DAT Inflows Hit 2025 Low as Treasury Stocks Suffer Sharp Sell-Off

Digital asset treasuries (DATs) skilled their slowest month of 2025 in November as the company treasury increase slowed.

Information aggregator DefiLlama information showed that in November, DATs noticed solely $1.32 billion in inflows, the sector’s lowest month-to-month inflows this 12 months. This represented a 34% decline from October’s $1.99 billion and an 88% lower from September’s $11.55 billion. 

Bitcoin (BTC) DATs led the month with $1.06 billion in inflows, pushed by Technique buying $835 million in Bitcoin on Nov. 17 and Metaplanet buying $130 million in BTC on Nov. 25. XRP (XRP) adopted with $214 million in inflows, in accordance with DefiLlama. 

Ether (ETH), which led the final three months in DAT inflows, lagged behind in November, seeing outflows of about $37 million, regardless of BitMine Immersion Applied sciences, the main ETH DAT, continuing to add to its stack all through the month. 

DAT shares face a steep November sell-off

Together with the drop in DAT inflows, DAT equities additionally noticed a pointy correction throughout the month, with main DAT shares underperforming, despite a brief rally on Monday. 

Google Finance information showed that Technique, the sector’s largest DAT, fell 35.23% over the month, dropping from $264.67 on Nov. 3 to $171.42 on the time of writing.

Regardless of the drop in Technique’s inventory costs, its chairman, Michael Saylor, continued to show his resolve on social media, saying he “gained’t again down” from the Bitcoin wager. 

In the meantime, Japanese Bitcoin accumulator Metaplanet slid 20.67% in the identical timeframe, dropping from 450 Japanese yen ($2.89) to $2.29. 

Aside from Bitcoin DATs, Ether-focused DATs additionally confirmed main losses. BitMine dropped from $42.86 to $28.94, recording a 32.48% decline in the identical time interval, whereas Sharplink Gaming inventory shed 26.66%, falling from $13.09 to $9.60.

Amongst all the main DATs, Solana-focused Ahead Industries — the biggest company holder of Solana (SOL) tokens — suffered the largest proportion loss. Based on Strategic Solana Reserve information, the corporate’s inventory dropped 43% within the final 30 days, falling from $13.91 to $7.86. 

CoinGecko information additionally showed that Ahead Industries has unrealized losses of $712.52 million from its Solana purchases. 

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

DAT sector heads to sharper differentiation

Bitwise chief funding officer Matt Hougan stated that the final six months confirmed that DATs have a tendency to maneuver in lockstep, rising and falling collectively.

Nonetheless, he expects this section to finish, arguing that going ahead, the market will reward firms that make use of coherent methods and reveal actual execution. 

Hougan stated the sector is heading to a sharper differentiation the place a handful of DATs will earn sturdy premiums whereas others could drift into persistent reductions.