Experts Predict Collapse of Bitcoin and Ethereum Holding Companies

By 2026, publicly traded companies with cryptocurrency reserves(DAT) face a large-scale crisis. Many major corporations' stock prices have already fallen, and industry representatives forecast further deterioration, according to Cointelegraph.
In 2025, many companies offering investors access to cryptocurrencies through stocks emerged in the market. During the October Bitcoin bull run, the industry attracted billions of dollars, but the subsequent correction severely impacted these companies' market values.
Pessimistic Forecast
Altan Tutar, co-founder of MoreMarkets, described the industry's outlook as “gloomy.” He believes that market oversaturation will lead most such institutions to shut down.
The first to fail will be companies focused on altcoins: they cannot keep market valuations above their asset book value. Tutar predicts that investors holding large amounts of major coins like Ethereum, Solana, and XRP will follow.
Only companies that can provide additional value to investors will survive. This involves creating products that generate stable returns and can distribute asset income among shareholders.
Shift in Business Models
Ryan Chow, co-founder of Solv Protocol, pointed out that the number of companies holding the top cryptocurrency increased from 70 to 130 within half a year. However, a simple accumulation strategy no longer guarantees success.
According to Chow, many market participants only see buying digital gold as a marketing tactic, without a real financial structure. Now, they are forced to sell assets to cover operational costs.
Experts believe that methods must change: a shift from speculation to structured capital management is necessary. Bitcoin should operate within transparent yield instruments rather than being a “dead weight” on the books.
Threats from ETFs
Vincent Chok, CEO of First Digital, believes that the main threat facing DAT companies is competition from spot ETFs. Investors are increasingly inclined to choose exchange-traded funds (ETFs) as simpler, more regulated tools. Relaxed regulations in the US have also exacerbated this, allowing ETFs to include staking yields.
To survive, crypto companies will have to meet the standards of traditional finance. This requires full transparency, auditing capabilities, and compliance with institutional-level procedures.
A reminder: James Butterfill, a researcher at CoinShares, pointed out that the bubble of “treasury” companies has actually burst.