Artemis Program · SEC · The Block
Hyperliquid treasuries stand alone in profit as legacy crypto DATs bleed billions
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The digital asset treasury, or DAT, boom has swept through public markets over the past two years, spawning dozens of companies with the primary goal of accumulating cryptocurrencies ranging from bitcoin and ether to Solana, Zcash, and lately, Hyperliquid's HYPE token.
Key facts
- 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
- But 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
- When bitcoin surpassed $126,000 last October, Strategy was sitting on more than $14 billion in unrealized gains
- Data from SaylorTracker shows that Strategy is now sitting on more than $12.8 billion in unrealized losses despite first beginning to accumulate BTC when it traded near $10,000
Summary
For much of that period, soaring crypto prices and premiums fueled the trades, which in turn attracted more companies to adopt the playbook. Virtually all major bitcoin, ether and Solana treasury companies are now sitting on billions of dollars in unrealized losses as the underlying assets slide to multi-year lows. Meanwhile, the latest data from crypto analytics platform Artemis shows that Hyperliquid treasury firms are bucking the trend for the time being, and are the only ones still sitting on meaningful unrealized gains.