Digital Asset Treasury Growth Stalls Amid Falling Flows and Stock Declines

In November, digital asset treasuries (DATs) experienced their slowest month of 2025, with inflows dropping to $1.32 billion. This decline marks a significant downturn from previous months as the corporate treasury boom subsides. In tandem with reduced inflows, stocks related to DATs faced steep sell-offs, highlighting increasing volatility in the sector.

Key Takeaways

DATs saw $1.32 billion in inflows in November, an 88% decrease compared to September.
Bitcoin-led DATs garnered $1.06 billion, while Ether faced outflows of approximately $37 million.
Major DAT stocks, including Strategy and Metaplanet, experienced significant price declines.
The market is expected to differentiate between DATs based on their strategies and execution capabilities.

Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumble

Digital Asset Treasury Performance in November

November marked a challenging period for digital asset treasuries (DATs), with inflows decreasing to just $1.32 billion. According to data aggregator DefiLlama, this was the lowest monthly inflow recorded in 2025, falling by 34% from October's $1.99 billion and by 88% compared to September's impressive $11.55 billion.

Bitcoin DATs dominated the inflow figures, bringing in $1.06 billion. Notable transactions included Strategy purchasing $835 million in Bitcoin on November 17 and Metaplanet buying $130 million in BTC on November 25. XRP followed with inflows of $214 million, while Ether, which had led previous months, experienced outflows of about $37 million despite continued acquisitions by leading Ether DATs like BitMine Immersion Technologies.

DAT inflows in 2025. Source: DefiLlama

Declines in DAT Stocks

Alongside the drop in inflows, DAT equities also faced a marked correction in November. Despite a fleeting rally on Monday, major stocks in the DAT sector underperformed. According to Google Finance, the leading DAT corporation, Strategy, saw a decline of 35.23% during the month, falling from $264.67 on November 3 to $171.42 at the time of this report.

Despite the sharp decline, Strategy’s Chairman, Michael Saylor, remained resolute, asserting on social media that he would "not back down" from his Bitcoin investment.

Strategy’s stock drops 35% in one month. Source: Google Finance

Similarly, Japanese Bitcoin accumulator Metaplanet experienced a significant decrease of 20.67%, with its shares falling from 450 Japanese yen ($2.89) to $2.29. BitMine, focused on Ether, also recorded substantial losses, with its stock plunging from $42.86 to $28.94, indicating a 32.48% decline. Sharplink Gaming stock also saw a drop of 26.66%, going from $13.09 to $9.60.

Among the major DATs, Forward Industries—known for being the largest corporate holder of Solana tokens—suffered the most considerable percentage loss. According to data from Strategic Solana Reserve, the company's stock fell by 43%, decreasing from $13.91 to $7.86. Additionally, CoinGecko reported unrealized losses for Forward Industries amounting to $712.52 million stemming from its Solana investments.

Related: Strategy will sell Bitcoin as ‘last resort’ if mNAV drops, capital is unavailable: CEO

Future Outlook for the DAT Sector

Matt Hougan, Chief Investment Officer at Bitwise, noted a significant trend over the last six months where DATs moved in unison, rising and falling together. However, he predicts that this phase will conclude soon. Moving forward, he believes the market will favor companies that apply effective strategies and demonstrate successful execution.

Source: Matt Hougan

Hougan anticipates a clearer separation in the DAT sector, where only a select few will maintain robust premiums, while others may find themselves stuck at persistent discounts.

Magazine: Bitcoin whale Metaplanet ‘underwater’ but eyeing more BTC: Asia Express