Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumble
Digital asset treasury inflows slowed significantly in November to $1.32 billion, coinciding with sharp stock price declines for major DATs.Summary
Digital asset treasuries (DATs) experienced their slowest month of 2025 in November, recording only $1.32 billion in inflows, a 34% drop from October and an 88% decrease from September. Bitcoin DATs led the inflows with $1.06 billion, bolstered by significant purchases from Strategy and Metaplanet. Conversely, Ether-focused DATs saw outflows, with Ether itself losing about $37 million. Alongside the reduced inflows, major DAT stocks experienced a steep sell-off in November. Strategy, the largest DAT, fell over 35%, though its chairman remains committed to their Bitcoin strategy. Other major players like Metaplanet and Solana-focused Forward Industries also saw significant stock depreciation, with Forward Industries suffering the largest percentage loss at 43%. Bitwise CIO Matt Hougan suggests the sector is moving past a phase of moving in lockstep toward sharper differentiation, where companies with coherent strategies and execution will be rewarded.
(Source：Cointelegraph)