Digital asset treasuries (DATs) posted their slowest month of 2025 in November as the corporate treasury boom cooled.
According to data from aggregator DefiLlama, DATs recorded just $1.32 billion in inflows during November—the lowest monthly total of the year. This marked a 34% drop from October’s $1.99 billion and an 88% decline compared with September’s $11.55 billion.
Bitcoin DATs dominated November, bringing in $1.06 billion in inflows. The surge was fueled by Strategy’s $835 million Bitcoin purchase on Nov. 17 and Metaplanet’s $130 million BTC acquisition on Nov. 25. XRP followed with $214 million in inflows.
Ether, which had led DAT inflows over the previous three months, lagged in November, posting outflows of roughly $37 million, even as BitMine Immersion Technologies—the top ETH DAT—continued to add to its holdings throughout the month.
DAT equities experience steep November sell-off
Alongside the slowdown in DAT inflows, DAT stocks faced a sharp decline in November, with major sector equities underperforming despite a brief rally early in the week.
Data from Google Finance showed that Strategy, the largest DAT, tumbled 35.23% over the month, falling from $264.67 on Nov. 3 to $171.42 at the time of reporting.
Despite the stock slump, Strategy’s chairman, Michael Saylor, remained steadfast, reaffirming on social media that he “won’t back down” on the company’s Bitcoin position.
Meanwhile, Japanese Bitcoin-focused DAT Metaplanet fell 20.67% over the same period, sliding from ¥450 ($2.89) to $2.29.
Ether-centric DATs also experienced significant losses. BitMine saw its stock drop 32.48%, falling from $42.86 to $28.94, while Sharplink Gaming declined 26.66%, sliding from $13.09 to $9.60.
Among major DATs, Solana-focused Forward Industries—the largest corporate holder of Solana tokens—suffered the steepest percentage loss. Strategic Solana Reserve data shows the company’s stock fell 43% in the last 30 days, dropping from $13.91 to $7.86. CoinGecko data indicates Forward Industries currently carries unrealized losses of $712.52 million from its Solana holdings.
DAT sector poised for greater differentiation
Bitwise Chief Investment Officer Matt Hougan noted that over the past six months, DATs largely moved in tandem, rising and falling together.
However, he expects this phase to shift, predicting that the market will increasingly reward companies with clear strategies and strong execution.
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.
