The cryptocurrency treasury market is poised for consolidation in 2026, according to an industry executive. Wojciech Kaszycki of BTCS stated that companies with operational cash flow will likely acquire rivals trading below net asset value. This trend follows a broad downturn for crypto treasury stocks, which declined ahead of the wider market crash in October 2025.
The crypto treasury market is likely to consolidate this year amid the market downturn. According to BTCS chief strategy officer Wojciech Kaszycki, companies with operating businesses may merge with or acquire those trading below net asset value.
Operating businesses generate cash flow that provides a financial edge. Kaszycki noted this advantage allows them to buy companies struggling with their crypto investments.
He elaborated on the consolidation logic in a statement. “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,” Kaszycki said.
Crypto treasury companies experienced a market-wide downturn in 2025. Many companies’ stock prices dropped below the value of their crypto holdings before the broader crash.
Kaszycki highlighted tokenized credit instruments as a key revenue stream. He told interviewers that public and private credit instruments could be tokenized on blockchain networks.
“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 tokenized assets could serve as collateral on decentralized finance platforms.
Strategy, the world’s largest Bitcoin treasury company, offers credit-like and fixed-income instruments. The company cited these offerings as a reason for inclusion in major 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,” the company wrote in a document.
