Will the 2026 crypto reserve winter arrive? The hoarding mode faces elimination, and most DAT companies may not survive.

After the market correction, the structural weaknesses of the DAT model have fully emerged. Relying solely on holding coins is no longer sufficient to support valuations. Profitability, governance, and compliance standards have become critical tests for the industry’s survival.

Post-market downturn repercussions surface, DAT model shifts from hype to elimination race

As the crypto market retreated from its 2025 peak, the rapidly expanding “Digital Asset Treasury” (DAT) companies are facing severe challenges. Industry insiders point out that before 2026, the DAT industry is likely to undergo significant reshuffling, with many companies lacking substantial operational capabilities struggling to survive.

Altan Tutar, co-founder and CEO of MoreMarkets, states that in 2025, a large number of DAT companies emerged. Their original purpose was to provide Wall Street investors with an alternative way to hold Bitcoin and other crypto assets directly. However, as the market turned bearish, these companies’ structural weakness—being highly dependent on rising coin prices—began to be exposed.

After Bitcoin peaked in October 2025, the overall crypto market corrected, and many DAT companies’ stock prices plummeted. Investors began re-evaluating whether their “market value could remain higher than the net value of their crypto holdings” (mNAV). Tutar bluntly states that the market is overly crowded, and淘汰 is inevitable. Especially for DAT companies focused on altcoins, they are the first to face abandonment by the capital markets because they struggle to maintain valuations above their assets’ intrinsic value.

Relying solely on holding coins is unsustainable; profit strategies become the key to survival

Another structural issue is that DAT companies generally view “buying coins” as their core narrative but lack comprehensive financial and risk management frameworks.

Ryan Chow, co-founder of Solv Protocol, points out that at the beginning of 2025, only about 70 companies adopted Bitcoin treasury strategies. By mid-year, this number had rapidly increased to over 130, indicating that this model was being widely replicated.

However, Bitcoin treasuries are not a “magic pill for unlimited growth.” During market downturns, companies lacking revenue sources are often forced to sell coins to cover operational costs, further eroding investor confidence.

Chow believes that the key for DAT companies to survive the next downturn is whether they view crypto assets as “manageable digital capital” rather than merely a store of value. Companies that performed relatively well in 2025 often generated stable income through on-chain financial instruments or used assets as collateral to obtain liquidity during market corrections.

Conversely, those that only use coin holding as a marketing story without clear treasury strategies tend to lose capital quickly under financial pressure. This also indicates that the DAT model is shifting from a speculative narrative toward a structure closer to traditional financial management.

ETF and traditional finance exert pressure, DAT must transform to compete

In addition to coin price volatility, DAT companies also face direct competition from crypto ETFs.

Vincent Chok, CEO of First Digital, states that more investors are choosing ETFs as a way to gain exposure to crypto prices due to their clear regulation and simple operation. As regulatory environments relax, some ETFs are beginning to include staking yields, further diminishing the attractiveness of DAT companies.

In this context, Chok believes that if the DAT model does not adapt, it will struggle to compete directly with ETFs. Future surviving companies must align with traditional finance in terms of transparency, auditing mechanisms, and compliance processes, and connect with professional financial infrastructure. This will enable investors to clearly understand asset allocation, risk management, and sources of returns. In other words, simply holding a certain amount of Bitcoin is no longer enough to support valuation; DAT must demonstrate additional value that ETFs cannot replicate.

Overall, the crypto asset treasury industry is rapidly cooling down. As the market shifts from capital-driven to cash flow and governance capability assessments, before 2026, DAT companies are likely to face a wave of淘汰. Ultimately, the survivors will not be the companies holding the most coins, but the few who can operate crypto assets as long-term, manageable capital.

This article is compiled by Crypto Agent from various sources, reviewed and edited by “Crypto City.” It is still in the training phase and may contain logical biases or informational errors. The content is for reference only and should not be considered investment advice.