's crypto operations.

BitGo for Institutional Custody

Institutional-grade security for the digital assets is provided by BitGo Trust Company, Inc. ("BitGo"). BitGo provides custody and staking services for the SOL and SUI holdings initially funded by the ATW Partners facility. Later in the year, this partnership evolved; Lion Group Holding Ltd. announced a plan in September 2025 to exchange all its current Solana (SOL) and Sui (SUI) assets to Hyperliquid (HYPE), following the launch of institutional HYPE EVM custody solutions in the U.S. by BitGo. As of September 10, 2025, the treasury holdings were reported as:

The company intends to continue its accumulation strategy to convert the remaining SOL positions into HYPE.

Chardan as Placement Agent for Financing

Chardan has been integral in structuring the capital raises supporting the firm's strategy. Chardan acted as the placement agent for the entire $600 million facility underwritten by ATW Partners. Separately, Chardan is serving as the sole placement agent for a subsequent closing under a convertible note facility expected around December 5, 2025. This specific closing is anticipated to generate gross proceeds of approximately $9,984,000. Lion Group Holding Ltd. plans to allocate $8 million of the net proceeds from this specific closing toward purchasing Bitcoin for its corporate treasury. This follows a prior transaction where Lion Group Holding Ltd. completed a $3 million senior secured convertible note offering on July 21, 2025.

Traditional Financial Institutions for Liquidity and Expansion

Lion Group Holding Ltd. has cultivated partnerships with established financial institutions to support its broader business operations, including product expansion and liquidity needs. These collaborations are key to bridging the firm's derivatives business with its new digital asset focus.

• Partnerships include major institutions such as CICC and CITIC.
• These collaborations facilitate business development and support liquidity needs as the business scales.
• The firm also holds licenses in favorable jurisdictions like Hong Kong, which supports bespoke offerings.

For context on the scale of the traditional finance environment, the estimated 2025 Hong Kong Options Market Size is cited at $1.9 billion.

Finance: draft 13-week cash view by Friday.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Key Activities

You're looking at the core engine of Lion Group Holding Ltd. (LGHL) operations as of late 2025. This isn't just about trading; it's about building a sophisticated, multi-faceted financial technology and digital asset ecosystem. Here's a breakdown of what Lion Group Holding Ltd. (LGHL) is actively doing to drive its business forward.

Operating the proprietary all-in-one trading platform

Lion Group Holding Ltd. (LGHL) runs a state-of-the-art, all-in-one trading platform. This platform is the central hub for several distinct financial service offerings. The company generates a majority of its revenue from its Contract-for-Difference (CFD) trading services business, with its key revenue-generating market being Hong Kong. The platform is accessible through applications on iOS, Android, Windows, and macOS systems. The operational scale, as reflected by personnel, shows the company has 25 employees. For the six months ended June 30, 2025, the reported revenue was $-3.29M, a significant decrease from the $7.1 million revenue reported for the same period in 2024. The revenue for the last twelve months ending June 30, 2025, stood at $-15.67M. The latest reported quarter showed sales of $-3.29 and a net income of $-7.58. Anyway, the platform's core offerings define its traditional financial activity.

The platform's services include:

• Total Return Swap (TRS) trading.
• Contract-for-Difference (CFD) trading services.
• Over-the-Counter (OTC) stock options trading.
• Futures and securities brokerage services.

Executing Contracts-for-Difference (CFD) and Total Return Swap (TRS) trades

The execution of these derivative products is deeply intertwined with the platform operation, but it represents a specific, high-volume activity. The company's strategy involves leveraging its existing derivatives business into decentralized markets, viewing protocols like Hyperliquid (HYPE) as foundational to building scalable DeFi systems. While specific trade volumes for CFD and TRS are not publicly itemized for 2025, the overall trading activity gives us a sense of market engagement. For instance, on December 3, 2025, the trading volume reached 153.36K, compared to an average daily volume of 27.5K on that day. Another data point suggests an average trading volume of 114,873. This activity is what feeds the traditional revenue streams.

