According to Wojciech Kaszicki, chief strategist of crypto infrastructure and treasury firm BTCS, the crypto treasury market is likely to consolidate on the back of the market this year as companies with active businesses merge with or acquire those trading below net asset value (NAV).
Operational businesses, such as providing validation services for blockchain networks or providing public and private credit instruments, generate cash flow that gives crypto treasury companies an advantage over those that only collect crypto, Kaszicki told Cointelegraph.
This financial advantage allows them to buy companies that are liquidating their crypto investments or trading above the value of their crypto holdings, he said. Kaszicki added:
“If you team up with another player, sometimes two plus two equals six or more, you can win faster because everyone in this market is trading below net asset value, fighting.”
Crypto treasury companies experienced a global market downturn in 2025, and many companies’ stock prices fell below the value of the crypto on their balance sheets. The decline of the crypto fund happened before the crypto market crash in October.
related to: Crypto Biz: Revolt of Bitcoin Treasury Shareholders
Public and private credit instruments as an income stream for crypto funds
“In today’s world, debt instruments are one of the largest financial instruments used worldwide,” Kaszicki told Cointelegraph.
Public and private debt instruments can also be tokenized on blockchain networks, Kaszicki said.
“I believe that real assets (RWA), especially the tokenization of public and private debt, is something that will grow significantly in the next 24 months,” he said.
He said that these RWAs can be used as collateral in decentralized finance (DeFi) platforms, including for lending or borrowing.
Strategy, the world’s largest Bitcoin (BTC) treasury company, offers debt-like instruments and fixed income to the investment community.
The company cited its stable income instruments as one of the reasons why MSCI, an index provider, should include Strategy and other similar crypto-treasury companies in its stock indexes.
“Strategy’s treasury operations are designed to provide investors with varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments,” Strategy said in a response to MSCI.
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