Odaily Planet Daily reports that several industry executives have stated that as market conditions weaken, Digital Asset Vault companies (DAT) will face severe tests when entering 2026, and there may be a large-scale cleanup in the industry. MoreMarkets co-founder and CEO Altan Tutar pointed out that in 2025, a large number of DAT companies will emerge, providing Wall Street investors with exposure to cryptocurrencies. However, after market corrections, many companies’ stock prices have significantly fallen, and the overall outlook is becoming bleak. Tutar believes that as competition intensifies, most crypto vault companies will struggle to sustain themselves, especially those centered around altcoins, which may exit the market first because their market value is unlikely to remain higher than the net asset value (mNAV) of their held cryptocurrencies in the long term. He also stated that even vaults built around mainstream assets like Ethereum, Solana, or XRP could face similar pressures later on. Ryan Chow, co-founder of Solv Protocol, added that the number of publicly listed or quasi-listed companies holding Bitcoin will increase significantly in 2025, but “simply holding Bitcoin is not a sustainable growth model,” and companies lacking revenue management capabilities may struggle to survive the next downturn. He pointed out that vault companies that survive tend to view cryptocurrencies as digital capital capable of generating income and liquidity, rather than just a store of value. Additionally, Vincent Chok, CEO of First Digital, said that crypto ETFs are becoming an important competitor to DAT because they can offer investors more compliant and transparent price exposure. He believes that for the crypto vault model to continue developing, it needs to integrate more deeply with traditional financial infrastructure and approach ETF standards in compliance, auditing, and asset management. (Cointelegraph)
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