Digital Asset Treasury (DAT) aims for diversification and robust screening in 2026

After a booming year in 2025 followed by a cooling down due to end-of-year volatility, digital asset treasury leaders (DAT) believe that 2026 will witness a process of filtering, diversification of models, and deeper participation from organizations, provided that the legal environment continues to improve.

According to Tyler Evans, CIO of KindlyMD, the DAT market will enter a consolidation and M&A phase as investors gradually distinguish between “winners and losers.” The strong rally that previously drove hundreds of publicly listed companies to adopt crypto treasury models over the past year has weakened, paving the way for financially strong companies to acquire weaker entities.

Although Bitcoin still dominates, an increasing number of DATs are shifting to hold ETH, SOL, HYPE, and even memecoins. However, opinions on M&A remain divided. Some believe that consolidation is inevitable, while others argue that the valuation of mNAV discourages both buyers and sellers from engaging in transactions.

Meanwhile, the pressure for crypto prices to decline is prompting many DATs to seek new revenue sources beyond the “buy and hold” strategy, such as staking, on-chain financial products, or integrating core business activities. Industry leaders also expect clearer legal frameworks, especially in the US, to pave the way for institutional capital flows and to promote the process of bringing traditional assets onto the blockchain in 2026.