Crypto treasuries’ inflows drop 95%; Radiant winds down, CLARITY

Monthly inflows to digital asset treasury companies fell 95% in May to $180 million, the lowest monthly total since October 2024, data from DefiLlama show. The May total declined from $4.4 billion in April and followed $4.2 billion in March.

Bitcoin-focused treasury firms accounted for about $177 million, roughly 98% of May’s inflows, while Bitcoin inflows fell from $3.8 billion in April. Non-Bitcoin assets recorded small inflows to ZCash, Story and Sui; Litecoin showed an outflow of $1.89 million.

Industry participants cited the rise of spot exchange-traded funds, compression of net asset values and pressure to generate yield as factors investors raised when reassessing passive treasury models that raise capital and hold tokens.

Radiant Capital announced it will wind down after an October 2024 exploit by the Lazarus Group drained about $50 million. The protocol’s total value locked fell to about $75 million immediately after the exploit and dropped to roughly $5 million within a month.

Radiant said it will move into a maintenance state. The frontend will remain online, smart contracts will stay accessible, and users will be able to withdraw, repay and manage positions. Radiant added there will be no further development, upgrades or expansions as part of the wind-down.

The US Senate will resume consideration of the Digital Asset Clarity Act as lawmakers return from a Memorial Day recess. The bill, introduced by House Republicans and passed by the House in July 2025, cleared two Senate committees before the break and would expand the authority of the federal commodities regulator over certain digital assets.

Coinbase chief policy officer Faryar Shirzad described the bill as ‘actually the biggest financial regulatory bill that Congress has done in quite some time, certainly since Dodd-Frank.’ A prediction market assigned about a 55% chance that the bill will be signed into law this year.

Earlier this year, several digital asset treasury companies raised capital by issuing equity or token holdings backed by crypto treasuries. Those firms rely on token appreciation or yield to support operations and investor returns; market developments this year reduced the potential upside for passive holdings and led some investors to look at yield-focused or actively managed products.