The crypto treasury market is likely to see consolidation this year as the downturn forces companies to merge or be acquired, according to Wojciech Kaszycki, chief strategy officer at crypto infrastructure and treasury firm BTCS.
Kaszycki said firms with operating businesses — for example, those providing validator services for blockchain networks or offering public and private credit instruments — generate cash flow that gives them an advantage over entities that only accumulate crypto. That financial resilience enables operating businesses to buy companies that are struggling with their crypto investments or trading below net asset value (NAV).
“If you consolidate with another player, sometimes two plus two equals six or more, you can win faster, because everybody in this market trading below net asset value is struggling,” Kaszycki said.
Crypto treasury stocks broadly fell in 2025, with many trading below the value of the crypto on their balance sheets. That sector-wide decline preceded the broader crypto market crash in October.
Kaszycki highlighted tokenized public and private credit as an important revenue stream for crypto treasuries. He noted that credit instruments are among the largest financial products globally and that tokenizing real-world assets (RWA), particularly public and private credit, should expand substantially over the next 24 months. These tokenized RWAs could serve as collateral in decentralized finance (DeFi) applications, including lending and borrowing platforms.
The article notes that Strategy, cited as the world’s largest Bitcoin (BTC) treasury company, offers credit-like and fixed-income instruments to investors. Strategy pointed to its fixed-income products as a rationale for inclusion, along with similar firms, in MSCI stock indexes. In a response to MSCI, Strategy wrote that its treasury operations are designed to provide investors with varying degrees of economic exposure to Bitcoin through a range of securities, including both equity and fixed-income instruments.
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