Путь к выживанию: как криптокомпании могут адаптироваться к новым реалиям рынка Translation: The Path to Survival: How Crypto Companies Can Adapt to New Market Realities

By 2026, the public sector of companies holding cryptocurrency reserves (DAT) is at risk of facing a significant crisis. The stocks of many major players have already declined, and industry representatives are predicting further deterioration, as reported by Cointelegraph.

In 2025, numerous firms entered the market, providing investors with access to cryptocurrencies through shares. During the Bitcoin rally in October, the sector attracted billions, yet the subsequent correction severely impacted the valuation of these companies.

Altan Tutar, co-founder of MoreMarkets, characterized the outlook for the sector as «bleak.» He believes that market saturation will lead to the closure of most of these entities.

Companies focused on altcoins will be the first to exit, as they will struggle to maintain a market valuation above the value of the assets on their balance sheets. Tutar anticipates that large coin holders, such as Ethereum, Solana, and XRP, will follow suit.

Survival will depend on those who can provide added value to investors. This involves products that generate stable returns from assets that can be distributed among shareholders.

Ryan Chow, co-founder of Solv Protocol, noted that the number of companies holding the original cryptocurrency surged from 70 to 130 in just six months. However, the strategy of mere accumulation no longer guarantees success.

According to Chow, many market participants previously employed the purchase of digital gold merely as a marketing tactic without a genuine financial structure. They are now compelled to sell off assets to cover operational expenses.

The expert is convinced that a shift in approach is necessary: moving from speculation to structured capital management. Bitcoin needs to be utilized in transparent income-generating mechanisms rather than sitting on the balance sheet as a «dead weight.»

Vincent Chok, CEO of First Digital, identifies the primary threat to DAT companies as competition from spot ETFs. Investors increasingly favor exchange-traded funds as a simpler and more regulated option. The situation has been exacerbated by the easing of regulations in the U.S., which has allowed ETFs to include staking income.

To survive, crypto companies will need to meet the standards of traditional finance. This requires complete transparency, auditability, and adherence to compliance procedures at the institutional level.

It’s worth noting that CoinShares researcher James Butterfill has stated that the bubble surrounding «treasury» companies has effectively burst.