Crypto markets endured further pressure this week as the sell-off spread to some of the industry’s largest digital asset treasuries (DATs). As of Friday, Bitcoin (BTC) had slipped back 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 has been most visible in the large treasury companies associated with BTC and ETH—specifically Strategy (MSTR) and Bitmine (BMNR). Hyperliquid Strategies (PURR), however, has continued to post gains on an unrealized basis, highlighting how its performance still outpaces the market’s major benchmarks. Hyperliquid Strategies Avoids The Worst With $1.2B Gains According to Artemis data, Strategy and Bitmine are carrying significant unrealized losses of about $12.8 billion and $10.3 billion, respectively. In contrast, Hyperliquid Strategies is positioned differently. Artemis data further indicates that Hyperliquid Strategies is the only major digital asset treasury company in the industry so far still in positive territory, with approximately $1.2 billion in unrealized gains, as seen in the chart below. Related Reading: Bitcoin Faces Pressure As Investors Rotate Capital Into AI Buildout: Saylor In practical terms, that means the stress seen across most crypto-linked balance sheets has not hit Hyperliquid in the same way, even as prices pulled back sharply elsewhere. The weakness has also reached other large public holders beyond the two biggest names. Lookonchain data shows the recent retrace has extended further, with SharpLink down $1.59 billion on ETH, and Metaplanet down $1.38 billion on BTC. The pattern is consistent: as BTC and ETH retrace, companies concentrated in those assets tend to reflect the decline in their mark-to-market or unrealized reporting. Weekly BTC, ETH Pullback Hits MSTR, BMNR Stocks Bitcoin’s move has been particularly notable on the weekly chart. The asset recorded a major 20% retrace on the weekly time frame, and that broader drop has filtered down to equities and crypto proxies as well. Strategy’s stock, MSTR, fell 14% on Friday alone, trading around $115 per share. Bitmine’s stock, BMNR, also logged double-digit losses on Friday, down 12% to roughly $15.76 per share, adding to pressure on investors. Related Reading: Coinbase Reveals First Mortgage With Bitcoin Collateral Under Fannie Mae Coverage Hyperliquid’s native token, HYPE, saw its own sharp decline during the same period, dropping 14%. Even with that pullback, Hyperliquid Strategies’ PURR price showed comparatively limited movement, with only a 1.2% retrace to $8.3 for the current trading session. Together, these snapshots underline a clear divergence: While Strategy and Bitmine reflect the drawdown of BTC and ETH in a straightforward way through large unrealized losses, Hyperliquid Strategies remains comparatively resilient, maintaining positive unrealized performance even as the market sells off. Featured image created with OpenArt; chart from TradingView.com
