SCHEDULE 13G 0001947975 XXXXXXXX LIVE Class A Ordinary Shares represented by American Depositary Shares 07/02/2025 0001806524 Lion Group Holding Ltd. 53620U102 10 Ubi Crescent, #06-51 (Office 12) Ubi Techpark, Lobby C Singapore U0 408574 Rule 13d-1(c) ATW Opportunities Master Fund, L.P. b DE 0 277558 0 277558 277558 N 9.9 PN Please see note in Item 4(a). ATW Opportunities Master Fund II, LP b DE 0 277558 0 277558 277558 N 9.9 PN Please see note in Item 4(a). ATW Master Fund V LP b DE 0 277558 0 277558 277558 N 9.9 PN Please see note in Item 4(a). ATW Partners Opportunities Management, LLC b DE 0 277558 0 277558 277558 N 9.9 IA OO Please see note in Item 4(a). Kerry Propper b X1 0 277558 0 277558 277558 N 9.9 HC IN Please see note in Item 4(a). Antonio Ruiz-Gimenez b U3 0 277558 0 277558 277558 N 9.9 HC IN Please see note in Item 4(a). Lion Group Holding Ltd. 10 Ubi Crescent, #06-51 (Office 12), Ubi Techpark, Lobby C Singapore, U0 408574 ATW Opportunities Master Fund, L.P.* ATW Opportunities Master Fund II, LP* ATW Master Fund V LP* ATW Partners Opportunities Management, LLC* Kerry Propper* Antonio Ruiz-Gimenez* 1 Pennsylvania Plaza, Suite 4810 New York, New York 10119 ATW Opportunities Master Fund, L.P. - Delaware ATW Opportunities Master Fund II, LP - Delaware ATW Master Fund V LP - Delaware ATW Partners Opportunities Management, LLC - Delaware Kerry Propper - United States Antonio Ruiz-Gimenez - Spain Y ATW Opportunities Master Fund, L.P. - 277,558* ATW Opportunities Master Fund II, LP - 277,558* ATW Master Fund V LP - 277,558* ATW Partners Opportunities Management, LLC - 277,558* Kerry Propper - 277,558* Antonio Ruiz-Gimenez - 277,558* *The Class A ordinary shares represented by American Depositary Shares (the "Shares") of Lion Group Holdings Ltd (the "Issuer") reported herein represents Shares held directly by ATW Opportunities Master Fund, L.P. and the approximate number of Shares that ATW Opportunities Master Fund, L.P., ATW Opportunities Master Fund II, LP, and ATW Master Fund V LP (collectively, the "Funds") can acquire through the exercise of warrants and/or convertible debt. ATW Partners Opportunities Management, LLC serves as the investment manager to the Funds (the "Adviser"). Antonio Ruiz-Gimenez and Kerry Propper are the control persons of the Adviser (the "Control Persons", and collectively with the Funds and Adviser, the "Reporting Persons"). By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares reported herein. As of the start of the trading day which required this filing, (i) ATW Opportunities Master Fund, L.P. held 115,647 Shares and certain warrants; (ii) ATW Opportunities Master Fund II, LP held certain warrants and convertible debt; and (iii) ATW Master Fund V LP held certain convertible debt. Each of the aforementioned convertible debt and warrants can ultimately be exercisable into Shares and are subject to a blocker which prevents the Funds from exercising its warrants and convertible debt to purchase Shares or otherwise convert such instruments into Shares to the extent that, upon such exercise, the Funds, together with its affiliates, would beneficially own in excess of 9.99% of the Shares outstanding as a result of such exercise and/or conversion (the "Blocker"). As such, the percent of class reported herein is giving effect to the Blocker and is based upon a statement in the Issuer's Form 20-F filed on April 30, 2025 that there were 1,281,237,399 Class A Ordinary Shares outstanding as of December 31, 2024 (and accounting for any stock splits or other corporate actions) plus the approximate total number of Shares that the Reporting Persons have acquired and/or can acquire upon the exercise of warrants and/or convertible debt subject to the Blocker in accordance with Rule 13d-3(d)(1)(i) under the Act. For the sake of clarity, the number of Shares reported herein are in the form of American Depositary Shares. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Persons pecuniary interest, if any, therein. ATW Opportunities Master Fund, L.P. - 9.9% ATW Opportunities Master Fund II, LP - 9.9% ATW Master Fund V LP - 9.9% ATW Partners Opportunities Management, LLC - 9.9% Kerry Propper - 9.9% Antonio Ruiz-Gimenez - 9.9% ATW Opportunities Master Fund, L.P. - 0 ATW Opportunities Master Fund II, LP - 0 ATW Master Fund V LP - 0 ATW Partners Opportunities Management, LLC - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 0 ATW Opportunities Master Fund, L.P. - 277,558* ATW Opportunities Master Fund II, LP - 277,558* ATW Master Fund V LP - 277,558* ATW Partners Opportunities Management, LLC - 277,558* Kerry Propper - 277,558* Antonio Ruiz-Gimenez - 277,558* ATW Opportunities Master Fund, L.P. - 0 ATW Opportunities Master Fund II, LP - 0 ATW Master Fund V LP - 0 ATW Partners Opportunities Management, LLC - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 0 ATW Opportunities Master Fund, L.P. - 277,558* ATW Opportunities Master Fund II, LP - 277,558* ATW Master Fund V LP - 277,558* ATW Partners Opportunities Management, LLC - 277,558* Kerry Propper - 277,558* Antonio Ruiz-Gimenez - 277,558* Y N Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit I - JOINT FILING STATEMENT ATW Opportunities Master Fund, L.P. /s/ Kerry Propper 07/09/2025 ATW Opportunities Master Fund II, LP /s/ Kerry Propper 07/09/2025 ATW Master Fund V LP /s/ Kerry Propper 07/09/2025 ATW Partners Opportunities Management, LLC /s/ Kerry Propper 07/09/2025 Kerry Propper /s/ Kerry Propper 07/09/2025 Antonio Ruiz-Gimenez /s/ Antonio Ruiz-Gimenez 07/09/2025