On March 1, Wojciech Kaszycki, Chief Strategy Officer at BTCS, said crypto treasury firms could face a wave of consolidation in 2026 amid the ongoing crypto market slump. Many of these firms currently trade below the net asset value (NAV) of their crypto holdings, at a discount to NAV. Kaszycki noted that treasury firms with actual operating businesses — such as blockchain validation services and public/private credit tools — have a cash flow edge, putting them in a stronger position to acquire firms that only hold crypto assets but lack operating income. “Many companies trading below NAV are struggling in this market,” he said. “If consolidation takes place, sometimes 2+2 can equal 6, enabling quicker success.” He also expects real-world asset (RWA) tokenization, particularly the on-chain conversion of public and private credit assets, to grow significantly over the next 24 months. These tokenized credit instruments can serve as collateral on DeFi platforms for lending, creating a potential revenue stream for treasury firms. Currently, Strategy — the world’s largest Bitcoin treasury firm — offers investors credit-like and fixed-income instruments, a key factor in its inclusion in the MSCI index system.
