Hyperliquid Treasury Firms Remain in Profit While Strategy and Bitmine Are Down Billions

Hyperliquid treasury firms emerge as rare winners

The crypto treasury trade has produced a clear divide between winners and losers, with Hyperliquid-focused companies standing out as the only major firms currently sitting on unrealized gains.

According to data from Artemis, Hyperliquid Strategies and Hyperion DeFi are the only publicly tracked digital asset treasury companies showing positive unrealized returns. Hyperliquid Strategies leads the group with roughly $1.2 billion in unrealized profit, while most competitors remain underwater.

Source: Artemis

The data highlights a sharp contrast with many of the industry's largest treasury players, which accumulated crypto exposure at significantly higher prices.

Strategy and Bitmine account for the largest paper losses

At the opposite end of the spectrum sits Michael Saylor's Strategy.

Artemis data shows Strategy carrying approximately $12.3 billion in unrealized losses, making it the worst-performing treasury company in the dataset.

The losses reflect Bitcoin's pullback from recent highs and the aggressive pace of Strategy's accumulation campaign over the past several quarters.

Tom Lee's Bitmine and other Ethereum treasury firms have also struggled as crypto markets cooled. According to Artemis, Strategy and Bitmine founder Tom Lee's affiliated treasury exposure are down a combined $22.5 billion, underscoring how quickly sentiment can shift when companies build large concentrated digital asset positions.

While these losses remain unrealized, they illustrate the risks associated with using corporate balance sheets as vehicles for crypto speculation.

Why Hyperliquid firms are outperforming

The outperformance of Hyperliquid treasury firms comes as HYPE has emerged as one of the strongest-performing large-cap crypto assets in recent months.

Unlike Bitcoin treasury companies that accumulated during periods of elevated market optimism, Hyperliquid-focused firms benefited from exposure to an asset that has continued attracting capital despite broader market volatility.

The success of Hyperliquid's ecosystem, growing trading activity, and expanding market share within perpetual futures trading have all contributed to investor interest.

As a result, treasury firms tied to HYPE have avoided the drawdowns currently affecting many Bitcoin-heavy corporate strategies.

Unlike other bleeding crypto assets, HYPE has maintained its bullish structure and its price action is still trading above key Exponential Moving Averages (EMAs) support. 

A new chapter in the treasury-company trade

The divergence between Hyperliquid treasury firms and Bitcoin-focused treasury companies highlights a broader shift within the digital asset market.

For years, Strategy served as the blueprint for corporate crypto accumulation. Today, however, investors appear increasingly willing to back treasury companies built around alternative digital assets with stronger growth narratives.

Whether Hyperliquid's advantage proves sustainable remains unclear. Treasury-company performance is ultimately tied to the underlying assets they hold, meaning today's leaders could quickly become tomorrow's laggards if market conditions change.

For now, though, data paints a clear picture: while many crypto treasury companies remain deep in the red, Hyperliquid-focused firms are among the few still generating sizable paper gains.