De flesta företag med Bitcoin-statsobligationer kommer att försvinna år 2026.

According to industry experts, most companies that have accumulated Bitcoin (BTC) on their balances may disappear due to economic downturn, competition from ETFs, and inability to generate sustainable income. The number of such companies grew from 70 at the beginning of 2025 to over 130 by mid-year, but many are not prepared for a potential market decline.

Altan Tutar, co-founder and CEO of MoreMarkets, warned:

"In 2026, most companies with BTC treasuries will disappear along with the rest of the DAT."

He emphasized that companies focused on altcoins will be the first victims, as they will not be able to maintain a market value above the value of their crypto assets (mNAV).

"I suspect that flagship DAT for major assets like Ethereum, Solana, and XRP will quickly follow," Tutar added.

According to him, only those offering additional value, such as stable income for stakeholders, will survive.

Ryan Chow, co-founder of Solv Protocol, confirmed this trend:

"The number of companies buying and holding BTC grew from 70 at the beginning of 2025 to over 130 by mid-year. Many of them are unlikely to survive the next economic downturn."

Chow stressed that a BTC treasury "is not a universal solution for endless dollar growth," and successful companies will treat Bitcoin as part of a broader profit-generation strategy rather than just a temporary store of value. "The model must evolve from speculative to structured financial management," he noted, recommending the use of on-chain tools to generate sustainable income and collateralized assets for liquidity access during market dips.

Vincent Chok, CEO of First Digital, added that successful BTC treasuries will feature "prudent allocation strategies, operational liquidity, and treat Bitcoin as only one component of the financial plan." He pointed to the shift of investors toward crypto ETFs, which offer regulated exposure, and emphasized that DAT must meet traditional finance expectations regarding transparency, auditing, and compliance.

"The model must integrate with professional traditional finance infrastructure to ensure operations compatible with institutional standards for token verification and asset management," Chok explained.

Market research confirms the growing interest in BTC treasuries in 2025. According to BitcoinTreasuries.NET data, the total number of public companies, governments, and institutions holding Bitcoin reached 145, with total holdings exceeding 1.5 million BTC worth about $140 billion. The leader remains MicroStrategy (MSTR), which has accumulated over 640,000 BTC, though its share has decreased to 60% due to new entrants. Among the top holders are also MARA Holdings (53,520 BTC), XXI (43,514 BTC), and Metaplanet (30,823 BTC). Corporate holdings grew by 448% since January 2023, reaching 1.08 million BTC, indicating Bitcoin's recognition as a long-term asset.

However, predictions for 2026 are pessimistic. Experts from Grayscale predict the "dawn of the institutional era," where more crypto assets will become available through ETFs, but this will intensify competition for DAT. In the event of an economic downturn, as IG predictions, Bitcoin could find itself in a "tight market" with improved liquidity but at risk of bearish dumping. Some analysts, like those from Coinshares, see potential for BTC growth to $170,000 in a Fed crisis scenario, but the base case is $110,000-140,000 with slow economic growth. Risks include debt obligations: companies hold 6.2% of the total BTC supply, with 21-fold growth since 2020, often through debt strategies.

Experts advise companies to evolve: focus on profitability, integration with TradFi, and using DeFi for income generation. Without this, 2026 could become a "storm" for crypto treasuries, as a YouTube channel warns of a "hurricane" for stocks, Bitcoin, and gold.

The market awaits adaptation to avoid the mass disappearance of players.