Digital Asset Treasury Companies See Inflows Drop to October 2024 Lows

Digital asset treasury firms are experiencing a significant slowdown in monthly capital inflows, now at approximately $555 million—marking the weakest performance since October 2024, amid challenges from falling cryptocurrency valuations and equity market pressures.

Capital flowing into digital asset treasury (DAT) companies on a monthly basis has declined to approximately $555 million, representing the weakest performance since October 2024—the month that preceded the cryptocurrency rally triggered by the 2024 US election—based on information compiled by DeFiLlama.

Capital inflows to digital asset treasury companies dropped to approximately $32.4 million in the period leading up to the election, before surging past $12.3 billion in the aftermath of the 2024 United States election results and a shift toward pro-cryptocurrency regulation, as demonstrated by DeFiLlama's data. Treasury company inflows experienced contraction throughout 2025 and consistently stayed below the $10 billion mark in monthly inflows through August 2025, at which point they experienced another steep decline.

Monthly inflows into digital asset treasury companies — Monthly capital inflows to digital asset treasury companies. Source: DeFiLlama

Companies operating in the digital asset treasury space have navigated a difficult business landscape throughout the past year, with conditions deteriorating further due to the cryptocurrency market collapse in October that initiated a prolonged bear market phase and pushed crypto valuations back down to levels seen before the election.

Treasury companies face reinvention following market crash

Companies in the treasury sector must adapt and transform their business approaches or face the prospect of stagnation, as outlined by Patrick Ngan, chief investment officer of Zeta Network Group, a technology company.

Corporate Bitcoin treasuries now need to show they can actually use the asset, not just warehouse it.
Patrick Ngan, Chief Investment Officer, Zeta Network Group

Digital asset treasury companies that maintain operational businesses capable of generating cash flow will demonstrate superior performance compared to those that merely accumulate and store cryptocurrency holdings, according to his assessment.

The 10 biggest crypto treasury companies — The ten largest crypto treasury companies, organized by the value of their cryptocurrency holdings. Source: DeFiLlama

Companies in the treasury sector can create revenue streams through various methods including staking or offering validation services to help secure proof-of-stake blockchain networks, engaging in mining operations for proof-of-work cryptocurrencies, participating in lending activities within the decentralized finance (DeFi) ecosystem, and pursuing other business ventures that are not directly related to crypto.

Real estate investment professional Grant Cardone expanded his multifamily housing fund strategy during the previous year by merging real estate and Bitcoin (BTC) into hybrid digital asset treasury investment vehicles.

The investment fund derives value from the appreciation of physical property assets, real estate tax benefits and rental income streams that can be channeled into acquiring additional BTC, as Cardone explained to Cointelegraph.

If the company's just bitcoin, why am I investing in that company? Real estate is the best treasury company you can build because it's not a product that is discretionary — you have to buy housing.
Grant Cardone