As crypto markets continue to slide, most major corporate treasury holders are deep in the red, with firms like Strategy and Bitmine watching earlier paper gains reverse into significant losses. Hyperliquid-based treasuries stand out as a rare exception, remaining in profit amid the broader downturn. The divergence highlights growing scrutiny of the decentralised autonomous treasury model, where asset selection and timing of accumulation play a critical role in performance. Legacy crypto treasury firms that loaded up on Bitcoin and other assets during higher price levels are now absorbing the brunt of the market correction. The contrast raises questions about whether newer, yield-generating DeFi-native treasury structures may offer more resilience than traditional corporate crypto holding strategies during prolonged bear conditions.
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