Digital asset treasury (DAT) companies appear to be looking at a tough road ahead as they approach 2026, with many major firms seeing their stock prices drop significantly, according to insights from industry insiders.
Altan Tutar, co-founder and CEO of crypto yield platform MoreMarkets, shared, “Going into next year, I think the outlook for DAT is a little bleak.”
This past year, dozens of crypto treasury firms emerged to offer Wall Street investors new avenues to access cryptocurrencies. When Bitcoin (BTC) reached a record high in October, many companies saw their stock values rise sharply as significant investments poured in. However, those valuations have since plummeted due to a widespread selloff in the crypto market.
Tutar noted that as competition in the market intensifies, a significant number of players will likely vanish. “Most Bitcoin treasury companies will disappear along with the rest of DAT,” he asserted.
He suggested that crypto bonds, particularly those focused on altcoins, “will be the first to exit.” These companies struggle to keep their market value above the value of their crypto holdings—a crucial metric for investors known as mNAV.
“I think the flagship DATs of large assets like Ethereum, Solana, and XRP will be like that pretty quickly,” Tutar added.
On a more positive note, he mentioned that companies offering additional value on their large asset holdings—those that can generate strong and reliable returns—are likely to fare better.
Ryan Chou, co-founder of Bitcoin platform Solve Protocol, indicated to Cointelegraph that the number of firms engaged in buying and holding Bitcoin expanded from 70 at the start of 2025 to over 130 midway through the year.
Chou pointed out that Bitcoin bonds are “not a one-stop solution to endless dollar growth” and hinted that various companies may find it tough to endure the next economic downturn.
“Such companies will treat their Bitcoin holdings as part of a broader yield strategy rather than a temporary hold on value,” he explained.
He also noted that the most successful crypto treasury firms this past year were those leveraging “on-chain products to generate sustainable yield” or using collateralized assets to maintain liquidity even during market slumps.
Additionally, he remarked that those crypto bonds that have underperformed and were forced to liquidate cryptocurrencies to meet operational costs generally lacked a solid financial foundation to support their accumulation.
Chou emphasized the need for evolution in their approach from speculative to structured financial management. “Treasury holders need to think about not just holding Bitcoin, but actively managing it as digital capital within a transparent and yield-producing system,” he said.
Vincent Chok, CEO of stablecoin issuer First Digital, mentioned that successful Bitcoin treasury firms often adopt cautious allocation strategies and maintain operational liquidity, treating Bitcoin merely as one part of their overall financial framework.
He noted that investors are increasingly leaning towards crypto exchange-traded funds (ETFs) for a straightforward way to gain “regulated price exposure” to digital assets, highlighting the competitive edge ETFs have gained.
Chok urged that crypto treasury models, like ETFs, must adapt to meet “traditional finance expectations,” especially concerning transparency, auditability, and compliance.
He concluded that a significant advancement will be needed to ensure these operations align with the institutional standards surrounding token screening and asset management.
