Digital Asset Treasury Inflows Fall To 1.3B In November As Stocks Slide

TLDR

Table of Contents

Digital asset treasury inflows dropped 34% in November to $1.32B, the lowest of 2025
Strategy led Bitcoin buys with $835M, but its stock fell over 35% in the same month
Ether DATs saw $37M in outflows despite BitMine continuing to accumulate ETH
Solana-focused Forward Industries stock declined 43% and has $712M in unrealized losses

In November 2025, the digital asset treasury sector saw its sharpest slowdown of the year, with inflows dropping to just $1.3 billion — a 34% decline from the previous month and an 88% drop since September. Despite continued Bitcoin accumulation by major firms like Strategy and Metaplanet, investor appetite cooled. At the same time, digital asset-related stocks across Bitcoin, Ether, and Solana treasuries recorded substantial losses, signaling broader market caution.

Inflows into Digital Asset Treasuries Hit 2025 Low

Digital asset treasuries recorded the slowest month of the year in November, as inflows dropped to $1.32 billion, based on DefiLlama data. This represented a 34% decrease from October’s $1.99 billion and a sharp 88% fall compared to September’s $11.55 billion.

Bitcoin remained the primary contributor, attracting $1.06 billion in inflows. Strategy, the largest DAT by holdings, purchased $835 million worth of Bitcoin on November 17. Another Bitcoin treasury firm, Metaplanet, added $130 million in BTC on November 25. XRP followed with $214 million in inflows.

Ether, which had led inflows for the previous three months, saw outflows totaling $37 million in November. Despite this, BitMine Immersion Technologies continued increasing its ETH holdings throughout the month.

Stock Prices of DAT Firms Fall Sharply

Along with reduced inflows, digital asset treasury equities recorded steep losses in November. Strategy’s stock dropped 35.23%, falling from $264.67 on November 3 to $171.42. This drop occurred despite the company increasing its Bitcoin holdings to 650,000 BTC.

Metaplanet, a Japanese Bitcoin accumulator, saw its stock decline by 20.67% during the same period, falling from $2.89 to $2.29. Ether-focused BitMine also experienced a 32.48% loss, dropping from $42.86 to $28.94. Sharplink Gaming, another ETH DAT, lost 26.66%, ending the month at $9.60.

Solana DAT firm Forward Industries reported the steepest decline. The stock dropped 43% in 30 days, from $13.91 to $7.86. According to data from Strategic Solana Reserve, Forward Industries now holds $712.52 million in unrealized losses from its Solana purchases.

Market Awaits Clearer Differentiation Among DATs

Matt Hougan, Chief Investment Officer at Bitwise, said that while DAT equities have mostly moved together over the past six months, that pattern may soon change. He stated, “Markets will begin to reward firms with clear strategies and actual execution.”

Hougan suggested that the DAT sector is entering a phase where only a few companies may gain a premium valuation, while others could trade at discounts.

This reflects changing investor sentiment as firms that combine digital asset exposure with disciplined management are expected to stand out in future performance.

Liquidity Measures and Bitcoin’s Price Reaction

On December 1, the U.S. Federal Reserve injected $13.5 billion into the banking system through a large overnight repurchase agreement. This move followed another $25 billion liquidity operation on the same day.

Bitcoin prices reacted with a modest 2% rebound in 24 hours, moving from $83,862 to $86,900. Trading volume rose by 13%, indicating increased interest among market participants.

Despite this, Strategy’s stock closed 3.25% lower at $171.42 on Monday. In pre-market trading, the stock showed a small recovery of 0.68%. The company also made an additional $11.7 million Bitcoin purchase during the downturn.