Strategy reported its first bitcoin sale since December 2022, unloading about $2.5 million in BTC. Even as the crypto treasury model faces pressure, a handful of firms including Bitmine, Bit Digital, Strive and Metaplanet are still adding to holdings.
Artemis data shows Hyperliquid Strategies' digital asset treasury holds $356.6 million in unrealized gains, standing out as major rivals including Bitmine report losses in the billions.
Crypto prices moved higher over the past 24 hours, led by Bitcoin and Ethereum. BNB, XRP, Solana and Dogecoin also advanced, while Zilliqa posted the biggest gain among highlighted altcoins.
Public companies sharply reduced Bitcoin buying last week, with Strategy pausing purchases and boosting its cash position to about $3.23 billion, according to figures cited in Odaily’s latest crypto-equity market roundup. SoSoValue data showed net Bitcoin purchases by listed companies excluding miners totaled just $1.33 million for the week ended 8 a.m. ET on July 20, down 98.4% from the previous week. Strategy and Japan’s Metaplanet made no purchases during the period, while asset manager Strive bought 21 BTC for $1.15 million at an average price of $63,221 per coin. The report also highlighted new equity accumulation in Strategy shares by several asset managers. Vanguard’s Mid-Cap Value ETF, Swedbank AB, and Capital Group’s Growth ETF each disclosed additions to their MSTR positions. In Ethereum treasury names, BitMine said its ETH holdings had reached 5.78 million coins, or about 4.8% of Ethereum’s circulating supply, while the company’s crypto assets, cash, and marketable securities totaled $11.5 billion. Separately, the piece linked the cautious tone in crypto-linked equities to growing short interest in U.S. stocks, renewed rate-hike expectations, and weakness across major semiconductor names.
HyperliquidNews said in a post on X that DAT HypeStrat did not make any changes to its corporate treasury this week. According to the post, the company also did not buy Hyperliquid’s native token or PURR during the period. The same update said HypeStrat’s mNAV had fallen to a long-term low. It was reported at 0.87x, or 0.80x after tax. The statement was cited by Odaily in a 7x24 newsflash.
Pantera Capital argues that perpetual futures are moving well beyond their crypto-native roots and into the core of global market structure, with Hyperliquid emerging as one of the clearest on-chain expressions of that trend. In a lengthy note, the firm says recent moves by the U.S. Commodity Futures Trading Commission mark an important change in Washington’s stance, opening a path for regulated crypto perpetuals under the existing futures framework rather than requiring a brand-new rulebook. The report traces the appeal of perpetuals to their simpler design: no expiry, funding-based price anchoring, easier position management, and round-the-clock trading. Pantera says those traits made digital assets the natural proving ground, citing 2025 centralized exchange perpetual volume of $62 trillion versus roughly $19 trillion in spot volume and $86 trillion in total derivatives volume. Hyperliquid is presented as the main on-chain winner so far. Pantera says the protocol accounts for about 40% of decentralized perpetual volume, with monthly volume above $250 billion and annualized revenue of $800 million. The firm also points to Hyperliquid’s expansion beyond crypto into equities, commodities, indexes, and private companies, alongside growing attention from hedge funds, exchange operators, and public-market vehicles tied to HYPE. At the same time, Pantera flags regulation as the biggest unresolved risk, especially for a permissionless venue without KYC. Its broader argument is that the market has already answered whether perpetuals matter outside crypto; the open question is whether blockchain-based infrastructure can become a major venue for pricing risk across other parts of finance.
Hyperliquid Strategies has launched PURR stock options on the Nasdaq options market, aiming to improve liquidity and price discovery while giving investors a new tool to manage HYPE-related exposure.
A crypto whale deposited $9.66 million USDC into Hyperliquid and bought $8.94 million worth of HYPE and PURR. The move comes as token prices surge and platform inflows, trading activity, and TVL continue to rise.
