Monthly inflows into digital asset treasury (DAT) companies have slowed to about $555 million, the lowest level since October 2024, the month before the 2024 US election pump, according to DeFiLlama. Inflows ahead of the election stood at roughly $32.4 million, 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. Crypto treasury companies with an operating business that produces cash flow will outperform those that simply accumulate and hold crypto, he said. “Corporate Bitcoin treasuries now need to show they can actually use the asset, not just warehouse it,” Ngan 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. The fund benefits from the appreciation of the physical property, real estate tax advantages and rental income that can be funneled into additional BTC purchases, Cardone told Cointelegraph.
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