Hyperliquid treasuries stand alone in profit as legacy crypto DATs bleed billions

The digital asset treasury, or DAT, boom has swept through public markets over the past two years, spawning dozens of companies with the primary goal of accumulating cryptocurrencies ranging from bitcoin and ether to Solana, Zcash, and lately, Hyperliquid's HYPE token.

For much of that period, soaring crypto prices and premiums fueled the trades, which in turn attracted more companies to adopt…