- Hyperliquid Strategies stands alone with positive unrealized gains while peers remain deeply underwater.
- Concentrated Bitcoin and Ethereum treasuries account for most of the sector’s cumulative losses.
- Yield-focused treasury models show stronger balance sheet resilience in volatile markets.
Digital Asset Treasury market data from Artemis reveals extreme dispersion in unrealized performance. Only one firm reports gains, while cumulative losses across major treasuries now exceed $17 billion amid prolonged price weakness in crypto assets.
Uneven Performance Across Digital Asset Treasuries
Artemis’ one-year “Unrealized P&L DATs” dashboard shows Hyperliquid Strategies as the sole treasury in positive territory. The firm reports about $356.6 million in unrealized gains while every other tracked vehicle remains underwater.
At the opposite end, Bitmine records the deepest drawdown, with losses exceeding $7.5 billion. Several other treasuries, including Strategy, have post multi-billion-dollar unrealized deficits linked to Bitcoin exposure.
Market analysts described the dispersion as a structural break in the treasury model. The message emphasized that the timing of accumulation and asset concentration now defines winners and losers more than overall market direction.
Concentration Risk and Capital Structure Pressure
Most large Digital Asset Treasury firms accumulated assets during previous bullish phases at elevated prices. As Bitcoin fell below $73,000 and Ethereum dropped under $2,100, these positions moved sharply into loss territory.
Bitmine’s Ethereum holdings, acquired near an average cost of $3,900, now reflect paper losses between $8.4 billion and $8.8 billion. Strategy’s Bitcoin position shows unrealized losses ranging from $2.2 billion to over $9 billion, depending on spot pricing.
Hyperliquid Strategies as a Structural Outlier
Hyperliquid Strategies differs from its peers through its asset mix and yield-driven framework. The company focuses on the Hyperliquid ecosystem rather than a single large-cap token like Bitcoin or Ethereum.
Financial statements show volatility but also adaptability. For the six months ended December 2025, the firm posted a net loss driven by unrealized HYPE token declines.
By early February 2026, HYPE outperformed Bitcoin, rising about 50% year to date. Hyperliquid’s staking and yield optimization model projects nearly $10 million in annual revenue.
This structure allows income generation even during periods of flat or declining token prices. Cumulative unrealized losses across the 20 largest treasuries are estimated between $17 billion and $19 billion as of February 2026.
This figure reflects not only market downturns but also structural exposure to concentrated positions. Performance dispersion shows that treasury vehicles are not uniform instruments.
Asset allocation design, scale, and yield integration increasingly determine outcomes across the sector. For investors, unrealized P&L remains central to valuation sensitivity and dilution risk.
Treasuries with positive mark-to-market results retain optionality for hedging or redeployment of capital. Hyperliquid Strategies’ current standing provides that flexibility, while heavily concentrated peers operate under tighter financial constraints.
The contrast continues to reshape perceptions of the Digital Asset Treasury market during a volatile phase of crypto cycles.