Here's a snapshot of recent trading metrics:

Strategic digital asset treasury management (HYPE, Bitcoin)

This is a major strategic pivot for Lion Group Holding Ltd. (LGHL). The company secured a $600 million facility from ATW Partners in June 2025 to launch and support its HYPE Token treasury and on-chain initiatives. The strategy centers on accumulating Hyperliquid (HYPE) as the primary reserve asset, though they also hold other next-generation layer-1 tokens. As of July 7, 2025, the total crypto treasury reached $7 million in aggregate purchases. By September 2025, the plan was to exchange all current Solana (SOL) and Sui (SUI) assets into HYPE. As of December 2025, the company held 79,775 HYPE tokens, valued at $2.8M. Furthermore, in December 2025, Lion Group Holding Ltd. (LGHL) announced raising $9,984,000 in gross proceeds via a convertible note facility, earmarking $8,000,000 of net proceeds to purchase Bitcoin (BTC) for its corporate treasury, adding a liquid asset alongside its HYPE holdings. This move is intended to enhance corporate treasury stability.

The treasury composition and funding efforts include:

• Total facility secured for crypto initiatives: $600 million.
• Total crypto treasury value as of July 7, 2025: $7 million.
• Bitcoin purchase allocation from December 2025 raise: $8,000,000.
• HYPE tokens held as of December 2025: 79,775.

SPAC sponsorship and capital markets advisory

Lion Group Holding Ltd. (LGHL) maintains a professional and experienced SPAC sponsorship team, aiming to guide private companies through their listing journey and create value for Lion Group. This activity is a key part of its capital markets engagement. The company announced the sponsorship of Skyline I Acquisition Corp. and the formation of a second SPAC, Aquarius I Acquisition Corp., both announced in March 2021, showing a historical commitment to this segment. While specific 2025 SPAC deal metrics aren't detailed, the ongoing focus on the digital asset strategy suggests this advisory function supports the broader fintech pivot.

Maintaining global regulatory compliance and licenses

Compliance is a constant activity, underpinning all trading and treasury operations. Lion Group Holding Ltd. (LGHL) is incorporated in the Cayman Islands, with its principal executive office located in Singapore. The company is publicly traded on the NASDAQ under the ticker LGHL. To manage its public listing status and capital structure, the company executed a significant corporate action in late 2025. On November 26, 2025, LGHL underwent a reverse stock split at a ratio of 13 for 1. This action also involved adjusting the ratio of Class A ordinary shares per American Depositary Share (ADS) from 2,500 to 32,500. From a balance sheet perspective as of the latest quarter, total assets were 46.89 million and total liabilities were 27.21 million. The Debt / Equity ratio was reported at 252.08%.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Key Resources

You're mapping out the core assets Lion Group Holding Ltd. (LGHL) relies on to execute its strategy as of late 2025. These aren't just line items; they are the engines for their multi-jurisdictional fintech and digital asset plays.

Proprietary Trading Technology (Lion Brokers Pro app)

The foundation of Lion Group Holding Ltd.'s service delivery is its self-built, all-in-one trading platform, accessible primarily through the Lion Brokers Pro app. This technology stack is designed to cater to sophisticated retail and institutional clients seeking complex products. The underlying technology, managed by its subsidiary Lion Brokers Limited, boasts specific performance metrics.

• Artificial intelligence trading system in use.
• High transaction speed capabilities.
• Market data updated in a millisecond class speed.

This platform supports a diverse product suite, including Total Return Swap (TRS) trading, Contract-for-Difference (CFD) trading, insurance brokerage, futures, and securities brokerage services. Honestly, having the tech in-house gives them the flexibility to tailor offerings quickly.

Multi-jurisdictional Financial Licenses

Compliance and regulatory access are paramount for Lion Group Holding Ltd., which operates across several key financial hubs. Their ability to offer specialized products often hinges on these regulatory footholds. Here's a snapshot of the licenses reported, showing their footprint across Asia and offshore centers.

The company also formally applied to the Hong Kong SFC for a Virtual Asset Trading Platform (VATP) license (SFC Type 7 license) back in November 2022, aiming to strengthen its digital business footprint.

Cash Holdings for Short-Term Liquidity

Liquidity management is key, especially when pivoting treasury strategy. As per recent balance sheet indicators, Lion Group Holding Ltd. maintains a specific cash buffer to manage short-term obligations. You'll want to keep an eye on this against their total debt load.

• Cash holdings for short-term liquidity: approximately $16.93 million.
• Total debt reported against this figure: $13.35 million.

To be fair, another filing suggested cash of $22.87 million against debt of $11.17 million, but we'll stick to the figure that aligns with the liquidity assessment you mentioned.

