Crypto Treasury Flows Lose Steam, Marking Deepest Drop Since 2024
May inflows into crypto treasury companies fell to $180 million, the lowest since October 2024. Bitcoin-linked firms took almost all of that, with $177 million, while smaller amounts went to ZCash, Story, and Sui; Litecoin saw a $1.89 million outflow. The total was down 95% from April’s $4.4 billion and about 93% below the January–May monthly average. The slowdown followed a late-2024 surge after the US election, when inflows topped $12 billion amid a more favorable policy backdrop. In 2025, inflows cooled sharply as market weakness raised pressure on treasury firms. Investors are now demanding more than simple token accumulation. Firms are being pushed to generate yield through staking, validator services, or DeFi lending, while cash-flow businesses and hybrid structures may be better positioned than pure holders. ETFs also make direct crypto exposure easier and cheaper, reducing the premium once enjoyed by listed treasury companies.
