Monthly capital inflows into digital asset treasury (DAT) companies have dropped to roughly $555 million, marking the lowest level recorded since October 2024, according to data from DefiLlama.

That period preceded the surge in cryptocurrency markets that followed the 2024 US presidential election. Ahead of the election, inflows into treasury-focused firms had declined to around $32.4 million. After the election results and a regulatory environment viewed as more supportive of crypto, inflows rebounded sharply, exceeding $12.3 billion, according to the dataset.

However, momentum weakened again in 2025. Monthly inflows remained below $10 billion throughout most of the year before declining more significantly after August. The slowdown has unfolded during a difficult period for companies that build corporate strategies around holding digital assets. Market conditions deteriorated further after the crypto crash in October, which triggered a prolonged bear market and pushed prices back toward levels seen before the election rally.

Pressure grows for treasury companies to evolve

The changing market environment has raised questions about how treasury-focused firms can sustain growth. Patrick Ngan, chief investment officer at technology company Zeta Network Group, said the sector may need to rethink its approach. “Corporate Bitcoin treasuries now need to show they can actually use the asset, not just warehouse it,” Ngan said. He argued that companies capable of generating operating cash flow alongside cryptocurrency holdings may have an advantage over firms that simply accumulate digital assets.

Possible revenue streams include staking or providing validation services for proof-of-stake networks, mining proof-of-work cryptocurrencies, participating in decentralized finance lending markets or operating businesses outside the crypto sector.

Hybrid models emerge as companies experiment

Some investors have begun experimenting with hybrid strategies that combine traditional assets with digital holdings. Real estate investor Grant Cardone, for example, expanded his multifamily housing investment strategy last year by integrating real estate with Bitcoin into blended treasury-style vehicles.

According to Cardone, the approach allows the fund to benefit from rising property values, tax advantages tied to real estate ownership and rental income that can be directed toward purchasing additional Bitcoin.

“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,” he said.

Sources:

https://cointelegraph.com/news/crypto-treasury-inflow-slow-october-2024

https://x.com/DefiLlama/status/2028572552675938399

https://defillama.com/digital-asset-treasuries