What happened to crypto treasury company inflows in May?

Digital asset treasury company inflows fell to $180 million in May, according to DefiLlama data. That was the lowest monthly total since October 2024 and marked a sharp slowdown from the strong inflows recorded earlier in the year.

Which assets attracted the most treasury inflows?

Bitcoin treasury companies dominated activity, attracting approximately $177 million of the $180 million total. That represented about 98% of all digital asset treasury inflows during the month.

Why are Bitcoin treasury inflows slowing down?

Investors appear to be reassessing the value of treasury companies that primarily raise capital to buy and hold Bitcoin. Competition from spot Bitcoin ETFs and concerns about dilution and valuation premiums may be reducing demand.

How are spot crypto ETFs affecting treasury companies?

Spot ETFs offer investors direct crypto exposure through regulated investment vehicles. Because ETFs often provide lower-cost and more liquid access to digital assets, treasury companies face greater pressure to justify their valuations.

What does Galaxy Digital mean by the end of the “raise-and-hold” era?

Galaxy Digital argues that simply raising money and accumulating crypto assets may no longer be enough to attract investors. Treasury companies may need to generate additional revenue through activities such as staking, validator services or decentralised finance strategies.

Which non-Bitcoin assets saw treasury inflows?

Smaller inflows were recorded for Zcash, Story and Sui treasury strategies. Litecoin was the notable exception, recording approximately $1.89 million in net outflows during the month.

Why are Ether treasury companies under pressure?

Industry participants say spot Ether ETFs have reduced the appeal of public companies that only hold ETH. As a result, many Ether treasury firms are increasingly relying on staking and yield-generation strategies to improve returns.

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Crypto treasury inflows sink to seven-month low

Q: How much did crypto treasury inflows decline from April?

May inflows dropped 95% from April's $4.4 billion total. The figure was also about 93% below the average monthly inflow recorded between January and May, highlighting a significant shift in investor sentiment.

Written by Heidi Cuthbert Published Jun 3, 2026, 1:47 AM

Monthly inflows into digital asset treasury companies dropped to $180 million in May, marking the lowest level since October 2024 and signalling a significant slowdown in investor appetite for crypto treasury strategies.

Data from DefiLlama showed May inflows were down 95% from April's $4.4 billion and approximately 93% below the average monthly inflow recorded between January and May.

Bitcoin treasury companies attracted about $177 million of May inflows, representing roughly 98% of the total, though that figure was still sharply lower than the $3.8 billion recorded in April.

Outside Bitcoin, only modest inflows were recorded for assets including Zcash, Story and Sui, while Litecoin treasury products posted net outflows of approximately $1.89 million.

The decline comes as investors increasingly question the long-term appeal of companies that primarily raise capital to acquire and hold digital assets without generating additional revenue streams.

Galaxy Digital has argued that the "raise-and-hold" model is becoming less attractive and that treasury firms may need to adopt strategies such as staking, validator operations or decentralised finance activities to improve returns.

Industry participants also point to the growth of spot cryptocurrency ETFs, valuation pressures and ongoing shareholder dilution concerns as factors forcing treasury companies to demonstrate stronger business models beyond simple token accumulation.

At the time of reporting, Bitcoin price was $66,595.40.