Hyperliquid Strategies, the Nasdaq-listed digital asset treasury that trades as PURR, is up 251% since the start of the year. It has done that while the rest of the sector contracts. Of the 25 listed Solana, Bitcoin, Ether, Sui, Hyperliquid, Tron, BNB and Avalanche treasury companies tracked by mnavindex, 20 now trade below the value of the crypto they hold.

That discount is the whole business. A digital asset treasury, or DAT, raises money by selling shares at a premium to the coins it owns, then spends the proceeds on more coins. Once the shares trade below the value of the holdings, every new share dilutes existing holders and sells the assets cheaply, and the buying stops. Strategy, the largest bitcoin treasury, has crossed that…