CoinShares 2026 Outlook: Digital Assets Move From Disruption to Integration

Rhea-AI Summary

CoinShares (CS) published its 2026 Digital Asset Outlook arguing that digital assets are shifting from disruption to integration through a new era of hybrid finance, where blockchain infrastructure merges with traditional financial systems.

Key data points: US spot Bitcoin ETFs have attracted >$90 billion of inflows; corporate treasuries hold >1,000,000 BTC across 190 companies; Solana stablecoin supply rose from $1.8B to $12B since Jan 2024; a derivatives venue processed ~$3 trillion cumulative volume; miners announced $65B in HPC/AI contracts; ICE made a strategic investment of up to $2B in Polymarket.

Positive

• US spot Bitcoin ETFs: >$90 billion net inflows
• Corporate treasuries: >1,000,000 BTC held by 190 companies
• Solana stablecoin supply: growth from $1.8B to $12B
• Hyperliquid cumulative volume: nearly $3 trillion
• Miners signed $65 billion in HPC/AI contracts
• ICE strategic investment: up to $2 billion in Polymarket

Negative

• Regulatory divergence: differing global frameworks may fragment markets
• Concentration risk: Ethereum dominance with $13 billion ETF inflows
• Capital commitments: $65 billion miner contracts could strain balance sheets

Key Figures

Stablecoin market projection US$3 trillion Projected market size by 2030

US spot Bitcoin ETFs Over US$90 billion Assets attracted by US spot ETFs

Corporate Bitcoin holdings More than one million BTC Held across 190 public companies

Public companies holding BTC 190 companies Corporate treasuries with Bitcoin exposure

Bitcoin soft-landing scenario Above US$150,000 Price scenario under soft-landing macro conditions

Bitcoin base-case range US$110,000–140,000 Scenario under subdued but stable growth

Ethereum ETF net inflows US$13 billion ETF net inflows into Ethereum

Hyperliquid volume Nearly US$3 trillion Cumulative volume on derivatives platform

Market Reality Check

Volume Reported current volume is 0 versus a 20-day average of 30,336,086, indicating limited pre-news trading activity in the data provided. normal

Technical Shares were trading below the 200-day moving average of 2.97 before this outlook release, suggesting a weaker prior trend despite structurally positive industry themes.

Market Pulse Summary

This announcement highlights CoinShares’ view that digital assets are shifting from disruption to integration, with growing use of public blockchains by large financial institutions and regulators shaping clearer frameworks such as MiCA. Investors may focus on whether CoinShares can translate these trends into business growth, monitor institutional adoption metrics like ETF inflows above US$90 billion, and track regulatory developments affecting tokenised assets and stablecoins.

Key Terms

tokenised funds financial

"the world's largest asset manager is issuing tokenised funds on public blockchains"

Tokenised funds are investment funds whose ownership is represented by digital tokens on a distributed ledger, letting investors buy and sell tiny, transferable pieces of the fund much like trading shares or coupons for slices of a pie. They matter because they can lower minimum investment sizes, speed up settlement, and enable trading outside traditional market hours, potentially increasing access and liquidity for investors while introducing new custody, technology and regulatory considerations.

stablecoin financial

"Stablecoin transaction volumes rival Visa and Mastercard combined"

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

defi technical

"A single DeFi lending protocol, AAVE, holds enough liquidity"

DeFi, short for decentralized finance, is a system of financial services built on blockchain technology that operates without traditional banks or intermediaries. It allows people to borrow, lend, trade, and earn interest directly with each other through digital platforms, much like using a peer-to-peer marketplace. For investors, DeFi offers the potential for greater access, transparency, and control over their financial activities.

etf financial

"US spot ETFs have attracted over US$90 billion"

An ETF, or exchange-traded fund, is like a basket of different investments such as stocks or bonds that you can buy or sell easily on the stock market, just like a regular share. It allows people to invest in many companies at once, making it a simple way to grow savings without picking individual stocks.

mica regulatory

"The EU's MiCA framework now provides comprehensive legal certainty"

Mica is a naturally occurring group of minerals that split into thin, shiny sheets and is used as an insulating material and filler in products such as electronics, cosmetics, paints and construction materials. Investors care because mica is a key input whose supply, quality and price affect manufacturing costs and product performance, and because its mining and sourcing carry environmental and ethical risks that can impact company reputations and valuations—like a single critical ingredient changing a recipe’s outcome.

capital requirements regulatory

"Hong Kong finalising crypto capital requirements effective January 2026"

Capital requirements are rules that determine how much money a bank or regulated financial firm must keep on hand to absorb losses and support ongoing operations, like a safety cushion in a household budget. Investors care because higher required cushions can limit a firm’s ability to pay dividends or invest in growth, while too little capital raises the risk of failure and sudden losses to shareholders and creditors.

