Hyperliquid Strategies holds approximately 23.7 million HYPE tokens and remains up more than $1.1 billion in unrealized gains, even as rival digital asset treasury firms report billions in paper losses during a recent crypto market downturn. Bitcoin, ether, and Solana treasury companies have seen unrealized gains turn into losses as underlying token prices fell, with bitcoin trading near $59,100, ether below $1,550, and Solana below $65. The reversal follows 2 years of growth in the digital asset treasury model, where listed companies accumulated crypto assets and benefited from rising token prices and investor premiums. HYPE treasury firms entered the market more recently and have held up better during the downturn, though the token pulled back from an all-time high above $74 earlier this week. The broader treasury sector now faces mark-to-market pressure as balance sheets tied to volatile tokens weaken when market momentum breaks.
Hyperliquid Strategies Reports $1.1 Billion Unrealized Gain on HYPE Holdings
Hyperliquid Strategies, the largest HYPE treasury company, holds roughly 23.7 million HYPE and remains up more than $1.1 billion on an unrealized basis. Hyperion DeFi, which holds just over 2 million HYPE according to its latest SEC filing, is sitting on around $35 million in unrealized gains. Data from crypto analytics platform Artemis shows that HYPE-focused companies remain in positive territory.
The difference between HYPE treasury firms and other digital asset treasury companies is timing. HYPE treasury firms entered a token that has held up better than bitcoin, ether, and Solana during the latest downturn. Their unrealized gains reflect the asset's stronger price history and the fact that the treasury trade around HYPE is newer than the bitcoin and ether versions. HYPE's recent pullback from record highs shows that these companies remain exposed to the same mark-to-market pressure that has hit older digital asset treasury firms.
Strategy Faces $12.8 Billion Unrealized Loss on Bitcoin Holdings
Strategy remains the largest corporate holder of bitcoin and popularized the corporate bitcoin accumulation model. The company began buying bitcoin when the asset traded near $10,000, but years of continued purchases have lifted its average acquisition cost to roughly $75,000 per bitcoin. Data from SaylorTracker shows the company is now sitting on more than $12.8 billion in unrealized losses, a paper loss of about 20% on its holdings, as bitcoin fell toward $59,100 on Friday.
When bitcoin traded above $126,000 last October, Strategy held more than $14 billion in unrealized gains. Those gains flipped into roughly $9.5 billion of losses in February, returned to positive territory in April, and then moved back into deep losses during the latest selloff. Strategy's stock, MSTR, fell more than 11% on Friday to around $116, not far above a 2-year low. Japan-based Metaplanet, another adopter of the bitcoin treasury model, is carrying nearly $1.7 billion in unrealized losses, while its U.S.-listed shares recently traded near $1.40, their lowest level since the company adopted the strategy in 2024.
Bitmine and Sharplink Report Billions in Unrealized Losses on Ether Holdings
Ether treasury companies have taken heavy hits after ETH fell below $1,550 on Friday, its lowest level in more than a year. Bitmine, chaired by Fundstrat's Tom Lee, is the world's largest ether treasury company. It holds more than 5.4 million ETH, worth about $8.6 billion at current prices. Artemis data estimates the company is carrying roughly $10.5 billion in unrealized losses on those holdings. Bitmine's holdings represent nearly 4.5% of Ethereum's circulating supply, and the company has previously said it aims to increase that share to 5%. Its stock, BMNR, fell more than 10% on Friday to around $16, a new low since it launched its ether treasury strategy in June 2025.
Sharplink, another major ether treasury firm, holds nearly 869,000 ETH and is facing an estimated paper loss of around $1.8 billion. Solana treasury firms are also under pressure after SOL fell below $65 on Friday, its lowest level since late 2023. Forward Industries, the largest publicly traded Solana treasury company, now faces roughly $1.2 billion in unrealized losses on holdings of more than 6.8 million SOL.
FAQ
What did Hyperliquid Strategies report on its HYPE holdings?
Hyperliquid Strategies holds approximately 23.7 million HYPE tokens and remains up more than $1.1 billion in unrealized gains. Hyperion DeFi holds just over 2 million HYPE according to its latest SEC filing and is sitting on around $35 million in unrealized gains. Data from crypto analytics platform Artemis shows that HYPE-focused companies remain in positive territory, even after the token pulled back from an all-time high above $74 earlier this week.
How much unrealized loss is Strategy carrying on its bitcoin holdings?
Data from SaylorTracker shows Strategy is sitting on more than $12.8 billion in unrealized losses on its bitcoin holdings, a paper loss of about 20%, as bitcoin fell toward $59,100 on Friday. The company's average acquisition cost is roughly $75,000 per bitcoin. Strategy's stock, MSTR, fell more than 11% on Friday to around $116, not far above a 2-year low.
What losses are ether treasury companies reporting?
Bitmine holds more than 5.4 million ETH and is carrying roughly $10.5 billion in unrealized losses according to Artemis data, after ETH fell below $1,550 on Friday. Sharplink holds nearly 869,000 ETH and is facing an estimated paper loss of around $1.8 billion. Bitmine's stock, BMNR, fell more than 10% on Friday to around $16, a new low since it launched its ether treasury strategy in June 2025.
