Bitcoin buying leads modest gains, but sector-wide equities slump despite earlier momentum
Corporate digital-asset treasuries saw a marked cooldown in November, ending a months-long surge that had defined much of the year. New data indicates that inflows fell to $1.32 billion, the weakest monthly total of 2025, as enthusiasm across major tokens and publicly traded treasury firms waned.
Inflows Cool After Record Quarter
Digital asset treasuries absorbed far less capital in November, with inflows dropping 34% from October and landing well below September’s unusually high totals. Bitcoin remained the month’s primary driver, attracting $1.06 billion in new allocations. Two large corporate purchases — $835 million on Nov. 17 and $130 million on Nov. 25 — accounted for most of the month’s activity.
XRP recorded $214 million in inflows, while Ether broke its streak as the leading asset in the category, posting $37 million in outflows. This occurred even as one major ETH-accumulating firm continued to increase its holdings.
Treasury-Focused Stocks See Heavy Losses
Equities tied to major treasury holders endured a difficult month, with several firms experiencing steep declines. The sector’s largest company fell more than 35%, sliding from early-November highs despite intermittent rebounds. Another prominent Bitcoin-holding firm in Japan lost over 20%, mirroring the broader downturn.
ETH-focused firms also struggled. One leading accumulator’s stock dropped more than 32%, while another saw a decline exceeding 26%. The sharpest pullback came from a Solana-focused treasury company, whose shares sank 43% over 30 days, leaving it with significant unrealized losses on its token holdings.
Market observers say the synchronized moves that previously defined the sector may be fading. Matt Hougan noted that “treasury businesses are starting to separate based on discipline and execution, not just token exposure.” As the boom moderates, analysts expect clearer distinctions between firms with durable strategies and those that may struggle to regain market confidence.
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