Digital Asset Treasury Holdings (HYPE, Bitcoin)

Lion Group Holding Ltd. is actively reallocating its treasury into digital assets, leveraging a capital facility to focus on specific Layer-1 ecosystems. This is a major strategic asset right now.

• As of December 2025, the company held 79,775 HYPE tokens, valued at $2.8M.
• The treasury was primarily comprised of HYPE, SOL, and SUI, reaching an aggregate purchase value of approximately $7 million by July 2025.
• In December 2025, the company announced plans to earmark $8,000,000 of net proceeds from a $9,984,000 gross proceeds convertible note facility to purchase Bitcoin (BTC).

This move is explicitly intended to add Bitcoin as a liquid, institutionally recognized asset alongside its existing HYPE holdings. If onboarding takes 14+ days, churn risk rises, so the speed of this BTC acquisition is defintely important.

Experienced Financial Services Management Team

The leadership team brings significant tenure from established financial institutions, which is critical for navigating the complex regulatory landscape of their business lines. This experience underpins their compliance-first approach.

• The senior executive team has, on average, 15+ years of experience in financial services at leading firms.
• CEO Chunning Wang (Wilson) brings over 15 years of experience, including leadership roles at Hengfeng Bank and China Minsheng Banking.

Finance: draft 13-week cash view by Friday.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Value Propositions

You're looking at the core offerings Lion Group Holding Ltd. (LGHL) puts forward to its clients, which blend traditional high-leverage trading with a significant, evolving digital asset treasury strategy. This combination forms the backbone of their value proposition as an investor-focused trading platform.

Access to complex, high-leverage products (CFD, TRS, OTC options)

Lion Group Holding Ltd. provides access to sophisticated financial instruments that allow for leveraged exposure. These core offerings are segmented into specific trading services that form a significant part of their revenue generation, with the Contract-For-Difference (CFD) trading services business generating a majority of the firm's revenue. The platform also facilitates Total Return Swap (TRS) trading and Hong Kong-based Over-The-Counter (OTC) stock options trading.

• Contract-For-Difference (CFD) trading services.
• Total Return Swap (TRS) trading.
• Over-The-Counter (OTC) stock options trading.

For instance, the OTC options business revenue reached US$8 million (unaudited) in the fourth quarter of 2023, setting a foundation for growth in that segment.

All-in-one platform for global securities, futures, and derivatives

The platform is designed as a comprehensive hub, consolidating various trading capabilities under one roof, primarily through its Lion Brokers Pro application and other mobile and desktop apps. This single access point covers a wide spectrum of asset classes, which is a key convenience for their user base.

The platform's services include:

• Futures and securities brokerage services.
• Proprietary trading in investment securities, futures, and derivatives.
• Development of a one-stop, cross-chain, high-expansion non-fungible token (NFT) marketplace.

Here's a quick look at the reported business segments and a key financial metric as of late 2025:

The firm's key revenue-generating market geographically is reported as Hong Kong.

Exposure to decentralized finance via Hyperliquid (HYPE) treasury strategy

Lion Group Holding Ltd. is actively repositioning a portion of its corporate treasury into decentralized finance (DeFi) assets, specifically focusing on the HyperLiquid ecosystem. This strategy is supported by a reported $600 million capital facility announced in June 2025. The objective stated is to build the largest HyperLiquid treasury in the world.

The treasury evolution shows a clear pivot:

• Mid-2025 aggregate purchases of HYPE, SOL, and SUI reached approximately $7 million.
• As of September 10, 2025, holdings included 194,726 HYPE tokens and 6,707 SOL tokens.
• By December 2025, the company reported holding 79,775 HYPE valued at $2.8M.

Furthermore, a December 2025 announcement detailed plans to earmark $8 million of net proceeds from a $9,984,000 gross proceeds convertible note facility for Bitcoin (BTC) to enhance the corporate treasury, which is currently primarily comprised of HYPE.

Tailored trading flexibility for affluent Chinese investors

A core customer segment for Lion Group Holding Ltd. is distinctively defined, offering specialized value to a specific demographic. The company's services are tailored for this group through its platform accessibility.

The customer base is predominantly:

• Well-educated and affluent Chinese individual investors.
• Residing both inside and outside the People's Republic of China (PRC).
• Institutional clients also utilize the platform.

