Nasdaq-listed Hyperliquid Strategies (ticker: PURR) has recorded approximately $1.1 billion in unrealized profit from its strategic accumulation of Hyperliquid (HYPE), according to data from Artemis and The Block. The company holds roughly 23.7 million HYPE tokens, making it one of the largest publicly disclosed corporate holders of the asset. Another notable holder, Hyperion DeFi, holds two million HYPE, representing about $35 million in unrealized profit, as per SEC filings.
The combined gains of over $1.135 billion stand in stark contrast to the heavy losses suffered by digital asset treasuries focused on traditional crypto. Strategy (formerly MicroStrategy) faces unrealized losses exceeding $12.8 billion after Bitcoin dropped to around $59,100, well below its average entry price of $75,000. The firm's shares (MSTR) tumbled 11% after it sold $2.5 billion worth of BTC. Japan's Metaplanet holds a negative balance of nearly $1.7 billion. On the Ethereum front, Bitmine, the largest corporate ETH treasury, sits on paper losses of $10.5 billion after ETH fell below $1,550. Sharplink and Forward Industries also reported billions in losses from their ETH and SOL positions, respectively.
While HYPE itself corrected from an all‑time high above $74, the corporate HYPE-focused treasuries remain firmly in profit, highlighting a growing trend of public companies treating DeFi-native tokens as strategic reserve assets. However, the gains are still unrealized and subject to market swings, leaving the firms exposed to volatility.
