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.
For much of that period, soaring crypto prices and premiums fueled the trades, which in turn attracted more companies to adopt the playbook. But in the first half of 2026, a sharp downturn across most of the crypto market is exposing a divide between the sector's winners and losers.
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.
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.
