Digital asset treasury companies have come under fresh pressure as the crypto market slump has pushed major bitcoin, ether, and Solana holders into large unrealized losses.
Artemis data shows that Hyperliquid-focused treasury firms are the only major group still holding meaningful paper gains, even after $HYPE pulled back from its record high above $74 earlier this week.
The contrast has become sharper in the first half of 2026, as several public companies that copied the crypto treasury model now face deep losses on their token positions. Companies built around bitcoin, ether, and Solana reserves are carrying billions of dollars in unrealized losses, while $HYPE treasury firms remain positive for now.
