DAT failed? The listed company betting on HYPE has an unrealized profit of $1.25 billion
- Core Viewpoint: As Strategy faces pressure from massive book losses to sell coins for dividend payments, among the listed companies emulating its treasury strategy, the three firms betting on the HYPE token have all achieved substantial unrealized portfolio profits and are generating higher returns through ecosystem participation methods such as staking and running validator nodes.
- Key Elements:
- Strategy reported a net book loss of $12.5 billion in Q1 2026, with Polymarket still giving it an 89% probability of selling Bitcoin before year-end.
- The three HYPE treasury companies (HSI, Hyperion DeFi, Lion Group) hold a combined unrealized profit of over $1.25 billion, far outperforming the BTC treasury strategy.
- Hyperliquid Strategies Inc. (PURR) holds 22.3 million HYPE, valued at $1.636 billion, with a profit of $1.22 billion; its stock price has risen to $9.99.
- Hyperion DeFi (HYPD) holds approximately 2 million HYPE, valued at $147 million. Its validator node has been delegated 10.2 million HYPE, ranking among the top six.
- Lion Group Holding (LGHL) holds 193,775 HYPE, valued at $14.14 million, with the lowest market cap; it also holds small amounts of SOL and SUI.
- The core advantages of the HYPE treasury strategy lie in on-chain staking, protocol buybacks, and validator rewards. Combined with token price appreciation, its profit model outperforms the BTC treasury's "leveraged financing + price appreciation" approach.
Strategy, which holds the world's strongest fundraising capability, never imagined that the crypto treasury strategy it pioneered would end up in the predicament 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 "Strategy selling BTC by the end of the year" is still as high as 89%.
Even more unexpectedly, among the many listed companies emulating Strategy's approach, those betting on HYPE have already made significant profits. Odaily has reviewed the holdings and recent status of the three existing HYPE treasury companies.
HYPE Treasury Holdings' Unrealized Profit Exceeds $1.25 Billion
1. Hyperliquid Strategies Inc.
Company Profile: Hyperliquid Strategies Inc. (HSI) was established at the end of 2025 through a reverse merger, combining Nasdaq-listed Sonnet BioTherapeutics with 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 listing, officially transitioning it into an HYPE treasury. HSI aims to provide U.S. and institutional investors with exposure to HYPE tokens, generating compound returns for 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. At the current HYPE price, the value of these holdings is $1.636 billion, with a profit of $1.22 billion from HYPE holdings. PURR's closing price is temporarily $9.99, with a market cap of $1.34 billion and a fully diluted market cap of $1.81 billion.
Stock Performance: When PURR was listed at the end of last year, its stock price fluctuated between $3 and $4. As the HYPE price rose to new highs, its stock price surged significantly in April and May, rising nearly 17% on May 29 to hit an all-time high, currently at $9.99.
Recent Developments:
1. HSI launched PURR options trading in March;
2. In early May, it released its Q1 earnings report, showing it invested $216 million to purchase approximately 7.3 million HYPE. As of April 29, its HYPE reserve holdings had increased to 20 million tokens, with $103 million in cash remaining in the treasury. It also spent $10.5 million to repurchase approximately 3 million shares at an average cost of $3.42 per share. In the nine months ending March 31, 2026, driven by $198.4 million in unrealized gains from 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 (the parent company of Unit and TradeXYZ) to launch a validator, primarily to increase staking yields (staking and institutional-grade validator income) from its HYPE holdings. Emulating the Saylor strategy, it is shifting from merely holding coins to deeper participation in network governance and security.
4. It has completed the disposal of most of its legacy biotechnology business, marking its complete transformation from a biotech company to a native crypto treasury company.
2. Hyperion DeFi
Company Profile: Hyperion DeFi is the first publicly traded HYPE treasury company in the United States and one with a relatively strong native crypto focus among HYPE treasury companies. Formerly known as Eyenovia, Inc., an ophthalmic biotech company, it initiated its HYPE treasury strategy through a $50 million PIPE (Private Investment in Public Equity) financing. Its stock ticker is HYPD.
Assets Held: Its Q1 earnings report shows that as of May 11, it holds approximately 2 million HYPE. At the current HYPE price, the value of these holdings is $147 million, with a profit of about $49.4 million from HYPE holdings. Hyperion DeFi also holds 1.92 million KNTQ tokens and 10 million HPL tokens.
Stock Performance: Since its stock ticker was not updated after the transformation, following the announcement of its transition to an HYPE treasury in July, HYPD's stock price briefly surged to a high of $14.98 before retreating to a consolidation range of $3 to $4. The closing price yesterday was temporarily $3.5, with a market cap of $53.05 million. It has not risen recently along with HYPE's new highs, which might make it a potential investment target.
Recent Developments:
1. Hyperion DeFi released its Q1 earnings report, disclosing a Q1 net profit of $8.8 million. It has added approximately 60,000 HYPE tokens since the end of Q1, with its total HYPE holdings now exceeding 2 million. Its validation node has been delegated 10.2 million HYPE, ranking among the top six validators, second only to the Hyperliquid Foundation;
2. Partnered with Silhouette (a Shielded Trading platform on Hyperliquid) to provide staked HYPE usage rights, significantly reducing trading fees to drive volume;
3. Built a DeFi flywheel by launching a private lending pool constructed by HyperLend, creating opportunities for additional income and ecosystem rewards; launched an institutional volatility yield vault based on the Rysk protocol. Both protocols generate returns 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 that also helps private companies complete the listing process (SPAC). It initially stated its intention to become a SOL and SUI treasury company, but later announced a transition 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. At the current HYPE price, the value of these holdings is $14.14 million. Additionally, it holds 6,629 SOL and 356,129 SUI.
Stock Performance: The closing price yesterday was temporarily $0.9589, with a market cap of $4.47 million, making it the lowest market cap among the three HYPE treasury stocks.
Recent Developments:
1. Expressed strong confidence in Hyperliquid's fundamentals and long-term potential, committing to hold HYPE for the long term;
2. At the end of May, it partnered with Meili Capital to seek high-quality project investment opportunities in areas such as digital payments, RWA, DePin, and AI.
Choosing the Right Asset > Continuous Effort?
Compared to Strategy, the HYPE treasury has not conducted multiple rounds of financing through the issuance of preferred shares. It employs no complex strategy, simply opting for early purchases, staking, and ecosystem participation.
A key strength of the HYPE treasury lies in its level of ecosystem participation. The treasury leverages on-chain staking, protocol buybacks, and validator rewards to convert its holdings into more HYPE gains. This combination of on-chain yield and price appreciation offers an advantage over the BTC treasury's "leveraged financing + price appreciation" model.
Hyperliquid remains the dominant player in on-chain Perps. Benefiting from asset tokenization and the US-Iran 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. Thanks to the token mechanism and the protocol, the HYPE treasury is also poised for a brighter future.
Since the inception of the crypto treasury strategy, it is too early to declare Saylor's approach a failure. Strategy is still operational, and Saylor is genuinely working to improve the Bitcoin treasury strategy. Perhaps Strategy or Bitmine will take off in the future, but we simply don't know when BTC or ETH will reach new highs.
HYPE, as one of the most resilient assets this bear market, could, as Arthur Hayes suggested, potentially surge to $150. At that point, the profits of these treasury companies will also follow the rising token price, and the sector leader, PURR, might become a sought-after asset in the future.
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