Digital Asset Treasuries (DATs) experienced their slowest month of the year in November 2025, as the corporate treasury craze cooled down.
Data aggregation platform DefiLlama shows that DATs saw only $1.32 billion in inflows in November, marking the lowest monthly inflow for the sector this year. This represents a 34% decrease from October's $1.99 billion and an 88% drop from September's $11.55 billion.
Bitcoin DATs led the month with $1.06 billion in inflows, driven by Strategy's purchase of $835 million in Bitcoin on November 17 and Metaplanet's purchase of $130 million in Bitcoin on November 25. According to DefiLlama, Ripple followed with $214 million in inflows.
Ethereum had been leading DAT inflows for the past three months but lagged in November, experiencing a net outflow of about $37 million, despite the leading Ethereum DAT—BitMine Immersion Technologies—continuing to accumulate throughout the month.
As DAT inflows declined, DAT stocks also experienced a significant pullback this month, with major DAT stocks performing poorly, although there was a brief rebound on Monday.
According to Google Finance, Strategy, the largest DAT in the industry, fell 35.23% this month, dropping from $264.67 on November 3 to $171.42 at the time of writing.
Despite the drop in Strategy's stock price, its chairman Michael Saylor continued to express his determination on social media, stating that he "will not give up" on his Bitcoin bet.
Meanwhile, Japanese Bitcoin accumulator Metaplanet saw a 20.67% decline during the same period, falling from 450 yen ($2.89) to $2.29.
In addition to Bitcoin DATs, Ethereum-focused DATs also showed significant losses. BitMine dropped from $42.86 to $28.94, recording a 32.48% decline during the same period, while Sharplink Gaming stock fell 26.66%, from $13.09 to $9.60.
Among all major DATs, Solana-focused Forward Industries—the largest corporate holder of Solana (SOL) tokens—suffered the largest percentage loss. According to Strategic Solana Reserve, the company's stock fell 43% over the past 30 days, from $13.91 to $7.86.
CoinGecko data also shows that Forward Industries has an unrealized loss of $712.52 million from its Solana purchases.
Bitwise Chief Investment Officer Matt Hougan noted that the past six months have shown DATs tend to move in sync, rising and falling together.
However, he expects this phase to end, pointing out that the future market will reward companies that adopt consistent strategies and demonstrate real execution capability.
Hougan stated that the industry is moving towards clearer differentiation, with a few DATs likely to achieve lasting premiums while others may fall into persistent discounts.
Related: Fed Rate Cut Bets Surge: Can Bitcoin (BTC) Ultimately Break Through $91,000 to Set New Highs?
Original: “Digital Asset Treasuries (DATs) Craze Stalls: Inflows Drop to $1.3 Billion, Stocks Decline”
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