Bitcoin Treasury Company faces increasing divergence in 2026: Only such DAT can survive

【Crypto World】The number of publicly traded companies holding Bitcoin has grown rapidly by early 2025, jumping from 70 at the beginning of the year to over 130 by mid-year. However, behind the boom, the days are becoming increasingly difficult for crypto asset treasury companies (DAT).

MoreMarkets co-founder and CEO Altan Tutar bluntly stated that as competition intensifies, most Bitcoin treasury companies will be eliminated. Those that focus solely on altcoins will be the first to be pushed out, and only players who can create additional value and generate stable returns continuously will have a chance to survive.

Ryan Chow, co-founder of Solv Protocol, added a more sobering assessment: DAT is not a万能 solution for infinite USD growth. Many companies “are unlikely to survive the next market correction.” The companies that do survive will need to change their approach—no longer treating Bitcoin as a temporary store of value, but as transparent, income-generating digital capital to be actively managed.

First Digital CEO Vincent Chok pointed out that successful Bitcoin DATs share two common features: comprehensive strategic planning and sufficient liquidity reserves. Simply including Bitcoin in financial statements is not enough.

Another threat comes from traditional finance. Investors are accelerating their flow into crypto ETFs, which forces the DAT model to evolve quickly to meet the expectations of institutions and traditional capital.