AI-generated analysis. Not financial advice.

Flagship Research report charts the rise of 'hybrid finance' as blockchain merges with traditional financial infrastructure

SAINT HELIER, Jersey, Dec. 8, 2025 /PRNewswire/ -- When Bitcoin launched in 2009, it promised to bypass banks, governments and intermediaries. Fifteen years later, something unexpected has happened: the world's largest asset manager is issuing tokenised funds on public blockchains, J.P. Morgan is launching tokenised deposits on Ethereum, and the US government holds Bitcoin in a strategic reserve.

In its 2026 Digital Asset Outlook published today, CoinShares International Limited (Nasdaq Stockholm: CS; US OTCQX: CNSRF) argues this convergence, not disruption, will define the years ahead. The report introduces 'hybrid finance' as the merging of crypto ecosystems with traditional financial systems, creating infrastructure neither industry could build alone.

"Digital assets are no longer operating outside the traditional economy," said Jean-Marie Mognetti, CEO of CoinShares. "They are increasingly embedded within it. If 2025 was the year of the graceful return, 2026 looks positioned to be a year of consolidation into the real economy."

Hybrid Finance Takes Shape

The scale of integration is now measurable. Stablecoin transaction volumes rival Visa and Mastercard combined, with US Treasury Secretary Scott Bessent projecting a US$3 trillion market by 2030. Tokenised assets, led by private credit and US Treasuries, have more than doubled in 2025. A single DeFi lending protocol, AAVE, holds enough liquidity to rank among America's fifty largest banks.

BlackRock's BUIDL tokenised money market fund, J.P. Morgan's tokenised deposits on Base, and PayPal's PYUSD stablecoin signal that traditional finance is no longer observing from the sidelines, it is building on public blockchains.

Bitcoin Enters the Mainstream

Bitcoin's transformation mirrors this shift. US spot ETFs have attracted over US$90 billion. Corporate treasuries have accumulated more than one million BTC across 190 public companies, nearly four times the count from eighteen months ago. Options markets have matured, retirement plan restrictions have lifted, and the US government has established a strategic Bitcoin reserve.

The report forecasts continued mainstreaming in 2026: major wirehouses formally opening Bitcoin ETF allocations, at least one major 401(k) provider enabling access, and custody banks providing direct institutional settlement services.

On price, CoinShares outlines three potential scenarios depending on macro conditions: a soft landing with productivity gains could push Bitcoin beyond US$150,000; subdued but stable growth suggests a US$110,000–140,000 range; while stagflation or recession would create near-term pressure before recovery.

Platform Competition Intensifies

The race to become the settlement layer for hybrid finance is accelerating. Ethereum remains dominant, with US$13 billion in ETF net inflows and institutional experiments including J.P. Morgan's deployment on Base network. Solana has staged a dramatic comeback, growing stablecoin supply from US$1.8 billion to US$12 billion since January 2024. Hyperliquid, a derivatives platform with just eleven employees, has processed nearly US$3 trillion in cumulative volume, and returns 99% of revenue to token holders through daily buybacks.

"2026 will be defined by a financial system quietly rearchitecting itself around public blockchains and digital settlement layers," said James Butterfill, Head of Research at CoinShares. "Markets, regulators and institutions now treat crypto as part of the financial industry rather than an exception to it."

Regulatory Divergence Creates Opportunity

The report charts distinct regulatory philosophies emerging globally. The EU's MiCA framework now provides comprehensive legal certainty across issuance, custody and trading. In the US, the GENIUS Act classifies payment stablecoins as non-securities with Treasury backing requirements, creating new demand for US government debt from global stablecoin holders. Asia is pivoting toward Basel-inspired prudential standards, with Hong Kong finalising crypto capital requirements effective January 2026.

Industry Transformation

Two additional shifts signal structural change. Bitcoin miners have announced US$65 billion in HPC and AI contracts with hyperscalers, transforming these companies from pure miners into diversified compute infrastructure providers. And prediction markets have achieved mainstream relevance, Intercontinental Exchange, parent company of the New York Stock Exchange, made a strategic investment of up to US$2 billion in Polymarket, whose market odds now function as a well-calibrated forecasting system rivalling traditional polling.

The full CoinShares 2026 Digital Asset Outlook is available at https://coinshares.com/insights/research-data/2026-outlook/

About CoinShares

CoinShares is a leading global digital asset manager that delivers a broad range of financial services across investment management, trading, and securities to a wide array of clients that include corporations, financial institutions, and individuals. Founded in 2013, the firm is headquartered in Jersey, with offices in France, Stockholm, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com 

Press Contact

CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano
coinshares@mgroupsc.com

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SOURCE CoinShares Group