DAT Inflows Sink to Lowest Level Since October 2024

Monthly inflows into digital asset treasury (DAT) companies have slowed to about $555 million, the lowest levels since October 2024, the month before the 2024 US election pump, according to data from DeFiLlama.

Inflows into digital asset treasury companies slipped to about $32.4 million ahead of the election, then rebounded to more than $12.3 billion following the results of the 2024 elections in the United States and a pro-crypto regulatory shift, DeFiLlama’s data shows.

Treasury inflows contracted in 2025 and remained well below $10 billion in monthly inflows until August 2025, before sharply falling again.

Digital asset treasury companies have faced a challenging business environment over the last year, which was made worse by the crypto market crash in October that kicked off a multi-month bear market and rolled back crypto prices to pre-election levels.

Related: Crypto treasury companies likely to consolidate in 2026: Crypto exec

Treasury companies face reinvention following market crash

Treasury companies must evolve their business strategies or risk stagnating, according to 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,” Ngan said.

Crypto treasury companies with an operating business that produces cash flow will outperform those that simply accumulate and hold crypto, he said.

Treasury companies can generate revenue by staking or providing validation services to secure proof-of-stake blockchain networks, mining proof-of-work cryptocurrencies, lending in the decentralized finance (DeFi) space, and other unrelated businesses.

Real estate investor Grant Cardone last year expanded his multifamily housing fund strategy by combining real estate and Bitcoin (BTC) into hybrid digital asset treasury investment vehicles.