Wojciech Kasicki, chief strategy officer at crypto infrastructure and finance firm BTCS, says the crypto market is likely to consolidate this year amid the market downturn as operating companies merge or acquire companies trading below their net asset values (NAVs).
Kazicki told Cointelegraph that business operations such as providing verification services for blockchain networks and providing public and private credit products generate cash flow, giving crypto treasury companies an advantage over companies that simply accumulate cryptocurrencies.
This financial advantage allows it to acquire companies that are stuck in their crypto investments or that are trading below the value of their crypto holdings, he said. Kasicki added:
“When you integrate with other players, two plus two can add up to six or more, and you can win faster, because everyone is struggling in this market that is trading below net asset value.”
Cryptocurrency treasury companies experienced a market-wide downturn in 2025, with many companies’ stock prices falling below the value of the cryptocurrencies they held on their balance sheets. The decline in crypto government bonds preceded the crypto market crash in October.
Related: Cryptobiz: Bitcoin Financial Shareholder Rebellion
Tokenized public and private credit products as a revenue source for crypto assets
“In today’s world, credit products are one of the largest financial instruments used around the world,” Kazicki told Cointelegraph.
Kazicki said public and private credit products could also be tokenized on blockchain networks.
“We believe that tokenized real-world assets (RWA), particularly the tokenization of public and private credit, will see significant growth over the next 24 months,” he said.
These RWAs could potentially be used as collateral for decentralized finance (DeFi) platforms, including lending and borrowing applications, he said.
An overview of the tokenized private credit market. sauce: RWA.XYZ
Strategy, largest Bitcoin ($BTC) is a global financial company that provides credit-like fixed income products to retail investors.
The company cited its fixed income products as one of the reasons why index provider MSCI should include Strategies and other similar crypto companies in its stock indexes.
“Strategy’s treasury operations are designed to provide investors with varying degrees of economic exposure to Bitcoin by offering a wide range of securities, including stocks and bonds,” Strategy wrote in its response to MSCI.
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