DAT failed? The listed company betting on HYPE has an unrealized profit of $1.25 billion

Strategy, which holds the strongest fundraising capability in the world, never imagined that the crypto treasury strategy it pioneered would end up in the embarrassing situation of having to sell coins to pay dividends. In Q1 2026, Strategy reported a net loss of $12.5 billion. On Polymarket, the probability of the prediction "Strategy will sell BTC before the end of the year" remains as high as 89%.

Even more unexpectedly, among the numerous listed companies emulating Strategy's approach, those betting on HYPE are already significantly ahead. Odaily has compiled the holdings and recent status of the three existing HYPE treasury companies.

HYPE Treasury Holdings Show Unrealized Profit Exceeding $1.25 Billion

1. Hyperliquid Strategies Inc.

Company Profile: Hyperliquid Strategies Inc. (HSI) was established via a reverse merger at the end of 2025, formed by the consolidation of Nasdaq-listed Sonnet BioTherapeutics and Rorschach I LLC. Sonnet BioTherapeutics is a biotechnology company focused on oncology. Rorschach I LLC, a SPAC backed by Atlas Merchant Capital and Paradigm Operations, facilitated HSI's public listing and formal transition into an HYPE treasury. HSI aims to provide U.S. investors and institutional investors with an investment channel for HYPE tokens, delivering compounded returns to shareholders through staking, yield optimization, and ecosystem participation. Its stock ticker is PURR.

Assets Held: According to its website data, HSI holds approximately 22.3 million HYPE. Based on the current HYPE price, the position value is $1.636 billion, with an unrealized gain on HYPE holdings of $1.22 billion. PURR's closing price is temporarily at $9.99, giving it a market cap of $1.34 billion and a fully diluted valuation of $1.81 billion.

Stock Performance: When PURR listed at the end of last year, its stock price fluctuated between $3 and $4. As the HYPE price rose to new highs, its share price surged significantly in April and May, climbing nearly 17% on May 29 to hit a new all-time high. It now stands at $9.99.

Recent Developments:

1. HSI launched PURR options trading in March;

2. Early May, it released its Q1 earnings report, showing an investment of $216 million to purchase approximately 7.3 million HYPE. As of April 29, its HYPE reserve holdings had increased to 20 million tokens, with the treasury holding $103 million in cash. It also used $10.5 million to repurchase about 3 million shares at an average cost of $3.42 per share. Additionally, for the nine months ending March 31, 2026, driven by $198.4 million in unrealized gains on HYPE, it generated $2.6 million in HYPE staking income and recorded a net profit of $152.5 million;

3. HSI announced a partnership with Unit Labs (parent company of Unit and TradeXYZ) to launch a validator, primarily to increase staking yields (staking and institutional-grade validator income) on its HYPE holdings. Emulating Saylor's strategy, HSI is moving from simply holding tokens to deeper participation in network governance and security.

4. It has completed the disposal of most of its legacy biotechnology business, marking its full transformation from a biotech company into a native crypto treasury company.

2. Hyperion DeFi

Company Profile: Hyperion DeFi is the first publicly listed HYPE treasury company in the United States and possesses a relatively strong crypto-native focus among HYPE treasury companies. Formerly known as Eyenovia, Inc., an ophthalmic biotech firm, it subsequently launched its HYPE treasury strategy through a $50 million PIPE (Private Investment in Public Equity). Its stock ticker is HYPD.

Assets Held: Its Q1 earnings report shows that as of May 11, it held approximately 2 million HYPE. Based on the current HYPE price, the position's value is $147 million, with an unrealized gain on HYPE holdings of about $49.4 million. Hyperion DeFi also holds 1.92 million KNTQ tokens and 10 million HPL tokens.

Stock Performance: Since its stock code wasn't updated after the transition, following its July announcement of the pivot to an HYPE treasury, HYPD's stock price briefly surged to a high of $14.98 before retreating to a trading range of $3-$4. Yesterday's closing price was $3.50, giving it a market cap of approximately $53.05 million. It hasn't been rising alongside HYPE's new highs recently, which might present it as an investment target.

Recent Developments:

1. Hyperion DeFi released its Q1 earnings report, disclosing a net profit of $8.8 million for the quarter. Since the end of Q1, it has added approximately 60,000 HYPE tokens, bringing its total HYPE holdings to over 2 million. Its validator node has received 10.2 million HYPE in delegated stakes, ranking it among the top six validators, just behind the Hyperliquid Foundation;

2. Partnered with Silhouette (a Shielded Trading platform on Hyperliquid), providing its staked HYPE usage rights to Silhouette and significantly reducing trading fees to boost trading volume;

3. Building a DeFi flywheel: launched a private lending pool constructed by HyperLend to create opportunities for additional revenue and ecosystem rewards; launched an institutional volatility yield vault built on the Rysk protocol. Both protocols generate yields based on the HYPE liquid staking token, HiHYPE.

3. Lion Group Holding

Company Profile: Lion Group Holding is a traditional securities and futures trading platform, also dedicated to helping private companies complete the listing process (SPAC). It initially claimed to become a SOL and SUI treasury company before announcing its pivot to an HYPE treasury company, focusing primarily on the HYPE treasury. Its stock ticker is LGHL.

Assets Held: As of May 25, 2026, Lion Group Holding holds 193,775 HYPE. Based on the current HYPE price, the position value is $14.14 million. Additionally, it holds 6,629 SOL and 356,129 SUI.

Stock Performance: Yesterday's closing price was $0.9589, giving it a market cap of $4.47 million, the lowest market cap among the three HYPE treasury stocks.

Recent Developments:

1. Expressed strong confidence in Hyperliquid's fundamentals and long-term potential, stating it will hold HYPE for the long term;

2. At the end of May, it formed a partnership with Meili Capital to seek high-quality project investment opportunities in areas such as digital payments, RWA, DePin, and AI.

Choosing the Right Asset vs. Sustained Effort?

Compared to Strategy, HYPE treasuries have not conducted multiple rounds of financing by issuing preferred shares. There is no complex strategy; the approach merely involves early purchase, staking, and ecosystem participation.

The strong point of HYPE treasuries lies precisely in their degree of ecosystem participation. By utilizing on-chain staking, protocol buybacks, and validator income, treasuries convert their holdings into more HYPE rewards. Combining on-chain yields with price appreciation gives them an advantage over the "leveraged financing + price appreciation" model of BTC treasuries.

Hyperliquid remains the dominant player in on-chain perpetuals. Benefiting from asset tokenization and the Iran-US war, the platform has also become a primary venue for precious metals and oil contracts. Furthermore, Hyperliquid's Assistance Fund buys HYPE on the open market and locks/burns it. Due to the tokenomics and protocol, HYPE treasuries are also poised for a brighter future.

Since the inception of the crypto treasury strategy, it's too early to declare Saylor's treasury strategy a failure. After all, Strategy is still operational, and Saylor is genuinely working to improve the Bitcoin treasury strategy. Strategy or Bitmine might take off in the future, but we don't know when BTC or ETH will reach new highs.

As one of the most resilient assets in this bear market, HYPE might indeed surge to $150, as Arthur Hayes suggested. At that point, the profits of these treasury companies will also rise alongside the token's price, and the leading stock, PURR, could become a popular asset in the future.

Recommended Reading:

"Strategy Q1 Earnings: Book Loss of $14.4 Billion, May Sell Coins to Pay Interest"

"Exclusive Interview with Michael Saylor: I Did Say We Would Sell Coins, But It Will Never Be a Net Sell"