Hyperliquid Treasuries Sit on $1.1B Gains as Legacy Bitcoin, Ether DATs Bleed Billions in H1 2026

According to The Block, in the first half of 2026, Hyperliquid treasury firms are the only digital asset treasury companies still sitting on significant unrealized gains, while legacy bitcoin, ether, and solana DAT firms face billions in losses. Data from Artemis shows Hyperliquid Strategies, the largest HYPE treasury company, holds roughly 23.7 million tokens and remains up more than $1.1 billion on an unrealized basis despite recent pullbacks. Hyperion DeFi, holding over 2 million HYPE, maintains around $35 million in unrealized gains.

Meanwhile, traditional treasury companies have suffered steep declines as crypto prices have fallen to multi-year lows. Strategy (MSTR), the largest bitcoin holder, is now sitting on more than $12.8 billion in unrealized losses despite accumulating BTC near $10,000. Bitmine, the world's largest ether treasury company, carries roughly $10.5 billion in unrealized losses on its 5.4 million ETH holdings after the token fell below $1,550. Solana treasury firms also face pressure, with Forward Industries carrying approximately $1.2 billion in unrealized losses.