The digital asset market is poised for a transformative year in 2026 as the premium era for crypto treasuries comes to an end. In 2025, over 200 public companies collectively invested $96 billion in Bitcoin and $22 billion in Ether. However, the market has since seen a significant downturn, with mNav premiums collapsing. Notably, the Strategy fund now trades at a 21% discount, and Metaplanet's mNav has plummeted from 237% to just 10%. Industry experts suggest that only digital asset treasuries (DATs) with robust cash reserves and disciplined strategies will endure the challenging market conditions. As the market differentiates between successful and struggling firms, new altcoins may emerge as potential winners in this evolving landscape.