Криптофирмы на грани краха: эксперты прогнозируют кризис в секторе публичных компаний с цифровыми активами Headline: Crypto Firms on the Brink of Collapse: Experts Predict Crisis in Public Companies with Digital Assets

By 2026, the public companies holding cryptocurrency reserves (DAT) sector may face an extensive crisis. The shares of many major players have already declined, and industry representatives predict further deterioration, as reported by Cointelegraph.

In 2025, numerous firms emerged, offering investors access to cryptocurrencies through stocks. During the Bitcoin rally in October, the sector attracted billions of dollars; however, the subsequent market correction significantly impacted the capitalizations of these enterprises.

Co-founder of MoreMarkets, Altan Tutar, described the sector’s outlook as «bleak.» He believes that market saturation will lead to the closure of most of these organizations.

Companies focused on altcoins will be the first to exit, as they won’t be able to maintain market valuations above the asset values on their balance sheets. Tutar asserts that large coin holders like Ethereum, Solana, and XRP will follow.

Only those who can provide additional value to investors are likely to survive. This refers to products that generate stable income from assets, which can then be distributed to shareholders.

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

According to Chow, many market participants treated the purchase of digital gold merely as a marketing tactic lacking a solid financial structure. Now, they are compelled to sell assets to cover operational costs.

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

Vincent Choc, CEO of First Digital, sees the main threat to DAT companies coming from competition with spot ETFs. Investors are increasingly favoring exchange-traded funds as a more straightforward and regulated tool. The situation has been exacerbated by relaxed regulations in the U.S., allowing ETFs to include income from staking.

To stay afloat, cryptocurrency companies will need to meet the standards of traditional finance. This requires full transparency, auditability, and compliance procedures at the level of institutional players.

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