Following the crypto market downturn, the financial performance of digital asset treasury firms has diverged significantly. According to data compiled by Artemis, major firms that have built reserves around Bitcoin, Ethereum, and Solana are generally facing substantial unrealized losses, while treasury firms holding Hyperliquid token HYPE still maintain significant unrealized profits.
HYPE's treasury still has unrealized profits.
Artemis data shows that Hyperliquid Strategies holds approximately 23.7 million HYPE tokens, currently holding over $1.1 billion in unrealized gains. Despite HYPE falling 11.98% in the recent pullback and retreating from its all-time high of over $74 earlier this week, this holding remains profitable.
This sets HYPE Treasury apart from other major digital asset treasury companies. The article states that in the first half of 2026, several publicly listed companies replicating the crypto treasury model faced increasing financial pressure due to falling token prices.
Bitcoin Treasury Losses Expand
According to SaylorTracker data, Strategy's average cost of buying Bitcoin has risen to approximately $75,000 per coin. This has driven up the company's average cost basis over the years.
Last October, Bitcoin briefly broke through $126,000, at which time Strategy's unrealized gains exceeded $14 billion. Its performance then quickly reversed. By February of this year, its unrealized losses had reached approximately $9.5 billion, before briefly returning to profitability in April.
- Strategy currently has unrealized losses exceeding $12.8 billion.
- Bitcoin briefly fell to $59,100 on Friday.
- MSTR's stock price fell by more than 11% in a single day.
The article states that Strategy announced this week that it had sold 32 bitcoins, worth $2.5 billion. Following the announcement, bitcoin fell towards $59,100 on Friday, resulting in a paper loss of approximately 20% for Strategy's holdings. MSTR's stock price fell more than 11% on Friday, approaching $116, near a two-year low.
ETH and SOL are both under pressure.
Ethereum Treasury is also under pressure. ETH fell below $1,550 on Friday, hitting a more than one-year low. Artemis estimates that Bitmine, chaired by Fundstrat co-founder Tom Lee, holds more than 5.4 million ETH, representing an unrealized loss of approximately $10.5 billion, or about $8.6 billion at current prices.
Another major Ethereum treasury firm, Sharplink, holds nearly 869,000 ETH. Artemis estimates its paper loss at approximately $1.8 billion.
Pressure is also mounting on Solana Treasury. SOL fell below $65 on Friday, hitting its lowest level since the end of 2023. According to data cited in the article, Forward Industries holds more than 6.8 million SOL tokens, currently representing an unrealized loss of approximately $1.2 billion.
