Hyperliquid Treasuries Defy Slump as Top Crypto DATs Lose Billions

Strategy, Bitmine, Metaplanet and the wider field of corporate crypto treasuries are sitting on tens of billions of dollars in combined unrealized losses after a sharp first-half 2026 selloff pushed BTC, ETH and SOL to multi-year lows — while Hyperliquid-focused treasury companies remain the only major cohort still holding meaningful unrealized gains.

Strategy, the largest corporate bitcoin holder and the firm that wrote the modern DAT playbook, is now underwater by more than $12.8 billion on its BTC position per SaylorTracker, with an average acquisition cost near $75,000 per coin. The paper loss deepened this week after the company disclosed it sold 32 BTC for $2.5 billion; BTC then slid to a long-term low around $59,100 on Friday, putting MSTR's holdings at roughly a 20% paper loss. MSTR itself dropped more than 11% Friday to around $116, not far above a two-year low. Japan-based Metaplanet, one of the earliest adopters of the Strategy model, is carrying nearly $1.7 billion in unrealized bitcoin losses, with its U.S. shares recently hitting their lowest level since it adopted the strategy in 2024.

Why it matters

Ether and Solana treasuries are taking the heaviest hits. Bitmine, the world's largest ETH treasury company chaired by Fundstrat's Tom Lee, holds more than 5.4 million ETH — roughly 4.5% of Ethereum's total circulating supply — and is now carrying an estimated $10.5 billion in unrealized losses after ETH broke below $1,550 on Friday, its lowest level in over a year. Sharplink, another major ether DAT, faces around $1.8 billion in paper losses on a 869,000 ETH position. Forward Industries, the largest public Solana treasury, is down roughly $1.2 billion on more than 6.8 million SOL after the token slipped below $65, a level not seen since late 2023. BMNR, Bitmine's stock, lost more than 10% Friday to around $16, marking a new low since it launched its ETH treasury strategy in June 2025.

Against that backdrop, Artemis data shows Hyperliquid treasury firms are bucking the trend for now.