Strive Asset Management CEO Matt Cole said fewer Bitcoin treasury companies may survive as the market becomes more mature. He said only firms with clear strategies, strong execution, and scale are likely to survive after a rapid wave of corporate adoption growth.
Cole made the comments at Consensus Miami 2026 on Wednesday. He described the current market as a shift from fast expansion to consolidation.
He said many companies moved into Bitcoin or digital credit without complete teams or detailed plans. In his view, that rush created a crowded field with uneven levels of preparation.
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Cole Says Bitcoin Treasury Firms Need Strategy and Scale
Long-term businesses could be better served by incorporating Bitcoin or digital credit into their balance sheets, Cole said. But he noted that there were some entrants who were not staffed or did not have a strategy to work those positions well.
The next step will likely involve testing each of the Bitcoin treasury models, he said. Companies with defined mandates might distinguish themselves from companies that jumped on the trend without committed plans.
Cole believes that a few companies will emerge as the long-term leaders. The top operators will require more than just Bitcoin holdings.
According to Cole, those companies need to control their exposure in a structured and disciplined way. They also require sufficient capital and operating depth so they can withstand the ups and downs of the market.
He did not reject other approaches in the sector. But big companies with large Bitcoin or digital credit risk and a clear mandate are more likely to survive.
Cole also explained the difference between passive accumulation and Strive’s strategy. He said the company is focused on digital credit strategies that seek yield while managing volatility.
“Issuers have the ability to adjust interest rates, balance sheet strength, and asset mix,” he said. Depending on the structure, those assets may include cash and Bitcoin.
Strive Sees Growth in Digital Credit
Cole said that the demand for double-digit returns is still strong. He stated that digital credit products have demonstrated initial success and have scaled to billions in a short amount of time.
Regulation can also impact the demand side, he added. If interest-bearing stablecoins are restricted, this can be a catalyst for investors to seek alternative crypto yield opportunities.
Despite his outlook for consolidation, Cole said corporate interest is still rising. There is an increasing number of companies in the process of contemplating Bitcoin and digital credit within their treasury plans.
He noted that several companies, including Strive, have already announced related initiatives. He further anticipates that the number of entrants is going to increase as awareness and infrastructure grow better.
As a result, the overall Bitcoin treasury market is moving into a more discriminating phase. Cole described it as an “expansion from experimentation to maturity.”
Other treasury companies might still start up in the coming months. However, long-term winners will likely be fewer, better funded, and more disciplined.
His remarks suggest a market that might be more about execution than early entry. The Bitcoin treasury trend may continue, but its leadership could become much narrower over time.
Also Read: Strive Adds $61M Bitcoin as Treasury Strategy Expands
