Cryptocurrency treasury management companies face a severe test around 2026. Market competition is intensifying, and industry consolidation has become a foregone conclusion. Companies holding Bitcoin need to survive not only by the coin's price but also by strong revenue management capabilities to cope with cost pressures. Currently, crypto ETFs are rapidly eroding market share and becoming new strong competitors. This means that crypto asset practitioners must align with traditional financial operational standards to maintain their survival space amid the institutionalization wave. The development of ecosystems like Ethereum and Solana remains active, but cannot change the overall trend of industry reshuffling.