×

Bitcoin Purchases by Corporate Treasuries Have Tapered Off

Institutional Bitcoin Demand Weakens as DAT Inflows Drop

Institutional appetite for bitcoin treasuries (DATs) is slowing, contributing to a pause in BTC’s recent bull run. While more firms continue to adopt bitcoin for their treasuries, net inflows have fallen sharply.

Data from BitcoinTreasuries.net shows that the seven-day moving average of daily DAT inflows recently dropped to 140 BTC, the lowest since mid-June, down dramatically from a July peak of 8,249 BTC. In October, 12 of 15 days recorded under 500 BTC in inflows, with several days seeing no activity at all.

This slowdown signals that institutional demand through traditional treasury channels has cooled after a period of aggressive buying earlier this year, which had helped support BTC prices. Bitcoin itself has retreated to around $110,000 after hitting a record $126,000 on October 6, with the market largely consolidating above $110,000 since June.


DAT Strategy and Risks

The DAT model, popularized by firms like Strategy, mirrors a long-standing approach: borrowing fiat to acquire scarce assets. Bitcoin’s fixed supply of 21 million coins and decade-long performance have made it attractive to treasuries seeking inflation hedges and reserve diversification. Collectively, the top 100 public DATs by market value have accumulated over 1 million BTC.

However, like gold, bitcoin does not produce yield, meaning coins acquired with borrowed funds remain idle on balance sheets. DATs rely on capital gains from rising BTC prices. Many fund purchases by issuing stock above net asset value (NAV) and raising debt. NYDIG describes this as a “memetic premium,” tied to the reputation of the company or its leadership.

This approach carries risk: if the premium collapses or investors sell shares, DAT valuations can fall below NAV. Roughly one in four publicly traded DATs now trade below NAV, meaning their market price is less than the crypto held. Since premiums correlate with BTC prices, any downturn in bitcoin could further depress DAT valuations.

Share this content:

Copyright © 2025 CoinsNewz