Crypto treasury inflows fall to lowest level since 2024
Monthly inflows into digital asset treasury companies fell to $180 million in May, the lowest since October 2024 and down 95% from April’s $4.4 billion. Bitcoin treasury firms dominated the month with $177 million, but that was far below April’s $3.8 billion. Non-Bitcoin assets contributed only small amounts, while Litecoin saw an outflow. The sharp slowdown suggests investors are reevaluating passive crypto treasury models as ETFs offer a simpler way to gain exposure and net asset value discounts, dilution, operating costs, and yield pressure weaken the case for companies that only buy and hold tokens. Industry voices say the “raise-and-hold” model is losing favor, and treasury firms may need active strategies such as staking, validator operations, or DeFi to justify premiums. Still, ETFs are only part of the pressure, since company fundamentals and market sentiment also affect valuations.
