Monthly inflows to digital asset treasury (DAT) companies have slowed to about $555 million — the weakest level since October 2024, according to DefiLlama. Bitcoin accounted for the bulk of monthly inflows in most months, with August and September 2025 the notable exceptions.
DefiLlama’s dataset shows inflows were roughly $32.4 million in the run-up to the 2024 U.S. elections, then jumped to more than $12.3 billion following the election and a subsequent pro-crypto regulatory shift. In 2025 the pace of treasury inflows contracted; most months stayed below $10 billion until a brief uptick in August 2025, after which inflows fell sharply again.
The past year has been challenging for DAT firms. A crypto market crash in October triggered a prolonged bear market that pushed prices back toward pre-election levels and tightened operating conditions for treasuries.
Industry participants say treasury managers must evolve to avoid stagnation. Patrick Ngan, chief investment officer of Zeta Network Group, argues corporate Bitcoin treasuries need to show they can actively use the asset rather than only hold it. He predicts firms with operating businesses that generate cash flow will outperform entities that simply accumulate cryptocurrency.
Potential revenue streams for treasury desks include staking or validation services on proof-of-stake networks, proof-of-work mining, lending within decentralized finance (DeFi), and earnings from non-crypto businesses. Some firms are blending crypto holdings with conventional assets: real estate investor Grant Cardone has expanded his multifamily housing strategy into hybrid digital asset treasury vehicles that pair property with Bitcoin. Cardone says the model captures property appreciation, real estate tax advantages, and rental income that can be reinvested to buy more BTC, and he argues housing is a resilient treasury asset because demand is largely non-discretionary.
DefiLlama’s rankings continue to track which entities hold the largest crypto treasuries, and market pressure is prompting discussions of consolidation and strategic pivots across the sector.
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