The outlook for cryptocurrency treasury companies in 2026 is bleak, with most crypto asset treasury companies potentially facing liquidation.

Several industry executives have stated that digital asset vault companies (DATs) will face severe challenges as the market environment weakens, potentially leading to a large-scale shakeout within the industry. Altan Tutar, co-founder and CEO of MoreMarkets, pointed out that while a large number of DAT companies emerged in 2025, providing Wall Street investors with exposure to crypto assets, many companies' stock prices have fallen significantly after the market correction, resulting in a bleak overall outlook. Tutar believes that with increased competition, most crypto vault 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 consistently exceed their net asset value (mNAV) of crypto assets. He also stated that even vaults built around mainstream assets such as Ethereum, Solana, or XRP may face similar pressure subsequently. Ryan Chow, co-founder of Solv Protocol, added that the number of listed or quasi-listed companies holding Bitcoin will increase significantly in 2025, but "simply holding Bitcoin is not a sustainable growth model," and companies lacking revenue management capabilities may struggle to survive the next downturn. He pointed out that surviving vault companies typically view crypto assets as digital capital that generates returns and liquidity, rather than simply as a store of value. Furthermore, First Digital CEO Vincent Chok stated that crypto ETFs are becoming a significant competitor to DAT because they offer investors more compliant and transparent price exposure. He believes that for the crypto vault 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. (Cointelegraph)