Matt Cole, CEO of Strive Asset Management, said the growing number of Bitcoin treasury companies is likely to shrink over time, as only a handful of firms develop durable strategies and scale.
Speaking at Consensus Miami 2026 on Wednesday, Cole described the current phase as a period of rapid expansion followed by an expected shakeout.
He said, “Yeah, so my view is that every company that has a long term outlook, putting Bitcoin or digital credit on their balance sheet of the good thing, I think we saw a expansion in a major way where companies, a lot of companies didn’t even have full staff, they didn’t have full strategies. And so now I think we’re kind of probably in what I would call a consolidation period.”
Rapid growth outpaces strategy
Over the past year, more companies have begun adding Bitcoin or digital credit exposure to their balance sheets, often without fully developed teams or long-term plans. Cole suggested that this early wave has led to a fragmented landscape, with varying levels of execution and risk management.
He said the next phase will likely separate firms with defined strategies and operational depth from those that entered the space opportunistically.
Fewer players likely to emerge
Cole expects consolidation to narrow the field significantly, with only a small number of firms emerging as dominant players over the long run. These companies, he said, would be defined not just by holding Bitcoin, but by their ability to actively manage and grow those positions through structured approaches.
While he did not rule out different models, he indicated that firms focused on building sizable Bitcoin or digital credit exposure with clear mandates are more likely to endure.
Strive’s playbook centers on digital credit
Moreover, Cole said Strive’s approach differs from passive treasury accumulation, focusing instead on what he described as “digital credit” strategies designed to generate yield while managing volatility.
He argued there is strong demand for double-digit returns, with issuers adjusting variables such as interest rates, balance sheet strength, and asset mix — including cash and Bitcoin — to stabilize performance. According to Cole, this model could scale significantly, pointing to early traction in digital credit products that have reached billions in size within a short period.
He also linked the strategy to evolving regulation, suggesting that limits on interest-bearing stablecoins could push demand toward alternative yield-generating instruments within crypto markets. In that context, he described digital credit as a potential use case that could expand beyond institutional investors to broader market segments over time.
Corporate adoption continues to expand
Despite the expectation of consolidation, Cole pointed to continued growth in corporate interest. More companies are exploring Bitcoin and digital credit as part of treasury strategy, a trend he said is accelerating across the market.
He noted that several firms, including Strive, have already announced initiatives in this area, with additional entrants likely as awareness and infrastructure improve.
Cole framed the current moment as a transition from experimentation to maturity. While new treasury firms continue to launch, he suggested the long-term structure of the market will be defined by a smaller group of operators with sustained execution and capital backing.
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