Crypto treasury companies likely to consolidate in 2026: Crypto exec
The crypto treasury market is likely to consolidate this year amid the market downturn, as companies with operating businesses merge with or acquire those trading below net asset value (NAV), according to Wojciech Kaszycki, chief strategy officer of crypto infrastructure and treasury company BTCS.
Operating businesses, such as providing validator services for blockchain networks or offering public and private credit instruments, generate cash flow that give crypto treasury companies an edge over those that only accumulate crypto, Kaszycki told Cointelegraph.
This financial edge allows them to buy up companies treading water on their crypto investments or trading below the value of their crypto holdings, he said. Kaszycki added:
“If you consolidate with another player, sometimes two plus two equals six or more, you can win faster, because everybody in this market trading below net asset value is struggling.”
Crypto treasury companies experienced a market-wide downturn in 2025, with many companies’ stock prices dropping below the value of the crypto held on their balance sheets. The crypto treasury decline preceded the crypto market crash in October.
Related: Crypto Biz: A Bitcoin treasury shareholder revolt
Tokenized public and private credit instruments as a revenue model for crypto treasuries
“In today's world, credit instruments are one of the biggest financial instruments used worldwide,” Kaszycki told Cointelegraph.
Public and private credit instruments could also be tokenized on blockchain networks, Kaszycki said.
“I believe tokenized real-world assets (RWA), especially tokenization of public and private credit, is something that will grow a lot in the next 24 months,” he said.
These RWAs could be used as collateral on decentralized finance (DeFi) platforms, including lending or borrowing applications, he said.
An overview of the tokenized private credit market. Source:
Strategy, the biggest Bitcoin (BTC) treasury company in the world, offers credit-like and fixed-income instruments to the investing public.
The company cited its fixed-income instruments as one of the reasons that MSCI, an index provider, should include Strategy and other similar crypto treasury companies in its stock indexes.
“Strategy’s treasury operations are designed to provide investors with varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments,” Strategy wrote in response to MSCI.
Magazine: ‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum: Asia Express
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Assessing if Avalanche’s growing network activity can spur AVAX’s price recovery
Berkshire's stock hits a new high amid tech plunge as return to yen bonds sparks heated "increase positions in Japan" discussion
Berkshire Hathaway has hired banks to prepare for its first yen bond issuance since April, aiming to raise more funds in Japan. According to sources familiar with the matter, Berkshire has mandated Mizuho Securities and Bank of America Securities for a potential benchmark yen bond issuance, which is expected to take place in the near future, though the exact timing will depend on market conditions.
Nomura's monopoly is being challenged! Mizuho (MFG.US) is reshaping Japan's underwriting landscape with global IPOs
Mizuho is establishing a solid foothold in Japan's equity capital market by leveraging a unique and highly profitable track: on one hand, it is tapping into the strong demand for AI financing from the US market, and on the other, connecting with the vast domestic household savings in Japan.
Crypto prices
More
