Digital Asset Treasuries Face Slowest Month in November 2025

According to Cointelegraph, digital asset treasuries (DATs) experienced their slowest month of 2025 in November, as the corporate treasury boom showed signs of slowing down. Data from DefiLlama revealed that November saw only $1.32 billion in DAT inflows, marking the sector's lowest monthly inflows this year. This figure 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, largely driven by Strategy's purchase of $835 million in Bitcoin on November 17 and Metaplanet's acquisition of $130 million in BTC on November 25. XRP followed with $214 million in inflows, as reported by DefiLlama. Ether (ETH), which had led DAT inflows for the previous three months, saw outflows of approximately $37 million in November, despite BitMine Immersion Technologies continuing to add to its holdings throughout the month. The decline in DAT inflows was accompanied by a sharp correction in DAT equities, with major DAT stocks underperforming despite a brief rally on Monday. Google Finance data indicated that Strategy, the sector's largest DAT, fell 35.23% over the month, dropping from $264.67 on November 3 to $171.42 at the time of writing. Despite the drop in stock prices, Strategy's chairman, Michael Saylor, remained resolute on social media, stating he "won't back down" from their Bitcoin investment. Japanese Bitcoin accumulator Metaplanet also experienced a decline, sliding 20.67% during the same period, from 450 Japanese yen ($2.89) to 357 yen ($2.29). Ether-focused DATs showed significant losses as well, with BitMine dropping from $42.86 to $28.94, recording a 32.48% decline, while Sharplink Gaming stock fell 26.66%, from $13.09 to $9.60. Among the major DATs, Solana-focused Forward Industries suffered the largest percentage loss. Strategic Solana Reserve data showed the company's stock dropped 43% in the last 30 days, falling from $13.91 to $7.86. CoinGecko data also indicated that Forward Industries has unrealized losses of $712.52 million from its Solana purchases. Bitwise chief investment officer Matt Hougan commented on the sector's recent trends, noting that DATs have tended to move in lockstep over the past six months, rising and falling together. However, Hougan anticipates a shift towards sharper differentiation, where companies with coherent strategies and real execution will be rewarded, while others may face persistent discounts.