DAT Inflows Reach Lowest Point of 2025 Amid Significant Treasury Stock Sell-Off

Digital asset treasuries (DATs) recorded their slowest month of 2025 in November as the corporate treasury surge decelerated.

Data aggregator DefiLlama reported that in November, DATs experienced only $1.32 billion in inflows, marking the sector’s lowest monthly inflows this year. This represented a 34% drop from October’s $1.99 billion and an 88% decline from September’s $11.55 billion.

Bitcoin (BTC) DATs topped the month with $1.06 billion in inflows, propelled by Strategy purchasing $835 million in Bitcoin on Nov. 17 and Metaplanet acquiring $130 million in BTC on Nov. 25. XRP (XRP) followed with $214 million in inflows, as per DefiLlama.

Ether (ETH), which led the previous three months in DAT inflows, lagged in November, experiencing outflows of approximately $37 million, even as BitMine Immersion Technologies, the leading ETH DAT, continued to bolster its holdings throughout the month.

DAT stocks face a significant November sell-off

Alongside the decline in DAT inflows, DAT equities also faced a sharp correction during the month, with major DAT stocks underperforming, despite a brief rally on Monday.

Google Finance data indicated that Strategy, the sector’s largest DAT, plunged 35.23% over the month, falling from $264.67 on Nov. 3 to $171.42 at the time of writing.

Despite the decline in Strategy’s share prices, its chairman, Michael Saylor, remained steadfast on social media, stating he “won’t back down” from the Bitcoin investment.

Simultaneously, Japanese Bitcoin collector Metaplanet declined 20.67% in the same timeframe, descending from 450 Japanese yen ($2.89) to $2.29.

In addition to Bitcoin DATs, Ether-focused DATs also suffered significant losses. BitMine fell from $42.86 to $28.94, demonstrating a 32.48% decline during the same period, while Sharplink Gaming stock dropped 26.66%, from $13.09 to $9.60.

Among all significant DATs, Solana-focused Forward Industries — the largest corporate holder of Solana (SOL) tokens — recorded the steepest percentage loss. According to Strategic Solana Reserve data, the company’s stock decreased by 43% in the last 30 days, falling from $13.91 to $7.86.

CoinGecko data also revealed that Forward Industries has unrealized losses of $712.52 million from its Solana investments.

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

DAT sector heads towards sharper differentiation

Bitwise chief investment officer Matt Hougan stated that the last six months demonstrated that DATs typically move together, rising and falling in tandem.

Nonetheless, he predicts this phase will change, suggesting that moving forward, the market will favor companies that implement coherent strategies and showcase real execution.

Hougan indicated that the sector is steering towards sharper differentiation, where a select few DATs will command persistent premiums while others might slip into ongoing discounts.