Crypto treasury strategies are diverging sharply: treasuries concentrated in HYPE tokens are sitting on gains while big public companies holding bitcoin, ether and Solana are staring at massive unrealized losses after a fresh market pullback.
What’s happening
- Data from analytics firm Artemis shows Hyperliquid-linked treasury firms remain winners for now. Hyperliquid Strategies reportedly holds about 23.7 million HYPE and still shows roughly $1.1 billion in unrealized gains, even after HYPE slid nearly 12% from a recent record above $74. Hyperion DeFi disclosed just over 2 million HYPE in an SEC filing and is estimated to have about $35 million in paper gains.
- By contrast, many public companies that adopted the crypto-treasury model around bitcoin, ether and Solana are now underwater as prices trade near multi-year lows. Those firms collectively carry billions in unrealized losses.
Big losers by token
- Bitcoin: SaylorTracker data shows Strategy (formerly MicroStrategy) now faces more than $12.8 billion in unrealized bitcoin losses. The company — long a poster child for the corporate bitcoin treasury strategy — materially increased its average BTC cost over years of accumulation to roughly $75,000 per coin, according to SaylorTracker. The position swung from over $14 billion in unrealized gains last October (when bitcoin topped around $126,000) to some $9.5 billion in losses in February, briefly recovering in April before slipping again. After Strategy said it sold 32 BTC for $2.5 billion earlier this week, bitcoin fell toward about $59,100 and Strategy’s paper loss widened; MSTR shares fell more than 11% on Friday to near $116, a roughly two-year low.
- Ether: Ethereum treasuries are under heavy pressure as ETH dipped below $1,550 — a more-than-one-year low. Artemis estimates Bitmine (chaired by Fundstrat’s Tom Lee) carries roughly $10.5 billion in unrealized losses on more than 5.4 million ETH; those holdings are currently valued at about $8.6 billion and represent nearly 4.5% of Ethereum’s circulating supply (the firm has said it aims for 5%). Bitmine’s shares fell more than 10% Friday to about $16. Sharplink, another large ether treasury player, holds nearly 869,000 ETH and is estimated to be about $1.8 billion underwater.
- Solana: Solana treasuries have also taken hits as SOL slipped below $65. Forward Industries, the largest public Solana treasury company, holds over 6.8 million SOL and is estimated to have about $1.2 billion in unrealized losses.
Why it matters
The selloff highlights how the once-unified “crypto treasury” play has split into winners and losers based on token exposure and timing. HYPE-linked treasuries have so far avoided the broader markdowns, while firms that concentrated on BTC, ETH or SOL are now grappling with large paper losses that have pressured stock prices and investor sentiment.
Bottom line
The market pullback has exposed the risks of blanket corporate exposure to volatile digital assets. For now, HYPE treasuries stand out as an exception, but the broader picture shows substantial unrealized damage across major token treasuries.
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