Digital Asset Treasury Companies Face Uncertain Future Heading into 2026
As we approach 2026, the outlook for digital asset treasury (DAT) firms appears increasingly dire, according to industry leaders. Altan Tutar, co-founder and CEO of the crypto yield platform MoreMarkets, expressed concerns over the future of these companies, stating, “The outlook for DATs is looking a bit bleak.” The emergence of numerous crypto treasury firms in 2025 aimed to provide Wall Street investors with new opportunities to engage with cryptocurrencies. Initially, the share prices of many of these firms surged as significant investments flowed in during Bitcoin’s peak in October. However, the subsequent downturn in the broader crypto market has severely impacted their valuations.
With the sector becoming crowded, Tutar anticipates a significant reduction in the number of players. He foresees that “most Bitcoin treasury companies will disappear with the rest of the DATs.” Tutar elaborated that those focused on alternative cryptocurrencies (altcoins) are likely to be the first casualties, as they struggle to maintain valuations that exceed the worth of their crypto holdings—an important indicator for investors known as mNAV. He added, “I suspect that the flagship DATs for large assets like Ethereum, Solana, and XRP will follow that way pretty quickly too.” Tutar believes that companies which can offer additional value, such as products that deliver consistent returns to stakeholders, will be better positioned for success.
Yield Strategies Essential for Survival
Ryan Chow, co-founder of the Bitcoin platform Solv Protocol, shared insights with Cointelegraph, noting a significant increase in companies acquiring and holding Bitcoin—from 70 at the beginning of 2025 to over 130 by mid-year. However, Chow warned that a Bitcoin treasury is not a guaranteed pathway to unlimited growth and indicated that many companies may struggle to survive the impending market downturn. He stated, “Those that do will be the ones that treat their Bitcoin holdings as part of a broader yield strategy rather than a temporary hold of value.” Chow identified that the most successful crypto treasury firms in 2025 were those leveraging on-chain instruments for sustainable yield or utilizing collateralized assets to maintain liquidity during market declines.
The companies that faced the most significant challenges were those that treated asset accumulation as a mere marketing strategy without establishing a robust treasury framework, Chow noted. “The model needs to evolve from speculative to structured financial management,” he emphasized. He urged treasury holders to move beyond simple Bitcoin accumulation, advocating for an active management approach within a transparent, yield-generating ecosystem.
Linking Treasuries with Traditional Finance to Compete with ETFs
Vincent Chok, CEO of stablecoin issuer First Digital, echoed similar sentiments, stating that successful Bitcoin treasury companies implement careful allocation strategies and maintain operational liquidity, viewing Bitcoin as just one element of their overall financial strategy. Chok highlighted a growing trend among investors gravitating toward crypto exchange-traded funds (ETFs) for straightforward “regulated price exposure” to digital assets. With asset managers launching new products that incorporate staking returns following relaxed U.S. regulations, ETFs have emerged as formidable competitors to crypto treasury firms.
Chok emphasized the necessity for the crypto treasury model to adapt and align with traditional finance standards regarding transparency, auditability, and compliance, akin to ETFs. He asserted, “The model needs to integrate with professional traditional finance infrastructure to ensure operations are compliant with institutional standards for token screening and asset management.”
