[Opinion: Crypto Treasury Companies May Face a Wave of Consolidation by 2026, Operational Firms Hold M&A Advantage] BlockBeats News, 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 by 2026. Currently, many companies' stock prices have fallen below the net asset value (NAV) of their crypto holdings, trading at a discount. Kaszycki pointed out that treasury companies with actual operational businesses (such as blockchain validator services or providing public and private credit instruments) have a cash flow advantage, making them more capable of acquiring companies that only hold crypto assets but lack operating income. He remarked, "In this market, many companies trading below their net asset value are struggling. If consolidation occurs, sometimes '2+2' can equal 6, enabling faster success." Additionally, he believes that the tokenization of real-world assets (RWA), particularly the on-chain representation of public and private credit assets, will grow significantly in the next 24 months. These tokenized credit instruments can serve as collateral in DeFi platforms for lending and other scenarios, becoming a potential revenue source for treasury companies. Currently, the world's largest Bitcoin treasury company, Strategy, also offers credit-like and fixed-income instruments to investors, using this as one of the key arguments for its inclusion in the MSCI index system.