According to Wojciech Kaszycki, director of crypto infrastructure strategy and treasury company BTCS, the cryptocurrency market is likely to stabilize this year amid a market downturn as companies with operating businesses merge with or acquire companies with sales below net asset value (NAV).
Operating businesses, such as providing validator services for blockchain networks or offering public and private credit facilities, generate cash flows that give cryptocurrency treasury companies an advantage over those that merely collect cryptocurrencies, Kaszycki told Cointelegraph.
This financial advantage allows them to buy out companies that are abandoning cryptocurrency investments or trading below the value of their crypto holdings, he said. Kasszycki added:
“If you consolidate with another player, sometimes two plus two equals six or more, you can win faster because everyone in this market who is trading below net asset value is struggling.”
Cryptocurrency treasury companies experienced a market-wide downturn in 2025, with many companies’ stock prices falling below the value of the cryptocurrencies on their balance sheets. The decline in cryptocurrency prices preceded the cryptocurrency market crash in October.
Related: Crypto Biz: Bitcoin Treasury Shareholder Revolt
Tokenized public and private credit instruments as a source of revenue for cryptocurrency treasuries
“In today’s world, credit instruments are among the largest financial instruments used in the world,” Kaszycki told Cointelegraph.
Kaszycki said public and private credit instruments can also be tokenized on blockchain networks.
“I believe that tokenized real world assets (RWA), especially the tokenization of public and private credit, is something that will grow significantly over the next 24 months,” he said.
These risk-weighted assets can be used as collateral on decentralized finance (DeFi) platforms, including lending or borrowing applications, he said.
Strategy, the world’s largest Bitcoin (BTC) treasury company, offers credit and fixed income instruments to investors.
The company cited its fixed-income holdings as one of the reasons why index provider MSCI should include Strategy and other similar cryptocurrency treasury companies in its stock indexes.
“Strategy’s treasury business aims to provide investors with varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments,” Strategy he wrote in response to MSCI.
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