The crypto treasury market is likely to consolidate this year amid the market downturn, as companies with operating businesses merge with or acquire those trading below net asset value (NAV), according to Wojciech Kaszycki, chief strategy officer of crypto infrastructure and treasury company BTCS.

Operating businesses, such as providing validator services for blockchain networks or offering public and private credit instruments, generate cash flow that give crypto treasury companies an edge over those that only accumulate crypto, Kaszycki told Cointelegraph.

This financial edge allows them to buy up companies treading water on their crypto investments or trading below the value of their crypto holdings, he said. Kaszycki added: 

“If you…