Hyperliquid Treasuries Dominate as Legacy Crypto DATs Bleed Billions
A dramatic divide is opening up in the digital asset treasury (DAT) sector. While traditional crypto treasury models face massive market pressure, select firms are bucking the trend.
The latest data from crypto analytics platform Artemis reveals that Hyperliquid treasury firms are currently the only major players holding meaningful unrealized gains. Meanwhile, legacy corporate treasuries backing Bitcoin, Ethereum, and Solana are suffering billions of dollars in paper losses.
The Crypto Treasury Market Face-Off
The DAT boom has swept through public markets over the past two years. Dozens of public companies adopted a specific playbook: accumulate massive amounts of crypto assets to boost corporate value.
For months, soaring token prices and high stock premiums fueled this strategy. However, the sharp market downturn in the first half of 2026 is exposing structural vulnerabilities. As top digital assets slide to multi-year lows, unrealized profits are evaporating rapidly across the board.
Hyperliquid Strategies Buck the Downturn
In a stark contrast to the broader market, Hyperliquid treasury firms remain highly profitable. Hyperliquid Strategies stands as the largest HYPE treasury company in the space. The firm currently holds roughly 23.7 million HYPE tokens.
Despite HYPE pulling back from its recent all-time high of over $74, Hyperliquid Strategies sits on more than $1.1 billion in unrealized gains. Similarly, Hyperion DeFi is holding steady. According to its latest SEC filing, the firm holds over 2 million HYPE, securing roughly $35 million in paper profits.
Bitcoin Corporate Treasuries Fall Underwater
The decline of the traditional model is best illustrated by Strategy (SMSTR), the pioneer of corporate Bitcoin accumulation. Data from SaylorTracker reveals that Strategy is now facing over $12.8 billion in unrealized losses.
Key Stat: Strategy’s aggressive buying over the years pushed its average acquisition cost to roughly $75,000 per Bitcoin.
The company has experienced extreme valuation swings:
- October 2025: Sat on $14 billion in unrealized gains when BTC cleared $126,000.
- February 2026: Slid into a $9.5 billion paper loss.
- June 2026: Plunged into a 20% total paper loss after Bitcoin hit a long-term low near $59,100.
Consequently, Strategy’s stock (MSTR) tumbled over 11% on Friday to $116, hovering near a two-year low.
International fast-followers are feeling the same pain. Japan’s Metaplanet, an early adopter of the Strategy playbook, is carrying nearly $1.7 billion in unrealized losses. Its U.S.-listed shares recently dropped to around $1.40, marking their lowest level since the company adopted the BTC strategy in 2024.
Ethereum and Solana Treasuries Take Heavy Hits
The market pain extends heavily into smart-contract protocols. Ethereum plummeted below $1,550 on Friday, hitting its lowest price point in over a year. This drop severely impacted Bitmine (BMNR), the world’s largest Ether treasury company.
Chaired by Fundstrat’s Tom Lee, Bitmine holds more than 5.4 million ETH, representing nearly 4.5% of the total circulating supply. At current prices, Bitmine is saddled with an estimated $10.5 billion in unrealized losses. The company’s stock fell 10% to a new low of $16. Fellow Ether DAT Sharplink is also hurting, facing an estimated $1.8 billion paper loss on its 869,000 ETH.
Solana-focused treasuries are experiencing similar distress. As SOL slipped below $65—its lowest price since late 2023—Forward Industries took a direct hit. As the largest publicly traded Solana treasury, the firm now faces $1.2 billion in unrealized losses on its 6.8 million SOL stack.
