Digital Asset Treasuries (DATs) have come under significant pressure amid the broader market downturn. Companies holding Bitcoin, Ethereum, Solana, and other assets are recording notable paper losses as asset valuations declined sharply from late 2025.
However, not all DATs are in the red. Firms accumulating Hyperliquid (HYPE) are heading in the opposite direction.
Hyperliquid Strategies’ Paper Gains Reach $595 Million
According to Artemis data, Hyperliquid Strategies Inc. (PURR), the largest publicly traded Hyperliquid holder, is sitting on $595.1 million in unrealized profit. The firm holds 18.2 million HYPE, currently valued at $755.3 million. Another HYPE DAT, Hyperion DeFi is also in the green, with $3.3 million in paper gains.
“Hyperliquid Strategies ($PURR) is now up approximately $78 million on its last reported HYPE purchases, having deployed $129.5 million to acquire around 5.0 million HYPE as of February 3, 2026. This makes it one of, if not the best performing, DAT in 2026,” an analyst wrote.
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The stock performance has also been strong. According to Google Finance data, PURR shares are up nearly 70% year to date.
By comparison, MicroStrategy (MSTR) has declined by more than 1% over the same period. The firm’s paper losses stand at over $1 billion as of March 18.
Bitmine Immersion Technologies (BMNR), the largest corporate Ethereum holder, is down roughly 14% year-to-date and currently carries an estimated $6 billion in unrealized losses on its ETH position.
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The gap in performance comes down to a key variable, HYPE’s price. The token has gained more than 60% year-to-date, while major coins like BTC, ETH, and SOL are in the red.
The rally is largely tied to Hyperliquid’s HIP-3 upgrade. It has driven a significant surge in trading activity on the platform.
Hyperliquid has now become a key venue for around-the-clock trading of traditional financial assets, including oil, gold, and equities, with the resulting fees flowing directly into HYPE’s deflationary mechanism.
Whether that structural tailwind can sustain PURR’s premium over peers or attract further institutional capital to the HYPE DAT model may depend on how broadly Hyperliquid’s real-world asset trading expands in the months ahead.
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