Wojciech Kaszycki, Chief Strategy Officer of BTCS, stated that consolidation may occur among crypto treasury companies in 2026 amidst a continued market downturn. He pointed out that some companies are currently trading at a discount, with their share prices below the net asset value (NAV) of their crypto assets. Kaszycki believes that companies with actual operational businesses (such as blockchain validator services or public/private lending products) have better cash flow and are better positioned to acquire companies that only hold crypto assets but lack operating revenue. Furthermore, he mentioned that the tokenization of real-world assets (RWA), especially the on-chaining of public and private lending assets, may see significant growth in the next 24 months and could become a potential revenue source for treasury companies. He also mentioned that Strategy, the world's largest Bitcoin treasury company, offers investors credit-like and fixed-income instruments, using this as a key argument for inclusion in the MSCI index. (Cointelegraph)