Crypto markets kept bleeding this week, and the damage showed up where it usually does first. Bitcoin dipped back below $60,000 for the first time since 2024. Ethereum hovered around $1,550. Hyperliquid’s token, HYPE, slipped to about $57.
But the real story sits in the balance sheets.
Strategy and Bitmine, two big public treasury companies linked to BTC and ETH, are carrying massive unrealized losses. Hyperliquid Strategies (PURR) is not. Artemis data says PURR is the only major digital asset treasury company so far staying in positive unrealized territory, around $1.2 billion in gains.
What Artemis says about the treasuries
According to Artemis data, Strategy and Bitmine are dealing with deep unrealized drawdowns.
- Strategy (MSTR) has about $12.8 billion in unrealized losses.
- Bitmine (BMNR) has about $10.3 billion in unrealized losses.
- Hyperliquid Strategies (PURR) has about $1.2 billion in unrealized gains.
That’s not a small difference. It means Hyperliquid is, for now, less exposed to the specific mark-to-market pressure hitting BTC and ETH treasuries.
| Company | Ticker | Unrealized P/L (Artemis) | Takeaway |
|---|---|---|---|
| Hyperliquid Strategies | PURR | +$1.2B | Stays positive despite the sell-off |
| Strategy | MSTR | -$12.8B | Large drawdown tied to BTC exposure |
| Bitmine | BMNR | -$10.3B | Large drawdown tied to BTC and ETH exposure |
The key point for readers is simple. These are unrealized numbers. They can shrink or flip as prices move. But they still matter because they reflect how each company’s reported treasury value is tracking spot-market moves.
The market pullback shows up in stocks and token prices
The sell-off wasn’t confined to charts. It hit equity proxies hard.
NewsBTC reports that Bitcoin’s weekly move included a roughly 20% retrace. That weekly drop flowed into the same direction for treasury-linked stocks.
Strategy’s stock (MSTR) fell 14% on Friday, trading around $115 per share. Bitmine’s stock (BMNR) dropped 12% to about $15.76 per share.
Hyperliquid’s native token, HYPE, fell 14% during the same period. However, the paper-performance story diverged again at the company level. NewsBTC says PURR saw only about a 1.2% retrace to $8.3 for the current session.
In other words, the token and the company didn’t move in lockstep. PURR’s comparatively smaller drop aligns with Artemis data showing it still sits on unrealized gains.
More holders roll over, but not all the same way
This sell-off also spread beyond the two biggest names.
Lookonchain data in the NewsBTC piece points to additional public crypto holders pulling back in line with BTC and ETH. SharpLink was down $1.59 billion on ETH. Metaplanet was down $1.38 billion on BTC.
This matches the usual pattern: companies concentrated in BTC and ETH tend to mirror the decline through mark-to-market or unrealized reporting.
Hyperliquid’s reported resilience, per Artemis, breaks that pattern at least for now. It suggests different exposure dynamics and portfolio composition. It does not guarantee stability. Unrealized gains can evaporate quickly if the underlying asset mix shifts.
What to watch next
This is a stress-test story, not a victory lap.
If BTC and ETH stay under pressure, treasuries like Strategy and Bitmine may continue to show widening unrealized losses in future reporting windows. Hyperliquid Strategies’ positive unrealized position could also narrow, depending on how its holdings and valuation move relative to the broader market.
The next signal to track is whether Artemis continues to show PURR in positive territory as the sell-off persists, and whether other treasury firms start reporting similar divergence or revert toward the same drawdown profile.
For now, the desk’s takeaway is straightforward: in a week when most crypto balance sheets marked down, Hyperliquid Strategies is the outlier in Artemis’s unrealized ledger.