The platform is accessible via its all-in-one Lion Brokers Pro app, available on iOS, Android, Windows, and macOS systems, helping to provide that tailored flexibility.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Customer Relationships

You're looking at how Lion Group Holding Ltd. (LGHL) interacts with the people who use its services. For the retail and active trader segment, the relationship is almost entirely digital and transactional, centered on the technology they offer.

Automated, self-service trading via the Lion Brokers Pro platform

The core of the self-service relationship is the Lion Brokers Pro app platform. This is where the majority of client activity occurs, supporting trading across a wide spectrum of financial instruments. The platform is the primary touchpoint for the retail and individual trader segments, defintely requiring high uptime and feature parity with competitors.

Here's a quick look at what the Lion Brokers Pro platform supports for these self-service customers:

Dedicated account managers for institutional and High-Net-Worth Individuals (HNWI)

For larger clients, the relationship shifts from pure automation to dedicated, high-touch service. While the search results don't give us a headcount for the account management team, we can infer the scale of the institutional segment by looking at public ownership. Institutional ownership for Lion Group Holding Ltd. is reported as minimal at only 0.01% as of late 2025, suggesting that the dedicated manager segment is likely focused on a smaller pool of HNWI clients or strategic corporate partners, rather than large asset managers.

This personalized service is critical for managing complex transactions related to the firm's TRS or futures business lines, which require more direct support than the self-service CFD offerings.

Digital communication and investor relations for NASDAQ-listed entity

As a NASDAQ-listed entity (Ticker: LGHL), Lion Group Holding Ltd. maintains a formal digital communication channel with its public stakeholders. This communication is crucial, especially given the recent financial volatility and strategic treasury shifts. You see this in the frequent press releases detailing corporate actions.

Here are some key figures framing the context of their investor communications as of late 2025:

• Unaudited interim revenue for the six months ended June 30, 2025, was $-3.29 million.
• The reported loss for the first half of 2025 was $2.94 million.
• The company secured approximately $9,984,000 in gross proceeds from an amended convertible note facility in December 2025.
• The market capitalization has recently been reported around $744.6K or $2.45 million.
• As of July 2025, the corporate treasury reserve held approximately $7 million in HYPE, SOL, and SUI tokens.

The company's investor relations efforts must clearly articulate the strategy behind these numbers, such as the plan to allocate $8 million of the new proceeds to Bitcoin.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Channels

You're looking at how Lion Group Holding Ltd. gets its services-from trading apps to institutional access-out to the market. It's a mix of digital access and direct, high-touch sales, which is typical for a firm operating in both retail/pro trading and institutional brokerage.

The primary digital interface is the Lion Brokers Pro mobile and desktop trading application. This platform is the engine for their core revenue-generating activities, which, as of late 2025, is still predominantly their Contract-For-Difference (CFD) trading services business. The platform supports Total Return Service (TRS) trading, CFD trading, futures and securities brokerage, and OTC stock options trading. To run all this, the company reports having 25 employees. The platform's reach is supported by their listing on the NASDAQ exchange, which provides a level of public visibility, though institutional ownership remains quite thin, reported at just 0.01% as of late 2025.

For institutional clients, Lion Group Holding Ltd. relies on a direct sales force and broker network. This channel supports their Futures and Securities Brokerage Services segment and their SPAC sponsorship team, which helps guide private companies through listing journeys. While specific broker network size isn't public, the firm's overall operational scale is reflected in its H1 2025 unaudited interim financial results, which showed total revenue of $7.1 million.

The Investor Relations website and NASDAQ exchange listing serve as the formal communication channels to the public market. The company held its 2025 Annual Shareholders' Meeting on September 29, 2025, a key event for this channel. The Investor Relations section of their website, however, explicitly states it doesn't work properly without JavaScript enabled. The company's treasury strategy, which involves digital assets, is also communicated here; for instance, they announced reaching approximately $7 million in combined purchases of HYPE, SOL, and SUI for their treasury reserve as of July 7, 2025.

The Over-The-Counter (OTC) trading desks are a specific, geographically focused channel, identified as the Hong Kong-based Over-The-Counter (OTC) stock options trading business. This desk supports the broader suite of trading services offered. The firm's recent financing activity, securing approximately $9,984,000 in gross proceeds from a convertible note facility amendment in December 2025, shows a channel used for capital infusion, which they plan to use, in part, to purchase $8,000,000 worth of Bitcoin for their corporate treasury.

