Crypto Treasury Consolidation on Horizon as Asset Prices Decline

Crypto treasury companies may be on the cusp of significant consolidation as declining asset prices push some firms' stock values below their net asset value.

According to Wojciech Kaszycki, chief strategy officer at BTCS, a publicly traded crypto infrastructure and treasury company, operating businesses that generate revenue independent of crypto price movements are more resilient and better positioned for acquisition or merger. These companies include those providing blockchain validator services or offering tokenized credit instruments.

Kaszycki predicts that the consolidation wave will gain momentum in 2026 as firms with declining asset prices struggle to stay afloat. He notes that some treasury-focused companies were already underwater before the broader crypto market drop intensified in October.