On March 1, BTCS Chief Strategy Officer Wojciech Kaszycki stated that as the crypto market continues to slump, crypto treasury companies may face a wave of consolidation in 2026. Currently, many companies' stock prices have fallen below the net asset value (NAV) of the crypto assets they hold, trading at a discount. Kaszycki pointed out that treasury companies with actual operating businesses (such as blockchain validator services and providing public and private credit tools) have a cash flow advantage and are more capable of acquiring companies that only hold crypto assets but lack operating income. He said, "In this market, many companies trading below net asset value are struggling. Sometimes in consolidation, '2+2' can equal 6, allowing for faster success." In addition, he believes that the tokenization of real-world assets (RWA), especially the on-chain public and private credit assets, will significantly grow within the next 24 months. These tokenized credit instruments can be used as collateral on DeFi platforms for lending and other scenarios, becoming a potential income source for treasury companies. Currently, Strategy, the world's largest bitcoin treasury company, also offers credit-like and fixed income tools to investors and uses this as one of the key arguments for its inclusion in the MSCI index system.