Crypto treasuries to consolidate in 2026 on NAV discounts
Crypto treasury firms are expected to undergo consolidation in 2026 as market weakness pressures valuations, with operators that generate cash flow positioned to merge with or acquire peers trading below net asset value (NAV), according to Wojciech Kaszycki, chief strategy officer at crypto infrastructure and treasury company BTCS.
Kaszycki told Cointelegraph that businesses providing services such as blockchain validator operations or issuing public and private credit instruments have revenue streams that differentiate them from treasuries focused primarily on holding digital assets. He said this financial stability enables them to purchase companies whose market prices reflect a discount to the value of their crypto holdings or that are struggling to break even on their portfolios.
Kaszycki added that combining operations can create outsized efficiencies and accelerate performance, noting that many firms trading below NAV are facing pressure amid current market conditions.
Crypto treasury stocks broadly declined in 2025, with several companies’ market capitalizations falling below the worth of the digital assets on their balance sheets. The sector’s slump came ahead of the broader crypto market crash in October.
Tokenized public and private credit as revenue drivers for crypto treasuries
Credit instruments remain among the most widely used financial tools globally, Kaszycki said. He expects public and private credit to be increasingly tokenized on blockchain networks and projected that real-world asset (RWA) tokenization—particularly in credit—will expand significantly over the next 24 months.
According to Kaszycki, these tokenized RWAs could serve as collateral across decentralized finance (DeFi) platforms, including lending and borrowing protocols.
Strategy, the largest Bitcoin (BTC) treasury company globally, offers credit-like and fixed-income products to the investing public. The company has cited its fixed-income offerings as part of its case for inclusion, along with similar crypto treasury firms, in MSCI 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 response to MSCI.
Stay informed, read the latest news right now!
Disclaimer
The content on TrustsCrypto.com is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, always do your own research before making decisions.
Some content may be assisted by AI and reviewed by our editorial team, but accuracy is not guaranteed. TrustsCrypto.com is not responsible for any losses resulting from the use of information provided.
