Digital asset treasuries (DATs) experienced their slowest month of 2025 in November as the corporate treasury boom shows signs of slowing. Data aggregator DefiLlama showed that in November, DATs saw only $1.32 billion in inflows, the sector’s lowest monthly inflows this year. This represents a 34% decline from October’s $1.99 billion and an 88% decrease from September’s $11.55 billion.
Bitcoin (BTC) DATs led the month with $1.06 billion in inflows. This was primarily driven by Strategy purchasing $835 million in Bitcoin on November 17 and Metaplanet buying $130 million in BTC on November 25. XRP followed with $214 million in inflows, according to DefiLlama.
Ether (ETH), which led the last three months in DAT inflows, lagged behind in November, seeing outflows of approximately $37 million. This occurred despite Bitmine Immersion Technologies, the leading ETH DAT, continuing to add to its holdings throughout the month.
DAT Stocks Face a Steep November Sell-Off
In addition to the drop in DAT inflows, DAT equities also experienced a sharp correction during November. Major DAT stocks underperformed, despite a brief rally on Monday.
Google Finance data showed that Strategy, the sector’s largest DAT, fell 35.23% over the month. Its stock price dropped from $264.67 on November 3 to $171.42 at the time of writing.
Despite the decline in Strategy’s stock prices, its chairman, Michael Saylor, continued to express his resolve on social media, stating he “won’t back down” from their Bitcoin bet.
Meanwhile, Japanese Bitcoin accumulator Metaplanet slid 20.67% throughout the same time frame. Its stock price dropped from 450 Japanese yen ($2.89) to 357 yen ($2.29).
Apart from Bitcoin DATs, Ether-focused DATs also showed significant losses. BitMine dropped from $42.86 to $28.94, recording a 32.48% decline in the same period. Sharplink Gaming stock shed 26.66%, falling from $13.09 to $9.60.
Among all major DATs, Solana-focused Forward Industries, the largest corporate holder of Solana (SOL) tokens, suffered the biggest percentage loss. According to Strategic Solana Reserve data, the company’s stock dropped 43% in the last 30 days, falling from $13.91 to $7.86.
CoinGecko data also showed that Forward Industries has unrealized losses of $712.52 million from its Solana purchases.
DAT Sector Heads to Sharper Differentiation
Bitwise chief investment officer Matt Hougan commented that the last six months demonstrated a tendency for DATs to move in lockstep, rising and falling together.
However, he anticipates this phase will conclude, arguing that going forward, the market will reward companies that employ coherent strategies and exhibit real execution.
Hougan stated that the sector is moving towards sharper differentiation, where a select few DATs will command durable premiums, while others may drift into persistent discounts.