Catenaa, Saturday, June 13, 2026- The sharp decline across cryptocurrency markets is creating a widening divide among digital asset treasury companies, with firms holding Hyperliquid’s HYPE token emerging as the only major winners while Bitcoin, Ethereum and Solana treasury operators collectively face billions of dollars in paper losses.
New data from crypto analytics platform Artemis shows that treasury companies built around Hyperliquid remain in positive territory despite recent market turbulence, standing in stark contrast to the losses accumulating across more established digital asset treasury strategies.
The divergence comes as Bitcoin fell to around $59,100, Ethereum dropped below $1,550 and Solana slid beneath $65, pushing many publicly traded crypto treasury firms into deeply negative territory.
The trend is raising fresh questions about whether the digital asset treasury model can withstand prolonged market downturns after expanding rapidly during the crypto bull market.
Hyperliquid treasury companies remain the only major segment still reporting substantial unrealized gains.
Hyperliquid Strategies, the largest publicly known HYPE treasury holder, owns approximately 23.7 million HYPE tokens and remains more than $1.1 billion in profit despite the token retreating from recent record highs above $74.
Hyperion DeFi, another HYPE-focused treasury company, holds just over 2 million tokens and is currently sitting on unrealized gains estimated at approximately $35 million.
Analysts said Hyperliquid’s resilience reflects both the relative strength of the token and the fact that treasury companies entered positions before much of the recent appreciation occurred.
The downturn has been particularly painful for Bitcoin treasury firms.
Strategy, the company that popularized the corporate Bitcoin accumulation model, is now carrying more than $12.8 billion in unrealized losses according to tracking data.
The company’s average acquisition cost has climbed to approximately $75,000 per Bitcoin after years of aggressive purchases.
Only months ago, when Bitcoin traded above $126,000, Strategy was sitting on more than $14 billion in unrealized gains.
That position has now reversed dramatically as Bitcoin plunged to multi-month lows.
Strategy shares fell more than 11% during Friday trading, approaching levels not seen in nearly two years.
Japan-based Metaplanet, one of the earliest adopters of the Strategy model outside the United States, is also facing mounting losses.
The company is reportedly carrying nearly $1.7 billion in unrealized losses on its Bitcoin holdings.
Its U.S.-listed shares recently dropped to around $1.40, the lowest level since it adopted its Bitcoin treasury strategy in 2024.
The decline highlights the growing risks facing companies whose balance sheets are heavily concentrated in volatile digital assets.
Ethereum treasury firms have suffered some of the largest losses as ETH continues to struggle.
Bitmine, chaired by Fundstrat’s Tom Lee and currently the world’s largest Ethereum treasury company, holds more than 5.4 million ETH worth approximately $8.6 billion at current market prices.
Despite the size of the holdings, Artemis estimates the company is carrying unrealized losses of roughly $10.5 billion.
Bitmine controls nearly 4.5% of Ethereum’s circulating supply and has previously stated its ambition to reach 5%.
Its shares declined more than 10% on Friday, marking a new low since launching its Ethereum treasury strategy in 2025.
Sharplink, another major Ethereum treasury operator, is also facing paper losses estimated at approximately $1.8 billion.
The weakness extends to Solana treasury companies.
Forward Industries, the largest publicly traded Solana treasury holder, now faces roughly $1.2 billion in unrealized losses after Solana fell below $65.
The company holds more than 6.8 million SOL and has seen the value of those assets decline sharply as broader market conditions deteriorated.
The losses represent one of the biggest tests yet for the digital asset treasury model that has attracted dozens of public companies over the last two years.
The strategy relies heavily on rising cryptocurrency prices and investor willingness to value treasury firms above the net value of their underlying holdings.
With major cryptocurrencies trading near multi-year lows, that model is now under pressure.
For now, Hyperliquid treasury companies remain the exception. Whether they continue to outperform or eventually face the same pressures affecting Bitcoin, Ethereum and Solana treasuries may depend on the broader direction of cryptocurrency markets in the months ahead.
