Hyperliquid Treasury Firms Stay Profitable as Bitcoin, Ether Holders Rack Up Huge Paper Losses

Digital asset treasury, or DAT, companies are seeing sharply divergent fortunes as the broader crypto market remains under pressure.

The Block reported on June 5 that treasury firms focused on Bitcoin, Ether and Solana have logged steep unrealized losses, while companies centered on Hyperliquid's HYPE token continue to hold sizable unrealized gains.

Artemis data show Hyperliquid Strategies, a HYPE-focused treasury company, holds about 23.7 million HYPE and is sitting on roughly $1.1 billion in unrealized profit.

Another HYPE treasury firm, Hyperion DeFi, held more than 2 million HYPE in its latest filing with the US Securities and Exchange Commission and was estimated to have about $35 million in unrealized gains.

Bitcoin treasury companies, by contrast, are reporting deep paper losses. Strategy, the world's largest publicly traded corporate Bitcoin holder, is carrying more than $12.8 billion in unrealized losses. After recently selling 32 Bitcoin, the company was left with an unrealized loss of about 20% on its holdings as Bitcoin fell to around $59,000, the report said.

Japan's Metaplanet is also posting about $1.7 billion in unrealized losses, and its stock has fallen to its lowest level since the company adopted its Bitcoin treasury strategy.

Ether treasury companies are in a similar position. Bitmine, the world's largest Ether treasury company, holds more than 5.4 million ETH but is estimated to be carrying about $10.5 billion in unrealized losses.

SharpLink also holds about 869,000 ETH and is sitting on roughly $1.8 billion in unrealized losses.

Solana treasury companies have not been spared. With Solana falling into the $60 range, Forward Industries, the largest Solana treasury company, is posting unrealized losses of about $1.2 billion.