Hyperliquid Treasury Companies Outperform as Bitcoin and Ethereum Treasuries Face Heavy Losses

The digital asset treasury (DAT) sector is facing increasing pressure as falling crypto prices erase billions of dollars in paper gains across the market. While most treasury companies tied to Bitcoin, Ethereum and Solana are reporting significant unrealized losses, firms focused on Hyperliquid’s HYPE token continue to stand out.

According to data from Artemis, Hyperliquid Strategies remains the strongest performer in the sector. The company holds around 23.7 million HYPE tokens and is still sitting on more than $1.1 billion in unrealized gains despite the token recently pulling back from its record high above $74.

Hyperion DeFi, another HYPE-focused treasury company, also remains profitable with roughly $35 million in unrealized gains from its holdings of more than 2 million HYPE tokens.

Bitcoin Treasury Companies Feel the Impact

The downturn has been particularly painful for Bitcoin treasury firms. Strategy, the largest corporate Bitcoin holder, is now carrying more than $12.8 billion in unrealized losses as Bitcoin dropped to around $59,100. The company’s average purchase price has risen to approximately $75,000 per Bitcoin after years of accumulation.

Japan-based Metaplanet is also under pressure, reporting nearly $1.7 billion in unrealized losses on its Bitcoin reserves.

Ethereum and Solana Treasuries Under Pressure

Ethereum treasury companies have also suffered as ETH fell below $1,550. Bitmine, the world’s largest Ethereum treasury company, is estimated to be holding about $10.5 billion in unrealized losses. Sharplink, another major Ethereum holder, faces paper losses of around $1.8 billion.

Meanwhile, Solana treasury firms are struggling as SOL dropped below $65. Forward Industries, one of the largest publicly traded Solana treasury companies, is estimated to be carrying roughly $1.2 billion in unrealized losses.

Crypto Treasury Market Faces New Reality

The latest market decline highlights a growing divide within the digital asset treasury sector. While most companies are struggling with large unrealized losses, Hyperliquid-focused firms remain among the few major treasury players still holding substantial gains.