Digital asset treasuries added more than 42,000 BTC over the past month, the largest increase since July, according to VanEck.
- VanEck noted that Bitcoin ETP holdings declined over the same period.
- Strategy accounted for the majority of recent corporate Bitcoin purchases, enabled by its mNAV remaining above 1.0x.
- VanEck predicted many DATs are expected to shift away from common stock issuance toward preferred equity to fund future buys.
Digital asset treasuries (DATs) bought Bitcoin (BTC) on the dip in size over the past month, snapping up more than 42,000 BTC at a time when exchange-traded product (ETP) investors were heading for the exits.
DATs increased their Bitcoin holdings by 4% between mid-November and mid-December, lifting total holdings to around 1.09 million BTC, marking the biggest net addition since July, according to VanEck. Between July and August, DATs added roughly 128,100 BTC, representing a 15% month-on-month increase in aggregate holdings.
Bitcoin’s price was trading at around $88,000 on Tuesday night, after briefly crossing the $90,000 mark earlier in the day. On Stocktwits, retail sentiment around the apex cryptocurrency continued to trend in ‘extremely bearish’ territory over the past day, as chatter rose to ‘normal’ from ‘low’ levels.
ETP Inflows Slow Down
Over the past month, VanEck noted that Bitcoin ETP holdings declined by roughly 120 basis points month-on-month to about 1.308 million BTC, highlighting a divergence between institutional portfolio flows and corporate treasury strategies.
Last week, digital asset investment products recorded $952 million in net outflows, marking the first weekly withdrawal in four weeks, according to CoinShares’ weekly report.
While the current pace falls well short of that surge, VanEck said the recent activity highlights how corporate treasuries have become a stabilizing force during periods of softer investor sentiment in Bitcoin-linked investment products.
Michael Saylor’s MSTR Leads The Charge
VanEck said the bulk of recent corporate Bitcoin buying came from Strategy (MSTR), which accounted for roughly 29,400 BTC of the total additions over the past 30 days. It added that Strategy has maintained the flexibility to issue common equity to fund Bitcoin purchases because its market net asset value (mNAV) remains above 1.0x.
Other DATs, meanwhile, saw their mNAVs fall below parity, limiting their ability to raise capital through common stock issuance without diluting shareholders.
MSTR’s stock edged 0.64% higher in after-hours trade on Monday after dipping 0.3% during regular trading. This came after the Michael Saylor-backed company paused its Bitcoin buys for the week and loaded up its USD Reserve instead. On Stocktwits, retail sentiment around the company remained in ‘extremely bearish’ territory over the past week, amid ‘low’ levels of chatter.
DATs Rethink Capital Raising
VanEck expects more digital asset treasuries to pivot away from common equity issuance and toward alternative funding structures, including preferred shares akin to Strategy, to continue accumulating Bitcoin.
It cited the example of Metaplanet, a Japan-based DAT, which is scheduled to hold a shareholder vote on December 22, 2025, to approve the issuance of preferred stock. The proceeds would be used to fund additional Bitcoin purchases and cover operating expenses.
However, Grayscale does not think DATs will be a market-moving factor going into 2026. In its prediction, the firm noted that demand for these vehicles has waned from the peak in mid-2025. It expects DATs to behave like closed-end funds, trading at premiums and discounts to net asset value and infrequently liquidating assets.
Read also: Hut 8 Jumps, MSTR Holds Fire While Crypto Market Drifts Lower
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