Crypto Treasury Firms Set to Consolidate in 2026, Exec Says

What to Know

Crypto treasury companies trading below net asset value are expected to become acquisition targets in 2026, according to BTCS executive Wojciech Kaszycki
Firms with operating businesses like validator services and credit instruments hold a financial edge over pure crypto accumulators
Tokenized real-world assets, especially public and private credit, are forecast to grow significantly over the next 24 months
Strategy, the largest Bitcoin treasury company, has cited its fixed-income instruments as grounds for MSCI index inclusion

Crypto treasury companies with operating businesses are poised to acquire struggling rivals in 2026, according to Wojciech Kaszycki, chief strategy officer at crypto infrastructure firm BTCS. The executive told reporters that firms generating cash flow hold a decisive advantage over those simply accumulating digital assets, as many treasury stocks now trade below their net asset value (NAV) following the 2025 downturn.

Operating Businesses Give Crypto Treasury Firms an Edge

Companies running validator services for blockchain networks or offering public and private credit instruments produce revenue that pure crypto holders lack, Kaszycki said in a statement. This cash flow positions them to merge with or buy treasury firms whose share prices have sunk below the worth of their digital asset holdings.

The anticipated consolidation follows a market-wide downturn that hit crypto treasury stocks throughout 2025. Many firms saw valuations slip into discount territory, and the decline began before the broader crypto market crash in October, according to Kaszycki.

Companies with operating businesses will naturally look to acquire those trading below NAV, creating a consolidation cycle across the crypto treasury sector.
— Wojciech Kaszycki, Chief Strategy Officer, BTCS

Why Will Tokenized Credit Reshape Crypto Treasuries?

Tokenized real-world assets are set to reshape crypto treasury strategy over the coming two years, Kaszycki told reporters. Credit instruments rank among the most widely used financial tools globally, and both public and private credit products could soon be tokenized on blockchain networks, he said.

These tokenized RWAs could serve as collateral on decentralized finance (DeFi) platforms, including lending and borrowing protocols, Kaszycki added.

Strategy Pushes for MSCI Index Inclusion

Strategy, the world's largest Bitcoin (BTC) treasury company, already offers credit-like and fixed-income instruments to the investing public. The firm wrote to MSCI, a major index provider, arguing that its treasury operations give investors varying degrees of economic exposure to Bitcoin through equity and fixed-income securities.

Strategy cited these offerings as a key reason that MSCI should include crypto treasury companies in its stock indexes, underscoring a broader shift toward structured financial products over reliance on crypto price appreciation alone.

What This Means Going Forward

The expected consolidation of crypto treasury companies in 2026 signals a maturing industry where operational revenue matters more than speculative holdings. Firms generating cash flow through validator services, credit instruments, and tokenized real-world assets are better positioned to absorb weaker competitors trading below NAV, potentially leaving fewer but stronger companies dominating the space by year-end.