Weekly inflows into Digital Asset Treasuries (DATs) have collapsed by more than 95% over the past four months, with the decline accelerating in Q4 amid broader market headwinds.
The performance has sparked growing concerns and renewed skepticism about the long-term viability of this high-profile institutional crypto strategy.
What’s Behind the Collapse in DAT Inflows
Digital Asset Treasuries have played a major role in the crypto market this year. Large institutions, including Strategy (formerly MicroStrategy), BitMine Immersion Technologies, Metaplanet, and more, have gathered billions in Bitcoin, Ethereum, and other digital assets as treasury reserves.
However, recent market turbulence has tested institutional conviction. While many expected a strong crypto rebound in Q4, that hasn’t materialized. The tariff-induced crash hit the market hard, and assets like Bitcoin and Ethereum have struggled to reclaim their previous highs.
BeInCrypto reported earlier that after the crash, corporate Bitcoin purchases plummeted. This slowdown in momentum has also impacted other altcoins.
DeFiLlama data showed that weekly inflows peaked at around $5.57 billion in July 2025 but dropped to $259 million by November 2025. This fall of over 95% signals a broad decline in institutional buying power and confidence.
Weekly DAT Inflows. Source: DeFiLlama
The trend extends beyond reduced accumulation. Earlier this month, one Bitcoin treasury firm sold 30% of its holdings to pay down convertible debt, highlighting the growing financial strain within the sector.
Performance Gap Widens Between Bitcoin and DATs
While the market downturn has curbed inflows, it has also sharply affected the share prices of Digital Asset Treasuries. The crypto market’s inherent volatility directly impacts companies adopting the DAT model.
Because their balance sheets are heavily exposed to digital assets, their stock performance tends to mirror the price swings of Bitcoin, Ethereum, and other holdings. This heightened sensitivity amplifies financial pressure during downturns. As Fabian Dori, CIO at Sygnum Bank, told BeInCrypto, DATs are a “high-beta bet” to the assets they hold.
Yet, recent data revealed that the sell-off in DAT stocks has far outpaced the drop in their underlying assets. According to Artemis, Bitcoin fell roughly 10% over the past three months. In contrast, DAT-related stocks have suffered deeper losses, with declines ranging from 40% to as high as 90% during the same period.
“The 3-month gap between BTC performance and DAT performance is absolutely wild. BTC down -10%, while DAT loses start at -40%,” ElBarto_Crypto wrote.
Artemis added that, despite the underperformance, most firms’ market net asset values (mNAVs), which measure market capitalization relative to digital asset value, have managed to stay above 1.
“As of Nov 7, many still trade above the value of their Bitcoin (mNAV): Strive 3.4x, BSTR 1.6x, CEP 1.2x, Metaplanet 1.2x, MicroStrategy 1.1x. When BTC goes down even a little, premiums collapse,” the post read.
Still, looking at the broader picture, BeInCrypto highlighted that DAT premiums have crashed from above 25 to nearly 1.0, marking a major drop.
According to analyst Adam, as premiums shrink and losses deepen, DAT managers face a difficult decision: either halt their accumulation and acknowledge failure, or continue raising funds under increasingly unfavorable conditions in pursuit of growth.
“Most of the largest DATs are down 10%+ from their average purchase price, with their stock prices down even more. Issuing at a discount to NAV destroys shareholder value; every new purchase dilutes holdings per share. DATs are trapped: can’t fund new purchases, left holding bags of crypto purchased at peak price,” he stated.
Adam explained that nearly all DATs have failed to replicate Strategy’s success. Additionally, they now hold substantial portions of the total BTC, ETH, and SOL supply.
He warned that if these struggling DATs are forced to unwind their positions, it could trigger intense selling pressure across both major and alternative cryptocurrencies. Thus, the coming period will test institutional crypto strategies and demonstrate whether the DAT model can adapt to more challenging market conditions.
