Crypto markets saw further pressure this week as the sell-off spread to some of the largest digital asset treasuries (DATs) in the industry. On Friday, Bitcoin (BTC) had fallen below $60,000 for the first time since 2024, Ethereum (ETH) was trading around $1,550 and Hyperliquid (HYPE) was near $57.
While the declines weighed on the broader market, the impact was most visible among the major treasury companies associated with BTC and ETH, particularly Strategy (MSTR) and Bitmine (BMNR).
However, Hyperliquid Strategies (PURR) continued to post gains on an unrealized basis, highlighting how its performance continues to outperform the market’s major benchmarks.
Hyperliquid strategies avoid the worst with a $1.2 billion profit
According to data from Artemis, Strategy and Bitmine are experiencing significant unrealized losses of approximately $12.8 billion and $10.3 billion respectively. Hyperliquid Strategies, on the other hand, is positioned differently.
Artemis facts further indicates that Hyperliquid Strategies is the only major digital asset treasury firm in the industry to date that is still in positive territory, with approximately $1.2 billion in unrealized gains, as seen in the chart below.
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In practical terms, this means that the stress seen on most crypto-linked balance sheets hasn’t hit Hyperliquid in the same way, even as prices fell sharply elsewhere.
The weakness has also reached major public investors other than the two biggest names. Look at chain facts shows that the recent pullback has continued to expand, with SharpLink down $1.59 billion on ETH, and Metaplanet down $1.38 billion on BTC.
The pattern is consistent: as BTC and ETH retreat, companies focused on these assets tend to reflect the decline in their mark-to-market or unrealized reporting.
Weekly BTC and ETH Pullback Hits MSTR and BMNR Stocks
Bitcoin’s move was especially notable on the weekly chart. The asset recorded a major pullback of 20% on the weekly time frame, and that broader decline has extended to stocks and crypto proxies as well.
Strategy shares, MSTRfell 14% on Friday alone, trading around $115 per share. Bitmine’s stock, BMNR, also posted double-digit losses on Friday, down 12% to around $15.76 per share, adding to the pressure on investors.
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Hyperliquid’s native token, HYPE, saw its own sharp decline over the same period, down 14%. Even with that pullback, Hyperliquid Strategies’ PURR price showed relatively limited movement, with only a 1.2% pullback to $8.3 for the current trading session.
Together, these snapshots underscore a clear difference: while Strategy and Bitmine reflect the decline of BTC and ETH in a simple way, despite large unrealized losses, Hyperliquid Strategies remains relatively resilient and maintains positive unrealized performance even when the market sells off.
Featured image created with OpenArt; chart from TradingView.com