HYPE Treasury's unrealized gains are 1.2 billion, while the other two combined have unrealized losses of 23.1 billion—this gap is even larger than the temperature difference between a bull and a bear market.

Wu reportedly learned that, according to Artemis data, Strategy and Bitmine’s DAT treasury strategies are currently showing unrealized losses of $12.8 billion and $10.3 billion respectively; meanwhile, the only DAT showing a positive return in the market right now is HYPE Treasury Company, with Hyperliquid Strategies showing an unrealized gain of $1.2 billion.