The crypto treasury sector is likely to undergo consolidation this year as the market downturn pushes weaker firms to merge or be acquired, according to Wojciech Kaszycki, chief strategy officer at crypto infrastructure and treasury company BTCS. Kaszycki says companies with operating businesses — such as validator service providers or firms offering public and private credit products — generate cash flow that gives them an edge over entities that primarily hold crypto assets.
That operating cash flow, Kaszycki said, allows resilient firms to acquire competitors that are struggling with poor crypto investments or trading below net asset value. He noted that combining businesses can produce outsized benefits for both parties and accelerate recovery, since many treasury-focused companies are currently under pressure.
Crypto treasury stocks broadly declined in 2025, with many trading beneath the value of the crypto on their balance sheets. That sector-wide slump preceded the wider cryptocurrency market crash in October.
Kaszycki highlighted tokenized public and private credit as a significant future revenue source for crypto treasuries. He pointed out that credit instruments are among the largest global financial products and that tokenizing real-world assets—particularly public and private credit—should grow substantially over the next 18–24 months. Those tokenized real-world assets could also be used as collateral across decentralized finance applications, including lending and borrowing platforms.
The article also references Strategy, described as the world’s largest Bitcoin treasury company, which offers credit-like and fixed-income instruments to investors. Strategy cited those fixed-income products as part of the reason for its inclusion, along with similar firms, in MSCI equity indexes. In a response to MSCI, Strategy said its treasury activities are structured to give investors varying economic exposure to Bitcoin through a mix of equity and fixed-income securities.
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