Digital asset markets are entering a new phase shaped by institutional participation, regulatory clarity, and technological convergence. Galaxy Research published a comprehensive outlook on Dec. 18 detailing expectations across crypto, finance, policy, and artificial intelligence, laying out its predictions for 2026. The assessment spans bitcoin, blockchain infrastructure, stablecoins, and decentralized finance ( DeFi).

Elaborating on its forward-looking themes, Galaxy Research stressed that long-term adoption is becoming more important than short-term price movements. The research team wrote: “While 2025 may end with prices in the red, the year still pulled in real institutional adoption and set the groundwork for 2026’s next phase of real activation.” The team continued:

In the coming year, we expect stablecoins to overtake legacy rails, tokenized assets to break into mainstream capital and collateral markets, and corporate L1s to move from pilots to real settlement.

“Further, we anticipate public chains will rethink how they capture value, DeFi and prediction markets will keep expanding, and AI-driven payments will finally show up onchain,” Galaxy added.

Read more: Galaxy Digital CEO Sees ‘Healthy’ Outlook as Crypto Rebalances for Next Rally

Within that broader framework, Head of Firmwide Research Alex Thorn offered a longer-term view on bitcoin, saying 2026 could be a relatively uneventful year for the asset. He said that whether bitcoin ends the year at $70,000 or $150,000, “our bullish outlook (over longer time periods) is only growing stronger.” Citing “increasing institutional access,” easing monetary policy, and “a market in desperate search for non-dollar hedge assets,” the head of research emphasized:

It’s very possible that bitcoin follows gold to become widely adopted as a monetary debasement hedge within the next two years … BTC will hit $250k by year-end 2027.

On blockchain infrastructure, the report projected continued growth on Solana, predicting: “The total market cap of Internet Capital Markets on Solana will surge to $2 billion (it’s currently ~$750 million).”

Regulatory expectations also featured prominently, with Galaxy forecasting: “The SEC will grant some form of exemptive relief for expanding the use of tokenized securities in DeFi under its ‘innovation exemption’ program,” while cautioning that “the SEC will face a lawsuit by a traditional market participant or trade group over the innovation exemption.” On payments, the analysis stated that “ stablecoins will overtake ACH in transaction volume,” and separately observed that “TradFi-partnered stablecoins will consolidate.”

Beyond infrastructure, regulation, and payments, the outlook addressed capital markets and corporate balance sheets. Galaxy Research predicted:

15+ crypto companies will IPO or uplist in the U.S.

At the same time, it warned that not all balance-sheet strategies will prove durable, explaining that “five or more digital asset treasury companies (DATs) will be forced to sell assets, be acquired, or shut down completely.”

• What is Galaxy Research predicting for bitcoin?
  Galaxy Research expects BTC to reach $250k by the end of 2027.
• How will stablecoins impact traditional payments?
  The report forecasts stablecoins overtaking ACH in transaction volume.
• What role will regulation play in DeFi growth?
  Galaxy Research predicts SEC exemptive relief for tokenized securities in DeFi.
• How many crypto companies are expected to go public?
  The outlook projects more than 15 crypto firms will IPO or uplist in the U.S.

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