Most Crypto Treasuries ‘Will Disappear’ Amid Bleak 2026 Outlook: Execs
The once-thriving world of crypto treasury companies is facing a major shakeout heading into 2026, with several industry executives warning that most digital asset treasury (DAT) firms may not survive the coming year. Despite a strong start in 2025, fueled by Bitcoin’s incredible rally to record highs, the sharp market correction and investor fatigue have created stormy conditions for the sector.
According to experts, the problem isn’t just market volatility, it’s structural. Many of these treasuries lack robust yield strategies or diversified financial frameworks, leaving them exposed to price swings and declining investor confidence.
Crypto Treasuries Under Pressure
“Going into the next year, I think the outlook for DATs is looking a bit bleak,” said Altan Tutar, co-founder and CEO of MoreMarkets, a crypto yield platform. Speaking with Cointelegraph, Tutar described the boom-and-bust pattern that defined 2025, when dozens of new blockchain treasury entities emerged to give Wall Street investors access to digital assets like Bitcoin and Ethereum.
These firms initially soared in valuation as Bitcoin BTC$88,452 peaked near $125,000 in October. But as the broader crypto market declined, so did confidence in the treasury model. “Most Bitcoin treasury companies will disappear with the rest of the DATs,” Tutar predicted.
He warned that treasuries heavily tied to altcoins such as Solana and XRP would be “the first to go,” since their market values are overly dependent on token performance rather than sustainable financial frameworks. “Investors evaluate these firms based on their market net asset value (mNAV). If that ratio falls below holdings, they lose trust quickly,” he added.
Winners Will Offer More Than Holdings
While many face collapse, Tutar believes a few standout companies will survive specifically those creating consistent utility and yield for stakeholders. “The winning treasuries will be the ones offering blockchain technology-based products and services that actually generate returns,” he explained. “It’s no longer enough to just hold Bitcoin or claim to support decentralization.”
This view is echoed by Ryan Chow, co-founder of Solv Protocol, who pointed out that the number of companies holding Bitcoin more than doubled from 70 to 130 during 2025. However, he said many misunderstood what a “crypto treasury” truly is.
“A Bitcoin treasury isn’t a one-stop solution to infinite dollar growth,” Chow noted. “Only those that integrate yield strategies or collateralized lending will survive. The rest treated accumulation as a marketing story without a real financial backbone.”
Yield and Liquidity Are Key to Survival
Chow emphasized that the best-performing treasury companies in 2025 were those that used on-chain instruments to generate passive yield or accessed blockchain-based liquidity tools during market drawdowns. Others that relied solely on holding and hype eventually had to liquidate assets to cover costs.
“The model must evolve from speculative to structured financial management,” Chow said. “Treasuries need to think like professional asset managers actively deploying capital within transparent, revenue-generating systems.”
Integrating With Traditional Finance
Vincent Chok, CEO of First Digital, added that successful Bitcoin treasury firms balance aggressive crypto strategies with conservative capital planning. “Those who are surviving treat Bitcoin as one part of a larger financial mix that includes liquidity management, operational stability, and TradFi-grade compliance,” he said.
Chok noted that the next major challenge for crypto treasuries will be competition from crypto exchange-traded funds (ETFs). These regulated products are now providing investors with simple and compliant ways to gain exposure to blockchain assets complete with staking and yield features once exclusive to crypto-native treasuries.
“ETFs are becoming the benchmark,” Chok explained. “To compete, crypto treasuries must integrate with traditional finance infrastructure, offering the same transparency, auditability, and compliance standards investors expect from Wall Street.”
A Harsh Year Ahead for the Crypto Pur Sector
As 2026 approaches, it’s clear that the golden age of speculative crypto treasuries may be ending. Still, industry leaders believe that through blockchain technology, innovation, and disciplined yield management, a smaller but stronger set of players will emerge.
For the crypto pur community, this moment feels both like a correction and a cleansing a necessary step for the maturing digital asset ecosystem. As volatile as the short-term picture may be, the long-term vision for on-chain financial management remains alive and perhaps more promising than ever.
