With the world's strongest fundraising capability in hand, Strategy never imagined that the crypto treasury strategy it pioneered would end up having to sell coins to pay dividends today. In Q1 2026, Strategy posted a net loss of $12.5 billion. The prediction probability on Polymarket that "Strategy will sell BTC before the end of the year" remains as high as 89%.
What is even more unexpected is that among the many listed companies following Strategy's approach, those betting on HYPE have already made massive profits. Odaily has reviewed the holdings and recent developments of the three existing HYPE treasury companies.
HYPE Treasury Holdings with Floating Profits Exceeding $12.5 Billion
1. Hyperliquid Strategies Inc.
Company Profile: Hyperliquid Strategies Inc. (HSI) was established via a reverse merger in late 2025, formed through 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 backed by Atlas Merchant Capital and Paradigm Operations, which helped HSI go public and formally transition into a HYPE treasury company. HSI aims to provide US and institutional investors with access to HYPE tokens, generating compound returns for shareholders through staking, yield optimization, and ecosystem participation. Ticker: PURR.
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 unrealized gains of $1.22 billion. PURR stock closed at $9.99, with a market cap of $1.34 billion and a fully diluted market cap of $1.81 billion.
Stock Performance: PURR stock traded between $3-$4 at its listing last year. As the HYPE price surged to new highs, its stock rose significantly in April and May, gaining 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. Announced Q1 earnings in early May, showing it invested $216 million to purchase approximately 7.3 million HYPE tokens. As of April 29, HYPE reserve holdings increased to 20 million tokens, with a remaining cash treasury of $103 million. The company also invested $10.5 million to repurchase about 3 million shares at an average cost of $3.42 per share. Additionally, in the nine months ended March 31, 2026, driven by $198.4 million in unrealized HYPE gains, it earned $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 yield on its HYPE holdings (staking and institutional-grade validator income). Following the Saylor strategy, transitioning from mere holding to deeper participation in network governance and security.
4. Has completed the disposal of most legacy biotechnology operations, marking its complete transition from a biotech company to a native crypto treasury company.
2. Hyperion DeFi
Company Profile: Hyperion DeFi is the first publicly listed HYPE treasury company in the US and is relatively more crypto-native among HYPE treasury firms. Its predecessor was Eyenovia, Inc., an ophthalmic biotechnology company. It later initiated the HYPE treasury strategy via a $50 million PIPE (Private Investment in Public Equity). Ticker: HYPD.
Holdings: Its Q1 earnings report shows that as of May 11, it holds approximately 2 million HYPE tokens. At the current HYPE price, the holding value is $147 million, with unrealized gains of about $49.4 million. 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 transition, following its announcement in July to shift to a HYPE treasury, HYPD stock briefly rose to a high of $14.98 before falling back to a $3-$4 consolidation range. Yesterday's closing price was $3.50, with a market cap of approximately $53.05 million. It has not recently surged alongside HYPE's new highs, perhaps making it a potential investment target.
Recent Developments:
1. Hyperion DeFi released Q1 earnings, disclosing a Q1 net profit of $8.8 million. Since the end of Q1, it has increased its HYPE holdings by approximately 60,000 tokens, now exceeding 2 million HYPE tokens. Its validator node has received delegation of 10.2 million HYPE tokens, ranking among the top six validator nodes, second only to the Hyperliquid Foundation.
2. Partnered with Silhouette (the Shielded Trading platform on Hyperliquid), providing staked HYPE to Silhouette to facilitate its use and significantly reduce trading fees to boost trading volume.
3. Building a DeFi flywheel: launched a private lending pool built by HyperLend to create more income and ecosystem reward opportunities; launched an institutional volatility yield vault based on the Rysk protocol. Both protocols generate yield based on HYPE liquid staking tokens, HiHYPE.
3. Lion Group Holding
Company Profile: Lion Group Holding is a traditional securities and futures trading platform, also dedicated to helping private companies go public (via SPAC). It initially claimed to become a SOL and SUI treasury company before announcing its shift to a HYPE treasury, primarily focusing on HYPE. Ticker: LGHL.
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 and 356,129 SUI.
Stock Performance: Yesterday's closing price was $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, committing to hold HYPE long-term.
2. In late May, partnered with Meili Capital to seek high-quality project investment opportunities in digital payments, RWA, DePin, and AI.
Choosing the Right Bet > Sustained Effort?
Compared to Strategy, HYPE treasuries have not raised multiple rounds of financing by issuing preferred shares. They have no complex strategies, merely choosing to buy early, stake, and participate in the ecosystem.
A key strength of HYPE treasuries is precisely their level of ecosystem participation. Treasuries utilize on-chain staking, protocol buybacks, and validator rewards to convert their holdings into more HYPE yield. Combining on-chain yield with price appreciation gives them an advantage over BTC treasuries' "leveraged financing + price increase" model.
Hyperliquid remains the biggest player in on-chain Perps. Benefiting from asset tokenization and the US-Iran war, the platform has also become the main battleground for precious metals and oil contracts. Moreover, Hyperliquid's Assistance Fund buys HYPE in the open market for locking/burning. Benefiting from the token mechanism and protocol, HYPE treasuries also have brighter prospects.
Since the inception of the crypto treasury strategy, it's still 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 and Bitmine might take off in the future, but we don't know when BTC or ETH will reach new highs.
As HYPE remains one of the most resilient assets this bear market, perhaps it will indeed surge to $150 as Arthur Hayes suggested. By then, the profits of these treasury companies will rise with the token price, and their leading stock, PURR, might become a sought-after asset in the future.
Recommended Reading:
"Strategy Q1 Earnings: Book Loss of $14.4 Billion, Does Not Rule Out Selling Coins for Dividends"
"Exclusive Interview with Michael Saylor: I Did Say I'd Sell Coins, But It Would Never Be a Net Sale"
