Digital Asset Treasuries See Sharp Slowdown as Inflows Hit 2025 Lows

Digital asset treasuries (DATs) faced their slowest month of 2025 in November, signaling a notable cooling in the corporate treasury boom. According to DefiLlama, the sector attracted just $1.32 billion in inflows — the lowest monthly total this year. The figure represents a 34% decline from October’s $1.99 billion and an 88% drop from September’s $11.55 billion peak.

Bitcoin Leads Inflows While Ether Turns Negative

Bitcoin treasuries remained dominant, pulling in $1.06 billion. This surge was driven largely by two major purchases: Strategy’s $835 million acquisition on Nov. 17 and Metaplanet’s $130 million buy on Nov. 25. XRP followed with $214 million in inflows.

Ether, which had led DAT inflows for the previous three months, posted roughly $37 million in outflows in November despite continued accumulation by BitMine Immersion Technologies.

DAT Equities Enter Steep Correction

Alongside the drop in inflows, DAT-related stocks underwent a significant sell-off. Strategy — the largest DAT — fell 35.23% in November, sliding from $264.67 on Nov. 3 to $171.42. Chairman Michael Saylor maintained his public stance, insisting he “won’t back down” from the firm’s Bitcoin strategy.

Metaplanet declined 20.67% over the same period, while Ether-focused treasuries also struggled: BitMine fell 32.48%, and Sharplink Gaming shed 26.66%.

Solana-focused Forward Industries suffered the steepest decline, dropping 43% to $7.86. Data from the Strategic Solana Reserve indicates the company sits on $712.52 million in unrealized losses from its Solana purchases.

Market Begins Distinguishing Winners From Laggards

Bitwise CIO Matt Hougan noted that DATs have traded in near-perfect correlation over the past six months, often rising and falling together. He believes this phase is ending.

According to Hougan, the sector is shifting toward stronger differentiation, where companies with clear strategies and solid execution will command lasting premiums, while others may slip into prolonged undervaluation.