Digital Asset Treasuries attracted $2.19 billion in May 2025 inflows, mostly into Bitcoin, as 76 new DATs launched and total holdings topped $100 billion.

Galaxy and Mercuryo said DATs face pressure from ETFs, NAV discounts, dilution and the need to justify premiums beyond passive exposure.

Digital Asset Treasuries attracted $2.19 billion in May 2025 inflows, mostly into Bitcoin, as 76 new DATs launched and total holdings topped $100 billion.