Artemis data shows Hyperliquid treasury firms are the only major DAT group still posting meaningful unrealized gains, led by Hyperliquid Strategies with more than $1.1 billion in paper profit. SaylorTracker data shows Strategy has more than $12.8 billion in unrealized losses on its Bitcoin holdings. Artemis estimates Bitmine has roughly $10.5 billion in unrealized losses on its Ethereum holdings.