The Crypto treasury Boom splits and HYPE holders avoid the worst losses

Companies that manage digital assets are under new pressure, as the recent crypto market crash has caused major holders of bitcoin, Solana and Ether to incur large, unrealized losses.

Artemis data shows Hyperliquid-focused treasury companies are the only group of major firms that still hold meaningful gains on paper, even though HYPE has pulled back since its record high over $74 in early this week.

As the comparison has grown in 2026’s first half, several publicly traded companies who copied the crypto-treasury have suffered heavy losses due to their holdings of tokens. Unrealized losses of billions are being carried by companies built on bitcoin, ether and Solana, but HYPE treasury is still positive.

Hyperliquid Treasuries: Stay ahead

According to Artemis, Hyperliquid Strategies owns about 23.75 million HYPE, and has unrealized profits of more than $1.1 Billion. Even after HYPE declined by 11.98%, the gain is still there.

Hyperion DeFi is also still profitable, despite having disclosed that it held just under 2 million HYPE shares in its most recent SEC filing. Artemis believes the company’s HYPE holds have unrealized gains of about 35 million dollars.

The figures distinguish HYPE treasury firm from the majority of other digital asset treasury company. Artemis shows that firms with ties to Bitcoin, Ether, Solana, are currently dealing with significant paper losses, as crypto prices have fallen near multi-year levels.

Bitcoin Treasury losses due to strategy

SaylorTracker Data shows StrategyMicroStrategy now has more than $12,8 billion in bitcoin losses that have not been realized. The company is the world’s largest bitcoin public holder.

Strategy started buying bitcoins when it was trading near $10,000. However, SaylorTracker shows that the average cost of acquisition has increased to $75,000 after many years.

Position of the company has changed significantly over the past 12 months. Strategy held more than 14 billion dollars in unrealized profits when bitcoin reached $126,000 last year. SaylorTracker data showed that these gains were later converted into losses of about $9.5 Billion in February, before briefly returning back to positive territory.

Strategy announced this week that it had sold 32 bitcoins worth $2.5 billion. The bitcoin price fell towards $59100 after the announcement on Friday. This left Strategy holdings with a loss of approximately 20%. MSTR stock was down by over 11% Friday at $116. That’s close to its two-year low.

Ether Treasury firms face heavy paper losses

Ethereum treasury firms are also facing pressure, after ETH dropped below $1.550 on Friday. This is its lowest point in over a year.

Artemis believes that Bitmine, headed by Tom Lee from Fundstrat, is sitting on unrealized loss of about $10 billion. This represents more than 5.4million ETH. These holdings, at current prices are worth approximately $8.6 Billion.

Bitmine holds a position of ETH that is equivalent to nearly 4,5% (or the circulating Ethereum supply). The company had previously declared that they wanted to increase this number to 5%. BMNR stock fell by more than 10 percent on Friday and reached a low of $16. This is the lowest since the firm’s launch of its ether treasury in June 2025.

Sharplink, a major ether-treasury holding company, has nearly 869,900 ETH. Artemis Data estimates the paper loss to be around $1.8 billion.

Solana’s treasury companies have also lost money as SOL has fallen below $65, its lowest price in 2023.

Crypto.news has previously published a report on this. Forward IndustriesThe largest Solana Treasury Company, which is publicly traded, has more than 6,8 million SOL. Artemis Data estimates that the company has approximately $1.2 billion of unrealized losses.

Recent data shows that the crypto treasury market has been split into HYPE linked winners and large crypto treasury companies suffering heavy losses.