Hyperliquid Treasuries Accumulate $1.135B Profits Amid Crypto Market Declines

TL;DR:

• The firms Hyperliquid Strategies and Hyperion DeFi accumulate combined unrealized profits exceeding 1.135 billion dollars.
• The company Strategy records paper losses of 12.8 billion dollars following Bitcoin’s drop to long-term lows of 59,100 dollars.
• Public treasuries dedicated to Ethereum and Solana absorb negative unrealized balances that individually exceed 1 billion dollars.

During the first half of 2026, corporations with digital asset reserves have experienced a sharp divide. Hyperliquid treasuries are currently positioned as the only ones recording unrealized gains in public markets, in a context where firms with strategies based on traditional crypto assets face multi-billion dollar losses.

The outlook for the so-called DATs (Digital Asset Treasuries) shifted following the recent market correction. According to data provided by the blockchain analytics platform Artemis, financial vehicles focused on the Hyperliquid ecosystem are managing to evade the general bearish trend for the time being.

The firm Hyperliquid Strategies, considered the largest institutional entity exposed to the HYPE token, holds an approximate reserve of 23.7 million units. According to Artemis’s report, this holding represents a paper gain of more than $1.1 billion dollars. This result remains firm despite the asset correcting after reaching an all-time high above $74 dollars earlier this week.

For its part, official documentation sent to the U.S. Securities and Exchange Commission (SEC) by Hyperion DeFi indicates that the company maintains an inventory of just over 2 million HYPE. This position yields the entity unrealized profits close to $35 million dollars under current price conditions.

The technical situation is quite the opposite for corporations that replicated the traditional asset accumulation model. Strategy, a historical benchmark in corporate Bitcoin acquisition, now faces unrealized losses exceeding $12.8 billion dollars, according to updated records from SaylorTracker.

The company’s average acquisition cost stands at $75,000 dollars per unit. Last Friday afternoon, the price of Bitcoin retraced to set a long-term low near $59,100 dollars, a move that deepened after the company itself disclosed the sale of 32 bitcoins worth $2.5 billion dollars. Following this move, the company’s shares (MSTR) experienced an 11% drop during the trading session, pricing at $116 dollars, levels close to their two-year low.

On the international stage, the Japanese company Metaplanet faces a similar scenario. Its accumulation strategy currently generates a negative unrealized balance of nearly $1.7 billion dollars, while its shares trade at lows since the inception of its plan in 2024.

Firms oriented toward smart contracts also show a severe impact after losing key support levels. Market data confirms that Ethereum dropped below the $1,550 dollar mark on Friday, touching its lowest value in more than twelve months.

This depreciation directly affects Bitmine, the leading corporate Ether treasury globally, which shields 5.4 million ETH. Estimates from Artemis point out that the company, chaired by Tom Lee, carries paper losses of $10.5 billion dollars. Bitmine’s stock (BMNR) slipped 10% on Friday to sit in the $16 dollar zone.

The impact also extends to younger portfolios:

Sharplink (Ether DAT): Holds 869,000 ETH and faces paper losses of 1.8 billion dollars.

Forward Industries (Solana DAT): Records a negative unrealized balance of 1.2 billion dollars after SOL fell below 65 dollars.

Institutional investors will now focus their attention on the upcoming second-quarter financial statement filings, which will provide definitive data regarding the impact of these valuations on regulated corporate balance sheets.