Digital assets are expected to enter a new phase in 2026 as their role evolves from speculative instruments toward practical financial infrastructure, according to a recent assessment by B. Riley. The firm argues that maturing regulation, broader tokenization efforts, and increasing bank adoption are reshaping how crypto is used across financial markets. Rather than focusing primarily on price appreciation and balance sheet accumulation, companies are beginning to deploy blockchain technology in ways that support payments, settlement, and revenue generating operations. This transition reflects a convergence between traditional finance and onchain systems, where digital assets are increasingly integrated into core workflows. Analysts suggest that clearer rules around stablecoins and governance, combined with improving interoperability between bank ledgers and public blockchains, are laying the groundwork for crypto to function as infrastructure rather than a standalone asset class driven by speculation.
The report highlights how this shift is influencing digital asset treasury companies, which historically focused on accumulating bitcoin or ether as long term holdings. In 2026, B. Riley expects more of these firms to move toward operational deployment of their assets, using staking, settlement services, and infrastructure provision to generate recurring revenue. Despite these changes, valuations across the sector remain muted, with many treasury focused stocks still trading at enterprise values below the market value of their crypto holdings. This disconnect suggests that markets have yet to fully price in the operational potential of these companies. A recent decision by MSCI to pause excluding crypto heavy firms from major equity indexes was cited as a near term positive, as index inclusion supports passive fund flows and reduces the risk of forced selling that can distort valuations.
B. Riley pointed to BitMine as a representative example of the broader trend, noting its shift from simple asset accumulation toward staking driven operations and infrastructure development. The firm expects similar strategies to spread as regulatory clarity improves and institutional participation deepens. Tokenization of real world assets is also seen as a major catalyst, opening new avenues for blockchain based settlement and asset management. As banks and asset managers increasingly test and deploy these systems, digital assets may become embedded in everyday financial activity rather than treated as peripheral investments. While volatility is unlikely to disappear, the report suggests that 2026 could mark a turning point where utility, compliance, and revenue generation begin to outweigh speculative narratives. If this transition continues, the crypto sector may increasingly resemble a technology enabled financial services industry rather than a purely trading driven market.
