Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumble

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Digital plus treasuries (DATs) experienced their slowest period of 2025 successful November arsenic the firm treasury roar slows.

Data aggregator DefiLlama information showed that successful November, DATs saw lone $1.32 cardinal successful inflows, the sector’s lowest monthly inflows this year. This represents a 34% diminution from October’s $1.99 cardinal and an 88% alteration from September’s $11.55 billion.

Bitcoin (BTC) DATs led the period with $1.06 cardinal successful inflows, driven by Strategy buying $835 cardinal successful Bitcoin connected Nov. 17 and Metaplanet buying $130 cardinal successful BTC connected Nov. 25. XRP (XRP) followed with $214 cardinal successful inflows, according to DefiLlama.

Ether (ETH), which led the past 3 months successful DAT inflows, lagged down successful November, seeing outflows of astir $37 million, contempt BitMine Immersion Technologies, the starring ETH DAT, continuing to adhd to its stack passim the month.

DAT stocks look a steep November sell-off

Along with the driblet successful DAT inflows, DAT equities besides saw a crisp correction during the month, with large DAT stocks underperforming, despite a little rally connected Monday.

Google Finance information showed that Strategy, the sector’s biggest DAT, fell 35.23% implicit the month, dropping from $264.67 connected Nov. 3 to $171.42 astatine the clip of writing.

Despite the driblet successful Strategy’s banal prices, its chairman, Michael Saylor, continued to show his resoluteness connected societal media, saying helium “won’t backmost down” from their Bitcoin bet.

Meanwhile, Japanese Bitcoin accumulator Metaplanet slid 20.67% passim the aforesaid clip frame, dropping from 450 Japanese yen ($2.89) to 357 yen ($2.29).

Apart from Bitcoin DATs, Ether-focused DATs besides showed large losses. BitMine dropped from $42.86 to $28.94, signaling a 32.48% diminution successful the aforesaid clip period, portion Sharplink Gaming banal shed 26.66%, falling from $13.09 to $9.60.

Among each the large DATs, Solana-focused Forward Industries — the largest firm holder of Solana (SOL) tokens — suffered the biggest percent loss. According to Strategic Solana Reserve data, the company’s banal dropped 43% successful the past 30 days, falling from $13.91 to $7.86.

CoinGecko information besides showed that Forward Industries has unrealized losses of $712.52 cardinal from its Solana purchases.

DAT assemblage heads to sharper differentiation

Bitwise main concern serviceman Matt Hougan said that the past six months showed that DATs thin to determination successful lockstep, rising and falling together.

However, helium expects this signifier to end, arguing that going forward, the marketplace volition reward companies that employment coherent strategies and show existent execution.

Hougan said the assemblage is heading to a sharper differentiation wherever a fistful of DATs volition gain durable premiums portion others whitethorn drift into persistent discounts.

Magazine: Bitcoin whale Metaplanet ‘underwater’ but eyeing much BTC: Asia Express

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