Opinion: Crypto Treasury companies may experience an integration wave by 2026, with operational enterprises having merger and acquisition advantages

BlockBeats News, March 1 — Wojciech Kaszycki, Chief Strategy Officer of BTCS, stated that as the crypto market continues to be sluggish, a wave of consolidation among crypto treasury companies may occur by 2026. Currently, many companies’ stock prices have fallen below the net asset value (NAV) of their crypto holdings, trading at a discount.

Kaszycki pointed out that treasury companies with actual operating businesses—such as blockchain validator services and providing public and private credit tools—have cash flow advantages and are more capable of acquiring companies that only hold crypto assets but lack operational income. He said, “In this market, many companies trading below NAV are struggling. If consolidation occurs, sometimes ‘2+2’ could equal 6, allowing for faster success.”

Additionally, he believes that tokenization of real-world assets (RWA), especially on-chain public and private credit assets, will see significant growth within the next 24 months. These tokenized credit instruments can serve as collateral on DeFi platforms for lending and other scenarios, becoming a potential revenue source for treasury companies.

Currently, the world’s largest Bitcoin treasury company, Strategy, also offers credit-like and fixed-income instruments to investors, which is one of the key reasons it was included in the MSCI index system.