Original|Odaily Planet Daily(@OdailyChina)
Author|CryptoLeo(@LeoAndCrypto)
Strategy, wielding the world's strongest fundraising ability, 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. The probability of the prediction "Strategy will sell BTC before the end of the year" on Polymarket remains as high as 89%.
What is even more unexpected is that among the many listed companies that imitated Strategy's strategy, those betting on HYPE have already made a huge profit. Odaily has reviewed the holdings and recent situations of the three existing HYPE treasury companies.
HYPE Treasury Holdings Floating Profit Exceeds $12.5 Billion
1、Hyperliquid Strategies Inc.
Company Introduction: Hyperliquid Strategies Inc. (HSI) was established through a reverse merger at the end of 2025, formed by the merger of Nasdaq-listed Sonnet BioTherapeutics and Rorschach I LLC. Sonnet BioTherapeutics is a biotechnology company focused on oncology. Rorschach I LLC is a SPAC supported by Atlas Merchant Capital and Paradigm Operations, assisting HSI in completing its listing and officially transforming into an HYPE treasury. HSI aims to provide US and institutional investors with investment access to HYPE tokens, bringing compound returns to shareholders through staking, yield optimization, and ecosystem participation. Stock ticker: PURR.
Asset Holdings: According to current website data, HSI holds approximately 22.3 million HYPE tokens. At the current HYPE price, the holding value is $1.636 billion, with HYPE holding profits of $1.22 billion. PURR's closing price is temporarily reported at $9.99, with a market cap of $1.34 billion and a fully diluted market cap of $1.81 billion.
Stock Trend: When PURR listed at the end of last year, its stock price fluctuated between $3-4. As HYPE's price rose to new highs, its stock price surged significantly in April and May. On May 29th, it rose nearly 17%, hitting a new post-listing high, currently at $9.99.
Recent Developments:
1. HSI launched PURR options trading in March;
2. In early May, released Q1 financial report, showing it invested $216 million to purchase approximately 7.3 million HYPE tokens. As of April 29th, HYPE reserve holdings had increased to 20 million tokens, with $103 million cash remaining in the treasury. It also invested $10.5 million to repurchase about 3 million shares at an average cost of $3.42 per share. Additionally, for the nine months ended March 31, 2026, driven by $198.4 million in unrealized gains on HYPE and $2.6 million in HYPE staking income, it 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 rewards for its HYPE holdings (staking and institutional-grade validator income). Emulating Saylor's strategy, shifting from simply holding tokens to deeper participation in network governance and security.
4. Has completed the disposal of most of its legacy biotechnology business, marking its complete transition from a biotech company to a native crypto treasury company.
2、Hyperion DeFi
Company Introduction: Hyperion DeFi is the first publicly listed HYPE treasury company in the US and one of the more crypto-native among HYPE treasury companies. Its predecessor was Eyenovia, Inc., an ophthalmic biotechnology company. It subsequently launched its HYPE treasury strategy through a $50 million PIPE (Private Investment in Public Equity). Stock ticker: HYPD.
Asset Holdings: Its Q1 financial report shows that as of May 11th, it holds approximately 2 million HYPE tokens. At the current HYPE price, the holding value is $147 million, with HYPE holding profits of about $49.4 million. Hyperion DeFi also holds 1.92 million KNTQ tokens and 10 million HPL tokens.
Stock Trend: As its stock ticker was not updated after the transformation, following its announcement of the transformation to an HYPE treasury in July, HYPD's stock price briefly rose to a high of $14.98, then fell back to a fluctuating range of $3-4. Yesterday's closing price was temporarily reported at $3.5, with a market cap temporarily reported at $53.05 million. It has not risen recently alongside HYPE's continuous new highs, perhaps making it an investment target.
Recent Developments:
1. Hyperion DeFi released its Q1 financial report, disclosing a Q1 net profit of $8.8 million. Since the end of Q1, it has increased its holdings by about 60,000 HYPE tokens, and its current HYPE token holdings have exceeded 2 million tokens. Its validator node has received delegations of 10.2 million HYPE tokens, ranking among the top six validator nodes, second only to the Hyperliquid Foundation.
2. Partnered with Silhouette (Shielded Trading platform on Hyperliquid) to provide staked HYPE for use by Silhouette, significantly reducing transaction fees to boost trading volume.
3. Building a DeFi flywheel: launched a private lending pool built by HyperLend, creating more opportunities for income and ecosystem rewards; launched an institutional volatility yield vault built on the Rysk protocol. Both protocols generate income based on the HYPE liquid staking token HiHYPE.
3、Lion Group Holding
Company Introduction: Lion Group Holding is a traditional securities and futures trading platform that also aims to help private companies complete the listing process (SPAC). It initially claimed to become a SOL, SUI treasury company but later announced its transformation into an HYPE treasury company, focusing primarily on HYPE treasury. Stock ticker: LGHL.
Asset Holdings: As of May 25, 2026, Lion Group Holding holds 193,775 HYPE tokens. At the current HYPE price, the holding value is $14.14 million. Additionally, it holds 6,629 SOL tokens and 356,129 SUI tokens.
Stock Trend: Yesterday's closing price was temporarily reported at $0.9589, with a market cap of $4.47 million, the lowest market cap among the three HYPE treasury stocks.
Recent Developments:
1. Expressed firm confidence in Hyperliquid's fundamentals and long-term potential and will hold HYPE long-term.
2. At the end of May, partnered with Meili Capital to seek high-quality project investment opportunities in digital payments, RWA, DePin, and AI.
Choosing the Right Asset > Sustained Effort?
Compared to Strategy, HYPE treasuries have not raised multiple rounds of financing by issuing preferred shares, nor do they have complex strategies. They simply choose to buy early, stake, and participate in the ecosystem.
The aspect HYPE treasuries do well is precisely their level of ecosystem participation. Treasuries utilize on-chain staking, protocol buybacks, and validator income to convert their holdings into more HYPE earnings. The combination of on-chain income and price appreciation gives them an advantage over BTC treasuries' "leveraged financing + price appreciation" model.
Hyperliquid remains the largest player in on-chain perpetuals. Benefiting from asset tokenization and the US-Iran war, the platform has also become a main battlefield for precious metals and oil contracts. Moreover, Hyperliquid's Assistance Fund will buy HYPE on the open market and lock/burn it. Benefiting from the token mechanism and protocol, HYPE treasuries may have better prospects.
Since the inception of the crypto treasury strategy, it is still impossible to declare Saylor's treasury strategy a failure, as Strategy is still operating, and Saylor is genuinely working to improve the Bitcoin treasury strategy. In the future, Strategy, Bitmine might take off, but we don't know when BTC and ETH will reach new highs.
As one of the most resilient assets in this bear market, HYPE might truly surge to $150 as Arthur Hayes said. By then, the profits of these treasury companies will also rise with the tide of token prices, and their leader PURR might become a popular asset in the future.
Recommended Reading:
《Strategy Q1 Financial Report: Book Loss of $14.4 Billion, Does Not Rule Out Selling Coins to Pay Dividends》
《Interview with Michael Saylor: I Did Say I Would Sell Coins, But It Will Definitely Not Be a Net Sell》
