Unveiling the three giants of HYPE treasury.

Written by: CryptoLeo (@LeoAndCrypto), Planet Daily

Strategy, which has the strongest financing capability in the world, never expected that the crypto treasury strategy it created would find itself in a situation where it had to sell coins to pay dividends. In Q1 2026, Strategy reported a net loss of $12.5 billion. The probability of "Strategy will sell BTC before the end of the year" on Polymarket still stands at a high of 89%.

Even more unexpectedly, among the many listed companies that imitated the Strategy, those betting on HYPE have already made a fortune. Odaily compiled the positions and recent conditions of the existing three HYPE treasury companies.

HYPE Treasury Holdings with Unrealized Gains Exceeding $1.25 Billion

1. Hyperliquid Strategies Inc.

Company Profile: Hyperliquid Strategies Inc. (HSI) was established at the end of 2025 through a reverse merger between NASDAQ-listed company 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, formally transforming it into a HYPE treasury. HSI aims to provide U.S. investors and institutional investors with investment channels for HYPE tokens, bringing compounded returns to shareholders through staking, yield optimization, and ecosystem participation. The stock code is PURR.

Assets Held: Currently, its website data reveals that HSI holds approximately 22.3 million HYPE tokens, valued at $1.636 billion based on the current HYPE price, with a yield of $1.22 billion from HYPE holdings. PURR's closing price is reported to be $9.99, with a market capitalization of $1.34 billion and fully diluted market capitalization of $1.81 billion.

Stock Performance: PURR's stock fluctuated between $3-4 when it went public at the end of last year. As HYPE's price surged to a new high, its stock price rose significantly in April and May, hitting a new high on May 29 with an increase of nearly 17%, currently reported at $9.99.

Recent Developments:

1. HSI launched PURR options trading in March;

2. Announced Q1 financial report at the beginning of May, showing an investment of $216 million to purchase approximately 7.3 million HYPE tokens, with HYPE reserves increasing to 20 million by April 29, and remaining cash in the treasury of $103 million. It also spent $10.5 million to repurchase approximately 3 million shares at an average cost of $3.42 per share. Additionally, for the nine months ending March 31, 2026, it reported HYPE staking income of $2.6 million, driven by unrealized gains of $198.4 million on HYPE, 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 validators, primarily to increase staking income for its HYPE holdings (staking and institutional-level validator income). It has shifted from merely holding coins to deeper participation in network governance and security, imitating the Saylor strategy.

4. Most of the legacy biotechnology business has been disposed of, marking its complete transformation from a biotechnology company into 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 is among the more crypto-native HYPE treasury companies. Hyperion DeFi was formerly Eyenovia, Inc., an ophthalmology biotechnology company, which later initiated the HYPE treasury strategy through a $50 million PIPE (Private Investment in Public Equity). The stock code is HYPD.

Assets Held: Its Q1 financial report indicates that as of May 11, it holds approximately 2 million HYPE tokens, valuing its holdings at $147 million based on the current HYPE price, with HYPE holdings yielding approximately $49.4 million. Hyperion DeFi also holds 1.92 million KNTQ tokens and 10 million HPL tokens.

Stock Performance: Since its stock has not updated its code after transitioning, the price peaked at $14.98 shortly after it announced the transformation into a HYPE treasury in July, and then retreated to a fluctuation range of $3-4, yesterday's closing price being $3.5, with a market capitalization of $53.05 million. Recently, it has not seen an increase in stock price even as HYPE reaches new highs, making it a potential investment target.

Recent Developments:

1. Hyperion DeFi released its Q1 financial report, disclosing a net profit of $8.8 million for Q1, increasing its holdings by about 60,000 HYPE tokens since the end of the quarter, and its HYPE holdings have now surpassed 2 million tokens. Its validation nodes have been delegated 10.2 million HYPE, ranking it among the top six validation nodes, second only to the Hyperliquid Foundation;

2. Collaborated with Silhouette (the Shielded Trading platform on Hyperliquid) to provide staking rights for HYPE and significantly reduce trading fees to boost trading volume;

3. Built a DeFi flywheel and launched a private lending pool created by HyperLend, creating more opportunities for income and ecological rewards; launched an institutional volatility yield vault based on the Rysk protocol, both protocols generate revenue 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 assisting private companies in the listing process (SPAC). Initially claimed to become SOL and SUI treasury companies, later announced a transformation into a HYPE treasury company, focusing on HYPE treasury. The stock code is LGHL.

Assets Held: As of May 25, 2026, Lion Group Holding holds 193,775 HYPE, valued at $1.414 million based on the current HYPE price. Additionally, it holds 6,629 SOL and 356,129 SUI.

Stock Performance: Yesterday's closing price was reported at $0.9589, with a market capitalization of $4.47 million, the lowest among the three HYPE treasury stocks.

Recent Developments:

1. Expressed firm confidence in Hyperliquid's fundamentals and long-term potential, planning to hold HYPE for the long term;

2. At the end of May, reached a partnership with Meili Capital to seek high-quality project investment opportunities in digital payments, RWA, DePin, and AI fields.

Selecting the Right Targets > Continuous Efforts?

Compared to Strategy, HYPE treasury has not done multiple financings through the issuance of preferred shares and does not have complex strategies; it simply opts for early purchases, staking, and ecosystem participation.

The notable aspect of the HYPE treasury is its level of ecosystem participation. The treasury utilizes on-chain staking, protocol buybacks, and validator earnings to convert its holdings into more HYPE earnings. The combination of on-chain earnings and price appreciation provides an advantage over BTC treasury's “leverage financing + price appreciation.”

Hyperliquid is still the largest player in on-chain Perpetual contracts, benefiting from asset tokenization and the conflict between the U.S. and Iran, making the platform a main battleground for precious metals and oil contracts. Moreover, Hyperliquid's Assistance Fund will purchase HYPE on the open market and lock/destroy it. With the benefits from the token mechanism and protocol, the HYPE treasury is also expected to have a better outlook.

Since the inception of the crypto treasury strategy, it cannot yet be concluded that Saylor's treasury strategy has failed. After all, Strategy is still operational, and Saylor is genuinely working to improve the Bitcoin treasury strategy. In the future, Strategy and Bitmine may take off, but we do not know when BTC or ETH will reach new highs.

As for HYPE, as one of the strongest assets in this bear market, it may indeed surge to $150 as Arthur Hayes said. At that time, these treasury companies' earnings will also rise with the cryptocurrency prices, and their leader PURR may also become a hot asset in the future.