Strategy Lost $1 Billion in Unrealized Losses, Hyperliquid Strategies Profited $595 Million Against the Trend

Gate News reports that on March 18, amid overall pressure in the digital asset market, Strategy (MSTR) recorded an unrealized loss of over $1 billion, while another company holding Hyperliquid (HYPE) performed remarkably against the trend. Hyperliquid Strategies Inc. (PURR) held 18.2 million HYPE tokens as of February 2026, with an unrealized gain of $595 million, significantly surpassing most DAT assets during the same period.

Analysts note that PURR’s success is mainly due to HYPE tokens rising over 60% this year, while mainstream cryptocurrencies like Bitcoin, Ethereum, and Solana have declined. Hyperliquid’s HIP-3 upgrade is seen as a key factor driving HYPE’s price increase and surge in trading activity. Additionally, the platform has incorporated traditional financial assets such as oil, gold, and stocks into all-weather trading, with fees directly flowing into HYPE’s deflationary mechanism, providing structural benefits to the DAT model.

In contrast, Bitmine Immersion Technologies (BMNR), the largest Ethereum holder, experienced an unrealized loss of about $6 billion on its ETH holdings this year, a decline of approximately 14%. Strategy’s assets declined over 1% in the same period, highlighting the significant pressure on mainstream crypto assets in the current market environment.

Analysts believe that whether PURR can maintain a premium over peers and attract more institutional funds into the HYPE DAT model will depend on Hyperliquid’s ability to expand into real-world asset trading in the coming months. Institutional investor interest and platform activity will be key indicators of its long-term performance.

HYPE’s strong performance also reminds the market that choosing high-liquidity tokens different from mainstream cryptocurrencies and innovative trading platforms may offer more stable returns for DAT. Especially in an investment environment where traditional assets and digital assets intertwine, such strategies are gaining increasing attention from investors.