Opinion: The outlook for most crypto treasury companies is bleak before 2026, and flagship DAT will also fall into crisis

According to Cointelegraph, several industry executives have stated that as the market environment weakens, Digital Asset Treasury (DAT) companies face severe challenges as they approach 2026, and a large-scale liquidation may occur in the industry. Altan Tutar, co-founder and CEO of MoreMarkets, pointed out that a large number of DAT companies emerged in 2025, providing Wall Street investors with exposure to crypto assets, but after the market correction, many companies' stock prices have significantly declined, and the overall outlook has become bleak.

Tutar believes that with increasing competition, most crypto treasury companies will struggle to survive, particularly those focused on altcoins, which may be the first to exit the market, as their market capitalization is unlikely to remain above the net asset value (mNAV) of the crypto assets they hold in the long term. He also mentioned that even treasuries built around mainstream assets like Ethereum, Solana, or XRP may face similar pressures later on.

Ryan Chow, co-founder of Solv Protocol, added that the number of publicly listed or quasi-listed companies holding Bitcoin surged in 2025, but "simply holding Bitcoin is not a sustainable growth model," and companies lacking revenue management capabilities may struggle to endure the next downturn. He pointed out that the treasury companies that survive often view crypto assets as digital capital that can generate revenue and liquidity, rather than merely a store of value.

Additionally, Vincent Chok, CEO of First Digital, stated that crypto ETFs are becoming significant competitors to DATs, as they can provide investors with a more compliant and transparent price exposure. He believes that for the crypto treasury model to continue to develop, it needs to integrate more deeply with traditional financial infrastructure, approaching ETF standards in terms of compliance, auditing, and asset management.