Operating income, not idle token hoards, grants PurR a quiet flourish while its DAT comrades are drowned in unrealized loss.
Digital Asset Treasury (DAT) products grapple with mounting pressure as crypto prices linger below their basket of glittering bullion. Their passive holdings now carry the weight of heavy unrealized losses. However, one lone star blazes on: Hyperliquid Strategies’ PurR, championing silver‑lined pockets, while its peers are trudging in murky theyt. Elisa from Artemis documents that all other funds sit underwater, except the odd bright bulb beside. Only PurR glides above the tide.
Hyperliquid’s PurR Defies the DAT Drought With a $356 M Mirage
Artemis whispers that PurR wields a phantom fortune of roughly $356 million in unrealized gains. Every other digital treasury swims beneath the surface; Bitmine sinks, losing more than $7.5 billion, while other heavy‑treasury siblings drown in billions of mark‑to‑market losses.
Hyperliquid Strategies ($PURR) is the lone green lantern in the DAT corridor, holding $356 million while its friends sink.
– Artemis (@artemis)
DATs usually pile on Bitcoin and its cousins, tethering balance sheets to spot price waves. Recent market tremors have turned those prized assets into shells of paper, producing widespread unrealized losses.
Instead of clinging to passive token vaults, PurR stitches its fortunes to the Hyperliquid protocol’s pulse. Current data reveals about $4.2 billion in total value locked. A Casanova‑like fee structure yields $984 million annually, while earnings hover near $764 million.
Operating Income Shines Amid the Treasury Sea‑Quake
In the last month, Hyperliquid ejected over $237 billion in perpetual futures, with open interest standing above $5.3 billion. A high‑margin derivative stage, it collects fees like a polite bartender at a swanky club.
Image Source: DeFiLlama
Unlike BTC‑heavy treasuries that await a price rebound, Hyperliquid’s engineering of operating income keeps the wheels turning even amid choppy markets. The whispered gossip among maester traders says, “Earnings relative to its $6.5 billion market cap suggest a comically compressed valuation versus most crypto titans.”
The contrast is stark. Passive treasuries mourn the drag of mark‑to‑market pressure, standing at extended breakeven levels, clinging to a price that would still feel like a mirage if markets refuse to touch cost‑base thresholds.
PurR’s luminosity stems from operating exposure, not simply a beta jig. Cash flow, like a shepherd’s staff, steadies the wobbling herd that passive structures lack. The performance gap may persist, ebbing and flowing with the uneven dance of price momentum.
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2026-02-28 16:31