DAT Company Executives Predict 'Integration and M&A' to Be a 2026 Theme

Digital-asset treasury (DAT) executives and industry leaders are forecasting a year of integration and M&A activity in 2026. As the market matures and regulatory frameworks begin to stabilize, firms are expected to consolidate, strengthening balance sheets and expanding asset holdings. Tyler Evans, chief investment officer at KindlyMD, stated that 2026 will likely bring a clearer picture of market leadership through these actions.

The rise of digital-asset treasuries has seen more than 200 firms launch in 2025 alone, with a total value of crypto holdings exceeding $100 billion. Bitcoin-focused treasuries continue to dominate, but a growing number of firms are now investing in Ethereum, Solana, and HYPE tokens. Some companies even hold memecoins, reflecting the expanding scope of digital asset strategies.

Market volatility and regulatory scrutiny have forced treasuries to rethink their business models. Executives expect deeper scrutiny from investors, with a focus on how digital-asset treasuries can directly contribute to ecosystem growth and generate sustainable revenue according to experts.

Why Is M&A Expected to Grow in 2026?

Stronger firms are positioned to absorb weaker ones, particularly in an environment where investors demand clearer value propositions. Hyunsu Jung of Hyperion DeFi noted that the focus will shift from simply holding digital assets to creating value through ecosystem development and revenue generation.

Despite these trends, not all executives foresee significant M&A activity. Brian Rudick of Upexi argues that buyers lack incentive to pay more than 1.0x mNAV, while sellers can sell assets directly in the market. However, he does see potential for activist funds to become more involved as many DATs trade at substantial discounts according to industry analysis.

How Are Digital-Asset Treasuries Diversifying Revenue Streams?

With crypto prices under pressure in late 2025, many digital-asset treasuries are exploring new revenue models. Some are experimenting with yield generation, staking, and financial product offerings. For example, Hyperion DeFi has launched a custom onchain perpetual futures market, moving beyond a simple buy-and-hold model.

Other treasuries, such as BitMine and ETHZilla, are integrating diverse business strategies, including RWA tokenization and staking. BitMine, now the second-largest global crypto treasury, has positioned itself as the largest Ethereum holder with plans to stake the majority of its holdings through its Made in America Validator Network (MAVAN).

What Are Analysts Watching for in 2026?

Regulatory clarity is expected to play a major role in institutional adoption. The potential passage of the Digital Asset Market Clarity Act in the U.S. could unlock new institutional capital, according to experts. Shivani Nagpaul of EY highlighted that 2025 marked a reset in the tech M&A landscape, with vendor consolidation becoming the norm.

India's technology M&A activity provides a global barometer for the trend. In 2025, deal values reached $26–29 billion, up 30% from the prior year. Experts anticipate this momentum to continue in 2026, driven by the need for scale and innovation according to industry reports.

What Implications Do These Trends Hold for Investors?

Investors are closely monitoring how DAT companies navigate the evolving market. Those with diversified revenue streams and strong balance sheets are likely to outperform. For instance, BitMine's stock gained 300.21% in 2025, significantly outperforming the broader market according to market analysis.

Moreover, digital-asset treasuries are expected to continue pushing the boundaries of institutional adoption. As more traditional financial products move onchain, the value of underlying infrastructure is likely to increase. This shift could provide additional tailwinds for companies that have already established a foothold in the digital asset space according to industry forecasts.

Market observers suggest that 2026 will be a pivotal year for digital-asset treasuries. As the industry matures, the lines between traditional finance and Web3 will continue to blur. Firms that can adapt quickly and diversify their offerings are expected to benefit the most from these structural changes according to market analysis.