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The inflow into crypto investment products, such as companies that maintain a strategic reserve (DAT), is beginning to slow down significantly. The stocks of these types of companies are taking heavy hits on the stock market. What is this leading to?
The Slowdown in Purchases #
According to data from DefiLlama, only $1.32 billion was invested in companies with a strategic reserve in November. This was the lowest monthly inflow of the year.
Companies that accumulate bitcoin, such as Strategy, attracted a total of $1.06 billion in investments. The companies that accumulate ethereum saw $37 million leave, despite large accumulation by Bitmine.
This represents a 34% decrease compared to October 2025 and an 88% decrease compared to September, when $11.55 billion flowed in.
Strategy accumulated the most bitcoin for an amount of $835 million in November, while Metaplanet bought another $130 million worth. XRP showed an inflow of $214 million, according to DefiLlama. Ethereum lost $37 million due to large sales.
The Decline of Bitcoin Company Strategy #
According to data from Google Finance, MSTR stock (Strategy’s) has lost more than 40% of its value in the past year, and more than 60% since its peak in July.
This month, MSTR fell by 35%. From $450 per share in July, only $171 remains. This means that many investors are selling their MSTR shares, which is also reflected in the high trading volumes.
Strategy’s CEO, Michael Saylor, had little comment on X:
“I will not yield.”
Other Bitcoin Maximalists Also Take a Hit #
The decline of Metaplanet was even more dramatic. Where a share of this company was still going for 1,900 Japanese yen in June 2025, it now stands just above 350 yen, a drop of around 75%. This month, that share fell by more than 20%.
Other companies with a strategic reserve in ethereum also took hard hits. Bitmine fell by more than 32% in a month, Sharplink Gaming lost more than 26%.
Forward Industries, which hoards solana coins, fell by more than 43% in the past month.
Some of these companies are now worth less in stocks than they have in crypto reserves, such as Strategy. According to Matt Hougan of Bitwise, this is the time when the wheat will be separated from the chaff. He believes that a handful of good companies with a sharp strategy will remain, and that other companies will sink to questionable levels.