Introduction to Bitcoin Treasuries
The world of Bitcoin treasuries is undergoing a significant transformation, with Digital Asset Treasury Companies (DATCOs) at the forefront. These companies utilize a buy-and-hold model, closely monitoring Bitcoin (BTC) prices to determine their profitability. In a base case scenario, BTC prices are expected to remain stable at around $150,000 in 2026 and reach $200,000 by 2027. However, not all DATCOs rely solely on BTC prices to generate value for their stakeholders.
Understanding DATCOs
DATCOs that use active treasury strategies to increase value through revenue-generating activities do not rely on asset prices to generate profits for investors. This approach allows them to continue investing even during market dislocations and creates value for shareholders regardless of the BTC price. In the long term, Bitcoin DATCOs with dynamic treasury strategies will determine the future of the crypto industry. Because these DATs follow a price-neutral strategy, they will always create value regardless of market conditions.
Analysis of BTC Price Development
Since the early days of cryptocurrency, there have been four significant declines in BTC valuations, occurring cyclically every four years. However, there are three key reasons why the four-year cycle thesis will end and BTC prices will reach new highs in 2026. Firstly, there is macro demand for alternative assets like Bitcoin, driven by growing public sector debt and rising inflation. Secondly, the Federal Reserve’s interest rate cuts and plans for further cuts in 2026 will redirect capital into assets like Bitcoin. Lastly, new liquidity is likely to flow into the crypto markets via spot ETPs, with US spot Bitcoin ETFs recording significant net inflows.
The Impact of BTC Prices on DATCOs
The longevity of DATCOs depends on their treasury management strategy and how they use cash reserves. Because DATCOs operate on the value of the underlying token on their balance sheets, revenue-generating companies always have an advantage over pure-play DATs. Multiple-to-Net Asset Value (mNAV) is a key metric that determines DATCO’s viability. When DATCOs trade at a high mNAV, their market capitalization exceeds the value of the tokens on the balance sheet.
Active Treasuries: The Future of DATCOs
DATCOs with active, operationally focused treasury strategies ensure that their underlying assets work for shareholders. Instead of a simple BTC acquisition, active DATs can operate validation nodes, secure networks, validate transactions, and stake treasury assets to generate returns for investors. DATs with dynamic treasuries increase returns more effectively than passive bets on BTC prices. These active treasury models are key to transforming DATs into productivity engines with better ROIs, robust balance sheets, and higher investor returns.
According to Fadi Aboualfa, head of research at Copper, “We see the rise in cost-based return cycles… Bitcoin… falls back to its cost base and then recovers by about 70%. With Bitcoin now trading near its $87,000 cost base, this pattern suggests a move above $140,000 in the next 180 days.” An increase in BTC prices in 2026 is the only way for mNAV to rise above 1 for DATCOs. However, DATCOs with active treasuries don’t have to wait for prices to rise to $200,000 to generate superior returns for investors.
Conclusion
In conclusion, the future of Bitcoin treasuries depends on strategy. While some DATCOs rely solely on BTC prices to generate value, others use active treasury strategies to create value regardless of market conditions. With a steady increase in Bitcoin prices expected, reaching $150,000 in 2026 and exceeding $200,000 by 2027, DATCOs with active treasuries will drive the growth of the crypto industry. For more information, visit https://crypto.news/the-future-of-bitcoin-treasuries-depends-on-strategy/
Wojciech Kaszycki is a fintech strategist and digital asset infrastructure expert and serves as a strategy advisor at BTCS SA, where he helps shape the company’s Active Treasury model. With more than 30 years of experience in fintech, blockchain, digital payments, and enterprise innovation, he helps BTCS build a compliant, revenue-oriented blockchain infrastructure at an institutional level.
