In the first half of 2026, most public-market digital asset treasury (DAT) firms saw unrealized gains reverse as crypto prices slid to multi-year lows, while Hyperliquid-linked treasuries remained positive. Hyperliquid Strategies held about 23.7 million HYPE and showed more than $1.1 billion in unrealized gains, and Hyperion DeFi reported just over 2 million HYPE with roughly $35 million in paper gains. By contrast, several large bitcoin, ether and Solana treasuries were described as carrying billions in unrealized losses amid BTC near $59,100, ETH below $1,550, and SOL under $65 on Friday.

Kraken said on Wednesday it is introducing Bitcoin Vault under its Kraken Earn suite, letting users earn up to 2.5% in bitcoin rewards while keeping exposure to BTC price movements. The exchange said deposits are allocated via Veda across onchain lending venues such as Aave, Morpho and Tydro to generate yield, targeting holders who want passive returns without directly using DeFi.

Hyperliquid's HYPE token rose more than 20% over the past 24 hours to about $61.35, setting a new peak after topping near $58.50 last September and sliding to $21 at the start of 2026. U.S. spot Hyperliquid ETFs took in a record $25.5 million on Wednesday, lifting total inflows to roughly $54 million over their first seven trading days. Bitwise also said Monday it will use 10% of BHYP management fees to buy HYPE for its balance sheet and stake the tokens.

Gemini shares (GEMI) rose as much as 30% in after-hours trading Thursday after the crypto exchange reported 42% year-over-year Q1 revenue growth to $50.3 million. The company also disclosed initial results for its prediction market launched in December, including $400,000 in revenue and more than 100 million contracts traded, while still posting a $109 million quarterly net loss.

Sharplink reported $12.1 million in first-quarter 2026 revenue on Monday and said it is broadening from basic ether staking into additional onchain yield approaches. The firm also announced a $125 million initiative with Galaxy Digital aimed at DeFi and onchain liquidity deployment, while its ETH balance stood at 872,984 ETH as of May 4.

Benchmark began coverage of Securitize on Tuesday ahead of its planned public listing through a merger with Cantor Equity Partners II, assigning a Buy rating and a $16 price target. The analyst framed Securitize as an infrastructure-style beneficiary of tokenization, earning fees across issuance, trading, and ongoing servicing as more real-world assets move onchain.

California Gov. Gavin Newsom signed an executive order on Friday that immediately prohibits state officials and gubernatorial appointees from using non-public information to profit on prediction market platforms or to help others do so. In Washington, lawmakers introduced the PREDICT Act earlier this week to bar members of Congress, federal officials and their families from trading certain political and government-related event contracts, with penalties including forfeiting profits and an added 10% fine.

Circle told EU policymakers it wants faster changes to the bloc's digital-asset rules, saying delays could slow institutional adoption of tokenized markets. In feedback submitted March 20 on the European Commission's proposed Market Integration Package, the company backed expanding the DLT Pilot Regime but asked for adaptive thresholds and clearer routes from pilot programs to permanent rules. It also urged broader use of MiCA-compliant stablecoins in securities settlement and wider access to settlement accounts beyond banks and CSDs.

Injective plans to support native issuance of USD Coin and connect to Circle's Cross-Chain Transfer Protocol to enable direct USDC transfers across supported blockchains. Native USDC is expected to serve as a core collateral and liquidity asset for Injective's trading-focused DeFi ecosystem, while Circle's burn-and-mint design aims to reduce bridge-related risks.