2026年数字资产储备机构面临整合浪潮：高管预测并购将成核心主题

The digital asset reserve sector is bracing for significant industry reshaping in 2026, with consolidation through mergers and acquisitions emerging as a defining trend if regulatory conditions remain favorable. Following 2025’s market volatility after an exceptional year of mainstream adoption, reserve strategy leaders are now positioning themselves for the anticipated transformations ahead.

Consolidation as Market Clarification

According to Tyler Evans, Chief Investment Officer at KindlyMD (a Nasdaq-listed digital asset reserve company that completed its integration with Nakamoto Holding Company in August), the coming year will force market participants to make definitive choices. “Market participants will develop sharper convictions about which reserve institutions will ultimately prevail,” Evans noted, emphasizing that mergers and acquisitions will be instrumental in determining winners in an increasingly competitive landscape.

The institutional scrutiny is intensifying across the sector. Hyunsu Jung, CEO of Hyperion DeFi—which serves as the reserve institution for the Hyperliquid ecosystem—observes that sophisticated investors are applying fresh evaluation criteria to digital asset reserve institutions. Jung emphasizes that institutional value generation should be the ultimate measure: “Investors will increasingly assess reserve institutions based on their tangible contributions to ecosystem development and their ability to generate sustainable revenue streams.”

The Valuation Paradox Limiting Large-Scale Consolidation

While consolidation sentiment is rising, actual merger activity may be constrained by valuation mechanics. Rudick, Chief Strategy Officer at Upexi (which manages over $250 million in SOL holdings), presents a nuanced perspective. He anticipates selective corporate actions focused on yield optimization and alternative revenue channels, but questions whether large-scale consolidation will materialize.

His analysis centers on the mNAV (market Net Asset Value) framework: sellers have little incentive to divest positions below 1x mNAV since they can liquidate holdings at prevailing market rates, while acquirers face inverse logic—purchasing reserve institutions above 1x mNAV makes limited sense when direct asset acquisition is available at market prices. This structural misalignment acts as a natural brake on transaction activity.

However, Rudick acknowledges an important caveat: given that many digital asset reserve institutions currently trade at substantial discounts to mNAV, opportunistic investment vehicles may find attractive entry points in 2026, potentially catalyzing strategic moves by aggressive capital allocators targeting undervalued reserve institutions.