Amid a severe market downturn affecting the digital asset treasury (DAT) sector, Hyperliquid Strategies has emerged as a notable outlier, reporting over $300 million in unrealized profits while its competitors drown in losses. According to data from analytics firm Artemis published on February 28, 2026, the two largest DAT brands, Bitmine and Strategy (formerly MicroStrategy), are carrying a combined $15.9 billion in unrealized losses on their token positions.
Bitmine sits at the top of the loss chart with an $8.4 billion unrealized deficit, followed closely by Strategy at $7.5 billion. The gap between these two entities and the rest of the field is visually significant on the Artemis chart, which tracks unrealized gains or losses against the average acquisition cost. The visualization shows that without exception, every named entity in the dataset, including Twenty One Capital, Bitcoin Standard Treasury, and Metaplanet, is in negative unrealized P&L territory for the one-year period.
Analysts attribute Hyperliquid Strategies' profitability to its more agile approach, diverging from the traditional DAT model of simply holding Bitcoin as a balance sheet asset. Instead, Hyperliquid utilizes the $PURR ecosystem to navigate volatility. Its active management system anticipates liquidity needs within the mining sector, allowing it to position itself advantageously while BTC and ETH-linked DATs lose ground as their premiums evaporate.
The massive losses for other DATs are partly driven by a dramatic shift in Bitcoin miner behavior. Miners, once considered the last bastion of HODLing, are now liquidating their BTC holdings at unprecedented rates to fund capital-intensive pivots into AI expansion. Companies like Bitdeer, Cango Inc, Riot Platforms, and Terawulf have been selling considerable amounts of Bitcoin. For instance, Cango sold 4,451 BTC in February 2026 to repay a loan and fund AI initiatives, while Riot Platforms sold about $200 million worth of BTC last year for the same purpose.
This sustained selling pressure from miners has formed a ceiling for BTC prices, creating collateral damage for firms like Strategy that adopted a long-term strategic reserve model. Strategy holds over 499,000 Bitcoin, a significant portion of which was purchased during the 2024 and 2025 rally phases and is now underwater with Bitcoin trading in the low $60,000s.
The situation presents a major stress test for the DAT sector. While unrealized losses are not realized until a sale occurs, the compression of net asset value creates pressure on equity premiums and raises questions about capital structure, especially for Strategy, whose stock has historically traded at a premium to its Bitcoin NAV. The broader market context shows a uniform picture of paper losses for companies that accumulated digital assets at higher prices during the 2024 to early 2025 period.
