Crypto treasury split widens as HYPE holders dodge the worst of the slump
Corporate crypto treasuries are diverging sharply: firms holding bitcoin, ether and Solana are sitting on multi‑billion dollar paper losses, while Hyperliquid‑linked treasuries remain among the few still showing meaningful unrealized gains.
Artemis analytics show Hyperliquid‑focused treasuries as the outliers this week. Even after HYPE retreated from a record above $74, Hyperliquid Strategies is still estimated to hold about 23.7 million HYPE and carry more than $1.1 billion in unrealized gains. That cushion persisted despite an 11.98% pullback in HYPE during the latest selloff. Hyperion DeFi — which disclosed just over 2 million HYPE in its recent SEC filing — is also reportedly in the black, with Artemis putting its paper gain at roughly $35 million.
By contrast, the more established corporate treasury model — companies funding balance sheets with large allocations of BTC, ETH or SOL — has been bruised by the market downturn.
Bitcoin treasuries: from glory to writedowns
SaylorTracker data highlights the scale of pain for the firm that popularized the bitcoin treasury playbook. Strategy (formerly MicroStrategy) now faces more than $12.8 billion in unrealized bitcoin losses. The company began buying BTC when prices traded near $10,000, but years of accumulation have pushed its average acquisition cost to around $75,000 per bitcoin, according to SaylorTracker.
Strategy’s journey has been volatile: when bitcoin climbed above $126,000 last October, the firm posted over $14 billion in unrealized gains; by February those gains had swung into roughly $9.5 billion in losses before briefly returning to positive territory in April. This week’s disclosure that Strategy sold 32 bitcoins for $2.5 billion came ahead of another slide in BTC toward $59,100 on Friday, leaving the company with about a 20% paper loss on its holdings. MSTR shares fell over 11% on Friday to near $116, around a two‑year low.
Ether treasuries: heavy exposure, heavy losses
Ethereum‑centric treasuries also bore the brunt after ETH fell below $1,550 on Friday — its weakest level in more than a year. Artemis estimates Bitmine, chaired by Fundstrat’s Tom Lee, holds more than 5.4 million ETH and currently faces about $10.5 billion in unrealized losses; those tokens are valued at roughly $8.6 billion at current prices. Bitmine’s ETH stash represents nearly 4.5% of Ethereum’s circulating supply, and the firm had previously aimed to expand that share to 5%. BMNR shares slid over 10% on Friday to around $16, the lowest since it launched its ether treasury strategy in June 2025.
Sharplink, another major ether treasury player, holds nearly 869,000 ETH and is estimated by Artemis to be carrying roughly $1.8 billion in paper losses.
Solana treasuries: more downside
Solana treasuries were not spared either. SOL’s drop below $65 — the weakest since late 2023 — has pushed Forward Industries, the largest public Solana treasury company, into the red on paper: the firm’s stake of more than 6.8 million SOL translates to an estimated $1.2 billion in unrealized losses, per Artemis.
What this means
The latest data underline the risks and rewards of using volatile digital assets as corporate treasuries. Hyperliquid‑linked firms have so far benefited from HYPE’s recent strength, but the broad picture is one of concentration risk: companies with sizable single‑token exposures can see enormous swings in their balance‑sheet valuations as crypto prices gyrate.
As markets test new lows for some major tokens, treasury strategies that once attracted investor enthusiasm are increasingly being judged on how well they manage token concentration, volatility and the optics of public writedowns.
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