How Hyperliquid defied crypto’s DAT death spiral—and built a booming digital asset treasury

Hyperliquid is one of the buzziest blockchains in crypto. Known for its perpetual futures trading platform, it has also achieved a rare feat: building a digital asset treasury, or DAT, that has delivered positive returns for its shareholders. DATs are corporate vehicles designed to acquire and hoard a specific cryptocurrency—Michael Saylor’s Bitcoin behemoth Strategy is the most famous example—but in the last year, their share prices have slumped badly, and some DATs have flamed out altogether. The exception is the DAT called Hyperliquid Strategies, ticker symbol PURR, whose shares have climbed 251% since the start of the year. Since Hyperliquid Strategies launched 10 months ago—less than two years after the Hyperliquid blockchain went live—its market capitalization has climbed past $3 billion. The DAT now holds more than 35 million HYPE tokens, the blockchain’s native token, worth roughly $3.3 billion. This twin achievement of expanding its treasury and posting outsize shareholder returns puts the Hyperliquid DAT in stark contrast to its peers. As the chart below shows,…