[Opinion: Crypto Treasury Companies May Face a Wave of Consolidation by 2026] According to Deep Tide TechFlow on March 1, as reported by Cointelegraph, Wojciech Kaszycki, Chief Strategy Officer of Nasdaq-listed Ethereum treasury company BTCS, stated that during the market downturn, the crypto treasury market might experience consolidation this year. Companies with operational businesses are likely to merge with or acquire those trading below their net asset value. Kaszycki pointed out that operational businesses, such as providing blockchain network validation services or offering public and private credit instruments, can generate cash flow, giving crypto treasury companies an advantage over those that merely accumulate cryptocurrencies. This financial advantage enables them to acquire companies that are struggling to sustain themselves in crypto investments or are trading below the value of their crypto holdings. He also predicted that within the next 24 months, the tokenization of RWAs, particularly public and private credit, will grow significantly, with these RWAs being used as collateral on DeFi platforms.