Metaplanet

Solana

Reserve

Digital asset treasuries (DATs) experienced their slowest month of 2025 in November as the corporate treasury boom slowed.
Data aggregator DefiLlama data <a href="https://defillama.com/digital-asset-treasuries" rel="noopener noreferrer nofollow" target="_blank">showed</a> that in November, DATs saw only $1.32 billion in inflows, the sector’s lowest monthly inflows this year. This represented a 34% decline from October’s $1.99 billion and an 88% decrease from September’s $11.55 billion.&nbsp;
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/bitcoin-price">BTC</a>) DATs led the month with $1.06 billion in inflows, driven by Strategy <a href="https://cointelegraph.com/news/strategy-bitcoin-buy-purchase-november" rel="noopener noreferrer nofollow">buying $835 million in Bitcoin</a> on Nov. 17 and Metaplanet <a href="https://cointelegraph.com/news/metaplanet-130m-bitcoin-backed-loan-treasury-strategy" rel="noopener noreferrer nofollow">buying $130 million in BTC on Nov. 25</a>. XRP (<a href="/xrp-price-index" rel="noopener noreferrer">XRP</a>) followed with $214 million in inflows, according to DefiLlama.&nbsp;
Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>), which led the last three months in DAT inflows, lagged behind in November, seeing outflows of about $37 million, despite BitMine Immersion Technologies, the leading ETH DAT, <a href="https://cointelegraph.com/news/bitmine-snaps-up-34-more-eth-last-week-wall-street-adoption" rel="noopener noreferrer nofollow">continuing to add to its stack</a> throughout the month.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-12/019ade4a-931d-79a5-a3dc-98d3845332fe" title="" alt="Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumble">
 <figcaption style="text-align: center;">
 DAT inflows in 2025. Source: DefiLlama
 </figcaption>
</figure>
<h2 id="dat-stocks-face-a-steep-november-sell-off">DAT stocks face a steep November sell-off</h2>
Along with the drop in DAT inflows, DAT equities also saw a sharp correction during the month, with major DAT stocks underperforming, <a href="https://cointelegraph.com/news/bitmine-strategy-sharplink-are-outpacing-crypto-market-recovery" rel="noopener noreferrer nofollow">despite a brief rally on Monday</a>.&nbsp;
Google Finance data <a href="https://www.google.com/finance/quote/MSTR:NASDAQ" rel="noopener noreferrer nofollow" target="_blank">showed</a> that Strategy, the sector’s biggest DAT, fell 35.23% over the month, dropping from $264.67 on Nov. 3 to $171.42 at the time of writing.
Despite the drop in Strategy’s stock prices, its chairman, Michael Saylor, continued to <a href="https://cointelegraph.com/news/microstrategy-stock-bitcoin-bet-still-working" rel="noopener noreferrer nofollow">show his resolve on social media</a>, saying he “won’t back down” from the Bitcoin bet.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-12/019ade4a-969b-7774-b029-d404033cd8af" title="" alt="Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumble">
 <figcaption style="text-align: center;">
 Strategy’s stock drops 35% in one month. Source: Google Finance
 </figcaption>
</figure>
Meanwhile, Japanese Bitcoin accumulator Metaplanet <a href="https://www.google.com/finance/quote/3350:TYO" rel="noopener noreferrer nofollow" target="_blank">slid</a> 20.67% in the same time frame, dropping from 450 Japanese yen ($2.89) to $2.29.&nbsp;
Apart from Bitcoin DATs, Ether-focused DATs also showed major losses. BitMine <a href="https://www.google.com/finance/quote/BMNR:NYSEAMERICAN?hl=en&amp;window=1M" rel="noopener noreferrer nofollow" target="_blank">dropped</a> from $42.86 to $28.94, recording a 32.48% decline in the same time period, while Sharplink Gaming stock <a href="https://www.google.com/finance/quote/SBET:NASDAQ?hl=en&amp;window=1M" rel="noopener noreferrer nofollow" target="_blank">shed</a> 26.66%, falling from $13.09 to $9.60.
Among all the major DATs, Solana-focused Forward Industries — the largest corporate holder of Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow" target="_blank">SOL</a>) tokens — suffered the biggest percentage loss. According to Strategic Solana Reserve data, the company’s stock <a href="https://www.strategicsolanareserve.org/entity/68f8ea4d-bd7e-4343-9588-03f0e2d23fbd" rel="noopener noreferrer nofollow" target="_blank">dropped</a> 43% in the last 30 days, falling from $13.91 to $7.86.&nbsp;
CoinGecko data also <a href="https://www.coingecko.com/en/treasuries/companies/forward-industries" rel="noopener noreferrer nofollow" target="_blank">showed</a> that Forward Industries has unrealized losses of $712.52 million from its Solana purchases.&nbsp;
Related: <a href="https://cointelegraph.com/news/strategy-sell-bitcoin-last-resort-mnav-capital" rel="noopener noreferrer nofollow">Strategy will sell Bitcoin as ‘last resort’ if mNAV drops, capital is unavailable: CEO</a>
<h2 id="dat-sector-heads-to-sharper-differentiation">DAT sector heads to sharper differentiation</h2>
Bitwise chief investment officer Matt Hougan said that the last six months showed that DATs tend to move in lockstep, rising and falling together.
Still, he expects this phase to end, arguing that going forward, the market will reward companies that employ coherent strategies and demonstrate real execution.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-12/019ade4a-999e-7f74-8ea0-a85d0a5f02ae" title="" alt="Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumble">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/Matt_Hougan/status/1992646036930908458" rel="noopener noreferrer nofollow" target="https://x.com/Matt_Hougan/status/1992646036930908458">Matt Hougan</a>
 </figcaption>
</figure>
Hougan said the sector is heading to a sharper differentiation where a handful of DATs will earn durable premiums while others may drift into persistent discounts.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-holder-metaplanet-btc-buys-south-korea-stablecoin-asia-express/" rel="noopener noreferrer nofollow">Bitcoin whale Metaplanet ‘underwater’ but eyeing more BTC: Asia Express</a>

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

Table of Contents

Cointelegraph

Other articles published on Dec 2, 2025

Join our free newsletter for daily crypto updates!