Digital asset treasury companies have come under fresh pressure as the crypto market slump has pushed major bitcoin, ether, and Solana holders into large unrealized losses.
Summary
- Hyperliquid treasury firms remain the only major DAT group with meaningful unrealized gains, according to Artemis data.
- Hyperliquid Strategies holds about 23.7 million HYPE and has over $1.1 billion in paper gains.
- Strategy now faces more than $12.8 billion in unrealized Bitcoin losses, according to SaylorTracker data.
Artemis data shows that Hyperliquid-focused treasury firms are the only major group still holding meaningful paper gains, even after HYPE pulled back from its record high above $74 earlier this week.
The contrast has become sharper in the first half of 2026, as several public companies that copied the crypto treasury model now face deep losses on their token positions. Companies built around bitcoin, ether, and Solana reserves are carrying billions of dollars in unrealized losses, while HYPE treasury firms remain positive for now.
Hyperliquid Treasuries Stay Ahead
According to Artemis, Hyperliquid Strategies holds about 23.7 million HYPE and still has more than $1.1 billion in unrealized gains. The gain remains even after HYPE fell 11.98% during the latest market pullback.
Hyperion DeFi, which disclosed just over 2 million HYPE in its latest SEC filing, also remains in profit. Artemis estimates the company has about $35 million in unrealized gains on its HYPE holdings.
The figures separate HYPE treasury firms from most other digital asset treasury companies. Artemis data shows that treasury firms tied to bitcoin, ether, and Solana are now dealing with major paper losses as crypto prices trade near multi-year lows.
Strategy Leads Bitcoin Treasury Losses
SaylorTracker data shows Strategy, formerly MicroStrategy, now holds more than $12.8 billion in unrealized bitcoin losses. The company helped popularize the corporate bitcoin treasury model and remains the largest public bitcoin holder.
Strategy began buying bitcoin when the asset traded near $10,000, but SaylorTracker data shows its average acquisition cost has climbed to about $75,000 per BTC after years of purchases.
The company’s position has moved sharply over the past year. When bitcoin topped $126,000 last October, Strategy had more than $14 billion in unrealized gains. SaylorTracker data later showed those gains turned into about $9.5 billion in losses in February before briefly returning to positive territory in April.
This week, Strategy said it sold 32 bitcoins for $2.5 billion. After that announcement, bitcoin fell toward $59,100 on Friday afternoon, leaving Strategy with a paper loss of about 20% on its holdings. MSTR shares were down more than 11% on Friday near $116, close to a two-year low.
Ether Treasury Firms Face Heavy Paper Losses
Ethereum treasury companies are also under pressure after ETH fell below $1,550 on Friday, its lowest level in more than a year.
Artemis estimates that Bitmine, chaired by Fundstrat’s Tom Lee, has about $10.5 billion in unrealized losses on more than 5.4 million ETH. At current prices, those holdings are worth about $8.6 billion.
Bitmine’s ETH position represents nearly 4.5% of Ethereum’s circulating supply. The company has previously said it wants to raise that figure to 5%. BMNR shares fell more than 10% on Friday to around $16, their lowest level since the firm launched its ether treasury strategy in June 2025.
Sharplink, another major ether treasury company, holds nearly 869,000 ETH. Artemis data estimates its paper loss at about $1.8 billion.
Solana treasury firms have also taken losses as SOL fell below $65 on Friday, its weakest price since late 2023.
As previously reported by crypto.news Forward Industries, the largest public Solana treasury company, holds more than 6.8 million SOL. Artemis data estimates the company now has about $1.2 billion in unrealized losses on those holdings.
The latest data shows how the digital asset treasury trade has split between HYPE-linked winners and larger crypto treasury firms facing heavy losses.