Крипто-компании на грани краха: Инспекция проблем в секторе с цифровыми активами Translation: Headline: Crypto Companies on the Brink of Collapse: Inspecting Problems in the Sector with Digital Assets

By 2026, the sector of public companies holding cryptocurrency reserves (DAT) is at risk of facing a significant crisis. Shares of many major players have already declined, and industry representatives predict a further deterioration of the situation, according to Cointelegraph.

In 2025, numerous firms entered the market, offering investors access to cryptocurrencies through stock investments. During the Bitcoin rally in October, the sector attracted billions of dollars; however, the subsequent correction severely impacted the market capitalization of these companies.

Altan Tutar, co-founder of MoreMarkets, described the sector’s outlook as «bleak.» He believes that market saturation will result in the closure of most of these firms.

Initially, companies focused on altcoins will be the first to go, as they will struggle to maintain market valuations above their asset values. Tutar suggests that major cryptocurrencies like Ethereum, Solana, and XRP will follow suit.

Only those who can provide additional value to investors will survive. This means creating products that generate stable returns on assets that can be distributed among shareholders.

Ryan Chow, co-founder of Solv Protocol, noted that the number of companies holding Bitcoin has increased from 70 to 130 in just six months. However, the strategy of simple accumulation no longer guarantees success.

According to Chow, many market participants viewed the acquisition of digital gold merely as a marketing tactic without a solid financial foundation. Now, they are compelled to sell assets to cover operational expenses.

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

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

For cryptocurrency companies to remain viable, they will need to meet the standards of traditional finance, requiring full transparency, auditability, and compliance procedures on par with institutional players.

It is worth noting that CoinShares researcher James Butterfill observed that the bubble of «treasury» companies has essentially deflated.