The enthusiasm around companies accumulating crypto seems to be coming to a halt. Flows to these companies specializing in crypto treasuries have just fallen to their lowest level in almost a year, signaling a clear slowdown in the dynamics observed after the 2024 US election. According to data from DefiLlama, investments in these structures are contracting as the market goes through a correction phase. Can the crypto treasury business model withstand a less euphoric market?
In brief
- Flows to crypto cash businesses fall to lowest level since October 2024.
- Investments in these companies are slowing down sharply after the American post-election euphoria.
- Crypto treasury companies are now being pushed to demonstrate the real-world utility of their digital assets.
- New strategies are emerging to generate income, between staking, mining and decentralized finance.
Flows to crypto treasuries fall to all-time low
Capital flowing into companies specializing in crypto treasuries (Digital Asset Treasury – DAT) has slowed significantly in recent months, despite its explosion in 2025.
DefiLlama data indicate that monthly inflows now reach around $555 million, their lowest level since October 2024, the period before the increase linked to the US elections.
The published figures show a particularly marked evolution of flows in recent months:
- Inflows fell to $32.4 million ahead of the 2024 US presidential election;
- After the announcement of the results and a regulatory change favorable to cryptos, flows jumped to more than $12.3 billion;
- In 2025, monthly inflows remained well below $10 billion;
- They ultimately fell to $555 million, their lowest level in almost a year.
This contraction occurs in a market environment that has become more difficult. The sector was affected by a crypto market crash in October, triggering several months of bear market and returning crypto prices to levels seen before the 2024 US election.
Crypto treasury companies pushed to reinvent their model
Faced with this reversal of the cycle, some in the sector believe that crypto treasury companies must evolve to remain relevant. Patrick Ngan, investment director of Zeta Network Group, specifies that these companies can no longer simply accumulate cryptos. “Companies that hold bitcoin in their treasury must now prove that they actually know how to use this asset, and not just store it”, explain-he.
From this perspective, several avenues emerge for transforming these reserves into sources of income. Companies could exploit their assets via staking, validation on proof-of-stake networks, proof-of-work crypto mining or even lending in decentralized finance. The goal is to generate real cash flow, rather than relying solely on asset price appreciation.
Some investors are already exploring hybrid strategies. Real estate entrepreneur Grant Cardone, for example, has combined real estate and bitcoin in mixed investment vehicles. He explains that this approach allows you to benefit from both property appreciation, tax advantages and rental income reinvested in the purchase of BTC. “If a company only holds bitcoin, why would I invest in that company? Real estate remains the best basis for a treasury company, because it is not an optional product: people always need housing. »he says.
The decline in flows to crypto cash companies highlights the fragilities of a model long driven by the rise in the market. In a more uncertain environment, these companies will have to prove their ability to generate value with their assets. Meanwhile, Strategy continues its bitcoin acquisitions, illustrating the persistence of some accumulation strategies despite the industry downturn.
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