Digital Asset Treasury Inflows Fall to $1.3B Amid Stock Sell-Offs in November
Corporate Digital Asset Treasuries (DATs) had a distinctly slow month in November 2025, with total inflows totaling a paltry $1.32 billion,
Quick overview
- Corporate Digital Asset Treasuries (DATs) experienced a significant decline in inflows, dropping to $1.32 billion in November 2025, a 34% decrease from October.
- Bitcoin-focused DATs led the inflows with $1.06 billion, while Ether's treasuries saw $37 million in outflows amidst market volatility and investor caution.
- DAT equities also suffered, with notable declines in stocks like Strategy and Forward Industries, reflecting the overall downturn in the sector.
- Industry experts suggest that the recent turbulence may reshape the DAT landscape, favoring companies with clear strategies and solid execution.
Corporate Digital Asset Treasuries (DATs) had a distinctly slow month in November 2025, with total inflows totaling a paltry $1.32 billion, according to DefiLlama data. That was a 34% drop from the $1.99 billion poured in in October, and a staggering 88% plunge from the $11.55 billion in September – clear signs that the previously red-hot market is starting to slow down.
It was Bitcoin-focused DATs that dominated inflows, with a cool $1.06 billion in new money, largely driven by Strategy splashing out $835 million on Nov 17th and Metaplanet shelling out $130 million on Nov 25th. XRP treasuries were the next biggest recipients, taking in $214 million. In contrast, Ether’s treasuries trailed well behind, posting $37 million in outflows – though it’s worth noting that BitMine Immersion Technologies is still quietly accumulating Ether.
Analysts reckon the slowdown comes down to a combination of factors – market volatility, investor caution, and profit-taking after months of Bitcoin and Ether corporate holdings going gangbusters.
🚨DIGITAL ASSET ETPS JUST SAW A $1.07B INFLOW WEEK AFTER WEEKS OF SELL PRESSURE, SPARKED BY FED’S JOHN WILLIAMS HINTING AT RATE CUTS. pic.twitter.com/dczUHIWfFE
— DustyBC Crypto (@TheDustyBC) December 1, 2025
DAT Stocks Take a Beating in November
As DAT inflows dwindled, DAT equities also took a pummelling.
Some standout stock movements included
- Strategy tanking 35.23% from $264.67 to $171.42.
- Metaplanet is taking a 20.67% hit from 450 yen ($2.89) to 357 yen ($2.29).
- BitMine is losing 32.48% from $42.86 to $28.94.
- Sharplink Gaming dipping 26.66% to $9.60.
- Forward Industries (Solana-focused) is plummeting 43% from $13.91 to $7.86, with a whopping $712.52 million in unrealised losses.
Despite all this, big hitters in the sector – like Strategy chairman Michael Saylor – are still 100% committed to their Bitcoin strategies and are stressing the importance of long-term accumulation amid short-term volatility.
Sector on the Brink of a Shake-Up
Industry insiders reckon the recent turbulence may change the face of the DAT landscape. Matt Hougan, Bitwise’s CIO, observes that corporate treasuries have historically moved in lockstep – rising and falling together
- Companies with clear strategies and a solid track record of execution are going to start earning some real premiums.
- DATs with muddled approaches or dodgy financials are likely to face persistent discounts.
Hougan predicts that from now on, the market will begin rewarding corporate investors who combine strategic accumulation, transparent reporting, and solid risk management with the kind of discipline and execution you get from following a coherent strategy. Others, meanwhile, will probably continue to underperform as the market gets even more volatile.
As inflows level off and stock performance diverges, November’s slowdown may prove to be a turning point for the DAT sector, highlighting the importance of substance over hype in getting to the bottom of long-term institutional adoption.
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