Digital asset treasuries (DATs) experienced their slowest month of 2025 in November as the corporate treasury boom slowed.

Data aggregator DefiLlama data showed that in November, DATs saw only $1.32 billion in inflows, the sector’s lowest monthly inflows this year. This represented 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, driven by Strategy buying $835 million in Bitcoin on Nov. 17 and Metaplanet buying $130 million in BTC on Nov. 25. XRP (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 about $37 million, despite BitMine Immersion Technologies, the leading ETH DAT, continuing to add to its stack throughout the month. 

DAT stocks face a steep November sell-off

Along with the drop in DAT inflows, DAT equities also saw a sharp correction during the month, with major DAT stocks underperforming, despite a brief rally on Monday. 

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

Despite the drop in Strategy’s stock prices, its chairman, Michael Saylor, continued to show his resolve on social media, saying he “won’t back down” from the Bitcoin bet. 

Meanwhile, Japanese Bitcoin accumulator Metaplanet slid 20.67% in the same time frame, dropping from 450 Japanese yen ($2.89) to $2.29. 

Apart from Bitcoin DATs, Ether-focused DATs also showed major losses. BitMine dropped from $42.86 to $28.94, recording a 32.48% decline in the same time period, while Sharplink Gaming stock shed 26.66%, falling from $13.09 to $9.60.

Among all the 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. 

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

DAT sector heads to sharper differentiation

Bitwise chief investment officer Matt Hougan said that the last six months showed that DATs tend to move in lockstep, rising and falling together.

Still, he expects this phase to end, arguing that going forward, the market will reward companies that employ coherent strategies and demonstrate real execution. 

Hougan said the sector is heading to a sharper differentiation where a handful of DATs will earn durable premiums while others may drift into persistent discounts.