Here's a quick look at some of the scale metrics tied to these channels and the company's overall structure:

You should note the low institutional participation, which definitely impacts how the market views the stability of the digital channels. If onboarding takes 14+ days, churn risk rises, especially when the current ratio is only 0.88, indicating short-term obligations exceed liquid assets.

• Lion Brokers Pro is the main digital delivery method.
• OTC trading is specifically focused in Hong Kong.
• The firm recently underwent a reverse ADS split on November 26, 2025.
• The average trading volume has been reported as low as 27.50K shares.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Customer Segments

You're looking at the core groups Lion Group Holding Ltd. (LGHL) targets with its financial services and technology platform. Honestly, the customer base is quite segmented, spanning from individual traders to corporate entities needing complex listing services.

Affluent, well-educated Chinese retail investors seeking global assets form a key base. LGHL operates its trading platform, which includes Lion Brokers Pro app, to serve these individual traders and retail investors, primarily targeting the People's Republic of China and Southeast Asia markets. The platform offers a range of products, including contracts for difference (CFD) trading, over-the-counter (OTC) stock options trading, futures, and total return swap trading services.

The segment of Institutional investors and corporate clients is served through the platform's offerings, though specific client revenue breakdowns aren't public. We see evidence of corporate activity through treasury management, which is a significant financial operation. For instance, as of July 7, 2025, LGHL reported reaching approximately $7 million in aggregate purchases of HYPE, SOL, and SUI for its treasury reserve. Further reinforcing this corporate financial activity, on December 4, 2025, Lion Group Holding Ltd. announced securing $9,984,000 in gross proceeds from a convertible note facility, earmarking $8 million of net proceeds for the purchase of Bitcoin (BTC) for its corporate treasury.

For Global investors interested in digital asset exposure and derivatives, LGHL positions itself through its asset holdings and platform features. The company has shown a strategic shift, announcing a strategic exchange of SOL and SUI assets to Hyperliquid (HYPE) on September 11, 2025. This focus on HYPE, a derivatives platform, aligns with offering exposure to this sophisticated investor group. The platform itself supports futures and total return swap trading, which caters directly to derivative interests.

Finally, there is a distinct segment of Companies seeking SPAC sponsorship and listing guidance. Lion Group Holding Ltd. maintains a professional and experienced SPAC sponsorship team. This team is tasked with guiding private companies through their listing journey, which is a service that creates value for Lion Group Holding Ltd. itself.

Here's a quick look at some of the financial context surrounding these operations as of late 2025. The first half of 2025 showed a loss of $2.94 million against revenue of $-3.29 million for the six months ended June 30, 2025.

The platform's service offerings to these segments include:

• Contracts for difference trading
• Over-the-counter stock options trading
• Futures and securities brokerage
• Total return swap trading services
• SPAC sponsorship and listing guidance

What this estimate hides is the direct revenue contribution from the Chinese retail investor segment versus the institutional/corporate segment, as the public data focuses more on treasury moves and overall platform operation. Finance: draft the Q4 2025 segment revenue allocation by next Tuesday.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Cost Structure

You're looking at the hard costs Lion Group Holding Ltd. (LGHL) faces to keep its all-in-one trading platform running and compliant. Honestly, for a company with such a complex, multi-jurisdictional, and technology-heavy operation, the cost structure is where the real pressure points are. We have to rely on the latest reported annual figures, as the full 2025 breakdown isn't public yet, but we can anchor on the debt figure you provided.

Cost Structure Components

The major outflows for Lion Group Holding Ltd. (LGHL) are centered around technology, people, and regulatory overhead. The shift toward digital assets, like the treasury reallocation to Hyperliquid (HYPE) mentioned in September 2025 filings, means technology spend is not just maintenance; it's strategic investment.

Here are the key cost buckets, using the most recent concrete numbers we have:

• Technology development and platform maintenance costs: This covers the state-of-the-art trading platform, including the ongoing build-out of the NFT marketplace and metaverse entry points.
• Regulatory compliance and licensing fees across jurisdictions: Operating across various financial and digital asset landscapes means compliance costs are non-trivial, often embedded within general and administrative expenses.
• Personnel costs for the experienced management and trading teams: These are the salaries and overhead for the teams running the TRS, CFD, brokerage, and SPAC sponsorship arms.
• Interest expense on total debt of $13.35 million (as of Sept 2025): This is a fixed financial obligation that must be serviced regardless of operational performance.
• Marketing and client acquisition expenses, defintely a high-risk area: Acquiring and retaining Chinese investors in a competitive environment requires significant outlay, which falls under the Sales, General and Administrative bucket.

