Digital asset treasury companies holding Hyperliquid's HYPE token are recording unrealized gains in the first half of 2026, while legacy bitcoin, ether, and Solana treasury firms face billions in paper losses as crypto markets slide. Hyperliquid Strategies holds roughly 23.7 million HYPE and is up more than $1.1 billion on an unrealized basis, while Strategy sits on over $12.8 billion in losses despite acquiring bitcoin near $10,000. The divergence reflects a sharp downturn across most crypto assets, with bitcoin falling to around $59,100, ether dropping below $1,550, and Solana declining below $65—exposing which treasury strategies have weathered the volatility and which have not. The digital asset treasury boom has spawned dozens of companies accumulating cryptocurrencies over the past two years, but the market correction is now separating winners from losers among publicly traded DAT firms.
Hyperliquid Treasury Firms Record Gains Amid Market Decline
Hyperliquid Strategies, the largest HYPE treasury company, holds roughly 23.7 million HYPE and is up more than $1.1 billion on an unrealized basis despite the token's recent pullback from an all-time high above $74 earlier this week. Data from crypto analytics platform Artemis shows that Hyperliquid treasury firms are the only ones still sitting on meaningful unrealized gains.
Hyperion DeFi, which holds just over 2 million HYPE according to its latest SEC filing, is also still in positive territory with around $35 million in unrealized gains.
Strategy Holds $12.8 Billion Unrealized Loss on Bitcoin Holdings
Strategy, the largest corporate bitcoin holder, is now sitting on more than $12.8 billion in unrealized losses according to data from SaylorTracker. The company's average acquisition cost has climbed to roughly $75,000 per bitcoin after years of purchases.
This week, after Strategy announced it sold 32 bitcoins for $2.5 billion, BTC began to sell off, culminating in setting a long-term low of around $59,100 on Friday afternoon, leaving Strategy with a paper loss of 20% on its holdings. Its stock, MSTR, was down over 11% on Friday to around $116, not far above a two-year low.
Japan-based Metaplanet is carrying nearly $1.7 billion in unrealized losses on its bitcoin holdings, while its U.S.-listed shares recently fell to around $1.40, their lowest prices since the company adopted the strategy in 2024.
Bitmine and Forward Industries Face Multibillion-Dollar Paper Losses
Bitmine, chaired by Fundstrat's Tom Lee and the world's largest ether treasury company, holds more than 5.4 million ETH worth approximately $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 position is nearly 4.5% of Ethereum's entire circulating supply. Its stock, BMNR, was down more than 10% on Friday to around $16, marking a new low since launching its ether treasury strategy in June 2025.
Sharplink, another major ether DAT, holds nearly 869,000 ETH and is looking at a paper loss of around $1.8 billion.
Forward Industries, the largest publicly traded Solana treasury company, now faces approximately $1.2 billion in unrealized losses on its holdings of more than 6.8 million SOL.
FAQ
What unrealized gains do Hyperliquid treasury companies hold in the first half of 2026?
Hyperliquid Strategies holds roughly 23.7 million HYPE and is up more than $1.1 billion on an unrealized basis. Hyperion DeFi holds just over 2 million HYPE and is in positive territory with around $35 million in unrealized gains.
How much unrealized loss does Strategy have on its bitcoin holdings?
Strategy is sitting on more than $12.8 billion in unrealized losses according to SaylorTracker data. The company's average acquisition cost has climbed to roughly $75,000 per bitcoin, and bitcoin fell to around $59,100 on Friday afternoon, leaving Strategy with a paper loss of 20% on its holdings.
What unrealized losses do ether treasury companies face?
Bitmine holds more than 5.4 million ETH and is carrying roughly $10.5 billion in unrealized losses according to Artemis data. Sharplink holds nearly 869,000 ETH and is looking at a paper loss of around $1.8 billion.
