Monthly inflows to digital asset treasury (DAT) companies have slowed to roughly $555 million, the weakest levels since October 2024, according to DefiLlama. Bitcoin dominated monthly inflows in most months, with the exceptions of August and September 2025.
DefiLlama’s data show inflows fell to about $32.4 million ahead of the 2024 U.S. elections, then surged to more than $12.3 billion after the election results and a pro-crypto regulatory shift. In 2025, treasury inflows contracted and generally remained below $10 billion per month until August 2025, before falling sharply again.
DAT companies have faced a difficult operating environment over the past year, exacerbated by the crypto market crash in October that initiated a multi-month bear market and pushed prices back toward pre-election levels.
Industry observers say treasury firms must adapt or risk stagnation. Patrick Ngan, chief investment officer of Zeta Network Group, said corporate Bitcoin treasuries need to demonstrate they can use the asset rather than merely store it. He added that treasury companies with operating businesses that generate cash flow will outperform those that only accumulate and hold crypto.
Possible revenue sources for treasury firms include staking or validation services on proof-of-stake networks, proof-of-work mining, lending in decentralized finance (DeFi), and income from unrelated businesses. Some firms are combining crypto holdings with traditional assets: real estate investor Grant Cardone expanded his multifamily housing fund approach by creating hybrid digital asset treasury vehicles that pair real estate with Bitcoin. Cardone said the structure benefits from property appreciation, real estate tax advantages and rental income that can be reinvested into additional BTC purchases, and argued that real estate is a strong treasury asset because housing demand is non-discretionary.
DefiLlama’s rankings show which entities hold the largest crypto treasuries, and industry participants are weighing consolidation and strategic shifts as market pressures persist.
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