The crypto treasury market is entering a phase of consolidation as a broad downturn tightens liquidity and pushes balance sheets toward NAV discipline. Industry executive Wojciech Kaszycki, chief strategy officer at BTCS, argues that the combination of cash-generating operations—such as validator services for blockchain networks and offerings in public and private credit—gives treasury firms a distinct advantage over those that merely accumulate crypto. The sector experienced a market-wide downturn in 2025, with many treasuries’ stock prices dipping below the book value of the crypto assets on their balance sheets, underscoring the appeal of scale and diversification in a price-sensitive environment. As the cycle remains…