Here's the quick math on the latest reported annual operating expenses, which gives us a baseline for personnel and marketing, and the specified debt figure. What this estimate hides is the exact split between personnel and marketing within the SG&A line item for 2025.

The $13.35 million total debt figure as of September 2025 is a key liability to service. To give you context on the interest burden, the Interest Expense reported for the full year 2024 was $822,000, reported in USD Thousands. That's a real, recurring cash outflow you need to factor in.

Technology Development and Platform Maintenance Costs

You see Research and Development expenses were reported as zero for the full year 2024, but that doesn't mean the cost disappeared. It likely shifted or was reclassified, especially given the company's aggressive push into blockchain assets like HYPE tokens, which requires constant platform integration and security upgrades. For comparison, in 2022, the R&D spend was $4,694,000. That 2022 number shows you the potential scale of investment when building out core technology.

The commitment to building the world's top one-stop, cross-chain, high-expansion non-fungible token (NFT) marketplace definitely means platform maintenance and development costs are a significant, ongoing operational drain, even if the R&D line item was quiet in 2024.

Personnel Costs and Client Acquisition

Personnel costs are bundled into Sales, General and Admin (SG&A). For the year ending December 31, 2024, this category totaled $19,416,000. This figure covers your experienced management, the trading teams, and the administrative staff supporting the brokerage and SPAC sponsorship activities. Marketing and client acquisition expenses are a component of this, and given the competitive nature of serving Chinese investors, this portion is likely high-risk, meaning it might not yield proportional revenue returns immediately.

To be fair, the 2024 SG&A of $19.416 million is lower than the 2023 figure of $23,267,000, suggesting some initial cost control might have been in place before the latest strategic moves.

The cost structure relies heavily on managing this large SG&A base against revenue generation. You've got to watch that ratio closely.

Regulatory Compliance and Licensing Fees

Specific, standalone figures for regulatory compliance and licensing fees across all jurisdictions are not itemized separately in the readily available public statements for 2025. These costs are absorbed within the $19,416,000 Sales, General and Admin expense for 2024, or potentially within other operating items. Given the nature of operating a trading platform and the recent regulatory adjustments suggested by filings, you should budget for these fees to be substantial and increasing year-over-year.

Finance: draft 13-week cash view by Friday.

Lion Group Holding Ltd. (LGHL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Lion Group Holding Ltd. (LGHL) brings in money, which, based on their structure, is heavily reliant on trading activity. Honestly, the latest reported top-line numbers show a challenging environment, but the structure of their income sources remains clear.

The company generates revenue across several distinct financial service lines. Historically, the Contract-for-Difference (CFD) trading services have been cited as the segment that generates the majority of revenue for Lion Group Holding Ltd..

To give you a sense of the historical composition, which often reflects the current focus, here is a look at the revenue breakdown from 2021, a period of significant growth for them:

While specific 2025 revenue breakdowns aren't fully detailed in the latest reports, we know the other streams contribute to the overall financial picture. For instance, the futures and securities brokerage segment earns commission income from enabling trades globally on exchanges like the Chicago Mercantile Exchange and the Hong Kong Futures Exchange.

The revenue streams Lion Group Holding Ltd. relies on include:

• CFD trading services income.
• Commissions and fees from futures and securities brokerage.
• Fees derived from Total Return Swap (TRS) trading services.
• Commissions from insurance brokerage activities.
• Potential treasury gains from digital asset holdings.

Regarding the digital asset component, Lion Group Holding Ltd. recently secured gross proceeds of approximately $9,984,000 from a convertible note facility closing around December 5, 2025. The company explicitly plans to earmark $8 million of these net proceeds for the purchase of Bitcoin (BTC) to enhance its corporate treasury. This move is intended to leverage Bitcoin as a liquid asset to preserve capital value, enhancing the treasury currently comprised primarily of HYPE.

It's important to note the context of the overall revenue performance. The unaudited interim financial results for the six months ended June 30, 2025, showed a total revenue of $7.1 million in the same period of 2024, with a reported loss of $2.94 million for H1 2025. Furthermore, the latest trailing twelve months (TTM) revenue figure reported is negative at -$15.67M.

Finance: draft a sensitivity analysis on the impact of a 10% change in CFD trading volume on H2 2025 revenue by next Tuesday.