Hyperliquid-linked treasury firms are standing out as the only profitable digital asset treasuries, even as a broad market downturn pushes major cryptocurrency-focused corporate holdings deep into losses.
Hyperliquid treasuries stay in profit
Data shows Hyperliquid Strategies, the largest holder of the HYPE token, is sitting on more than $1.1 billion in unrealized gains from roughly 23.7 million tokens. This comes even after the token pulled back from a recent all-time high above $74.
Hyperion DeFi is also holding firm. With just over 2 million HYPE tokens, it retains about $35 million in unrealized gains, highlighting a clear divergence from the rest of the sector.
Bitcoin-focused firms slide into losses
The broader landscape looks markedly different for companies tied to Bitcoin. Strategy, long known for aggressive accumulation, now carries more than $12.8 billion in unrealized losses after buying at an average price near $75,000 per coin.
Its share price dropped more than 11% to around $116 after Bitcoin fell to $59,100, its lowest level in months. The company’s position has swung dramatically over time, moving from $14 billion in paper profits last October—when Bitcoin reached $126,000—to nearly $9.5 billion in losses in February, before briefly recovering in April.
A recent sale of 32 Bitcoins for $2.5 billion came as market pressure intensified, adding to downside momentum.
In Japan, Metaplanet has also been hit hard. The firm now holds about $1.7 billion in unrealized losses and trades near $1.40 per share, its weakest level since 2024.
Ethereum and Solana holdings come under pressure
Losses extend across other major cryptocurrencies as well. Ether fell below $1,550, triggering sharp markdowns for corporate holders.
Bitmine, which controls 5.4 million ETH worth about $8.6 billion, is now carrying roughly $10.5 billion in unrealized losses. Its holdings represent nearly 4.5% of Ethereum’s circulating supply, and its shares have declined over 10% to around $16.
Sharplink, another major Ether holder with approximately 869,000 ETH, is facing around $1.8 billion in losses.
Solana-focused treasuries are also under strain. With SOL falling below $65, Forward Industries—the largest public holder—now records about $1.2 billion in unrealized losses on more than 6.8 million tokens.
Balance sheet pressure raises market risks
The scale of these losses is introducing new risks across the sector, as corporate balance sheets become increasingly tied to volatile cryptocurrency prices. This dynamic is forcing companies to reassess strategies adopted during the market’s expansion phase.
Traders are closely watching upcoming earnings reports for signs of shifts in approach or potential asset sales. Even limited liquidation activity has already shown the ability to amplify negative sentiment across the market.
Institutional flows signal risk-off sentiment
Pressure is also evident in institutional activity. Spot Bitcoin ETFs have recorded 13 consecutive days of outflows totaling more than $4.3 billion. One recent session alone saw $396 million exit these products, underscoring a broader risk-off trend.
At the same time, institutional behavior is not uniform. First-quarter filings show hedge funds and brokers accounted for 95% of the selling, while banks more than doubled their exposure, pointing to a split in long-term outlooks.
Still, the dominant trend remains cautious, with the combined market value of Bitcoin treasury companies down $62 billion since last October.
Shifting focus toward utility and fundamentals
Attention is now turning to relative value within the market. Ethereum is showing one of its most oversold readings in years based on its daily Relative Strength Index, even as debate continues around its long-term narrative. Its 50.7% share of on-chain stablecoin value remains a key strength.
Meanwhile, Solana is gaining ground in areas such as fee generation. Monthly application fee revenue on the network is growing at around 9.5%, while Ethereum’s has been declining, positioning Solana as a potential beneficiary of capital rotation during uncertain conditions.
The current market environment suggests a growing preference for assets with clear utility and consistent fee generation. As prices fall, traders appear to be re-evaluating assumptions, favoring platforms that demonstrate real economic activity over those driven primarily by store-of-value narratives.
Explore how falling prices reshape corporate strategies in Solana treasuries go global and compare treasury risk across chains.
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