Opinion: Most crypto treasury companies face a bleak outlook for 2026, with even flagship DAT facing a crisis.

[Opinion: Most Crypto Vault Companies Face a Bleak Outlook in 2026, Flagship DATs Also in Crisis] According to a report by Cointelegraph, several industry executives stated that digital asset vault companies (DATs) will face severe challenges as the market environment weakens, potentially leading to a large-scale shakeout. Altan Tutar, co-founder and CEO of MoreMarkets, pointed out that while a large number of DAT companies emerged in 2025, providing Wall Street investors with exposure to crypto assets, many companies' stock prices have fallen significantly after the market correction, resulting in a bleak overall outlook. Tutar believes that with increased competition, most crypto vault companies will struggle to survive, especially those centered around Altcoin, which may be the first to exit the market as their market capitalization is unlikely to exceed their net asset value (mNAV) in the long term. He also stated that even vaults built around mainstream assets such as Ethereum, Solana, or XRP may face similar pressure subsequently. Solv Protocol co-founder Ryan Chow added that the number of listed or near-listed companies holding Bitcoin will increase significantly in 2025, but "simply holding Bitcoin is not a sustainable growth model," and companies lacking revenue management capabilities may struggle to survive the next downturn. He pointed out that surviving vault companies often view crypto assets as digital capital that generates returns and liquidity, rather than simply as a store of value. Furthermore, First Digital CEO Vincent Chok stated that crypto ETFs are becoming a significant competitor to DATs because they offer investors more compliant and transparent price exposure. He believes that for the crypto vault model to continue to develop, it needs to integrate more deeply with traditional financial infrastructure, approaching ETF standards in terms of compliance, auditing, and asset management.