CoinShares 2026 Outlook: Digital Assets Move From Disruption to Integration

Rhea-AI Summary

CoinShares (CS) published its 2026 Digital Asset Outlook on Dec 8, 2025, arguing that digital assets are shifting from disruption to integration via “hybrid finance.”

The report cites measurable integration: stablecoin volumes rival card networks, a US$3 trillion stablecoin market projection by 2030, tokenised assets more than doubled in 2025, US spot ETFs attracted >US$90 billion, and corporate treasuries hold >1,000,000 BTC across 190 public companies. Platform competition and regulatory divergence are highlighted, with Ethereum, Solana, Hyperliquid activity, MiCA certainty in the EU, the US GENIUS Act stablecoin framework, and Hong Kong prudential rules effective Jan 2026.

Positive

• US spot ETFs attracted over US$90 billion in inflows
• Corporate treasuries hold more than 1,000,000 BTC across 190 public companies
• Tokenised assets doubled in 2025
• Solana stablecoin supply grew from US$1.8B to US$12B since Jan 2024
• Hyperliquid processed nearly US$3 trillion cumulative volume
• Bitcoin miners announced US$65B in HPC and AI contracts

Negative

• Regulatory divergence could fragment markets despite opportunities
• Platform competition risks liquidity fragmentation across settlement layers

Insights

Digital Assets Strategist

CoinShares frames 2026 as integration, not disruption, driven by tokenisation, stablecoins and institutional adoption.

Hybrid finance describes public blockchains and legacy finance combining to deliver settlement, custody and tokenised products. Evidence cited includes tokenised funds from major asset managers, J.P. Morgan’s tokenised deposits, stablecoin volumes comparable to Visa/Mastercard, and tokenised assets more than doubling in 2025. Institutional flows include over US$90 billion into US spot ETFs and corporate treasuries holding over one million BTC across 190 public companies, which together show mainstream capital moving into digital formats.

Dependencies and risks centre on regulatory and infrastructure rollout. The narrative rests on evolving rules such as the EU’s MiCA, the US GENIUS Act’s treatment of payment stablecoins, and Asia’s Basel-inspired prudential moves with Hong Kong rules effective January 2026. Operationally, wider adoption requires custody, settlement banks, and ETF/401(k) access to scale as forecasted; if those deliver, integration accelerates, otherwise momentum could stall.

Concrete items to watch in the near term are ETF and retirement-plan adoption, custody banks enabling institutional settlement, and regulatory milestones like MiCA implementation and Hong Kong capital requirements in January 2026. Also monitor the size of stablecoin-backed Treasury demand (projected US$3 trillion by 2030) and tokenised asset growth in early 2026. These items will clarify whether tokenisation shifts from niche to core infrastructure within the stated timeframe.

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

FAQ

What does CoinShares’ 2026 outlook say about hybrid finance and CS stock (Nasdaq Stockholm: CS)?

CoinShares says hybrid finance—the merger of crypto and traditional finance—will define 2026, positioning digital assets as integrated into the real economy.

How much did US spot Bitcoin ETFs attract according to CoinShares 2026 outlook?

The report notes US spot ETFs have attracted more than US$90 billion in inflows.

What corporate Bitcoin holdings does the CoinShares report cite relevant to CS investors?

CoinShares reports corporate treasuries hold over 1,000,000 BTC across 190 public companies.

Which on‑chain platforms and metrics does the 2026 outlook highlight that could affect CS investors?

The report highlights Ethereum (US$13B ETF inflows), Solana (stablecoin supply to US$12B), and Hyperliquid (nearly US$3T volume).

What regulatory changes does CoinShares identify that investors should watch for in 2026?

CoinShares flags the EU’s MiCA legal certainty, the US GENIUS Act stablecoin framework, and Hong Kong’s crypto capital rules effective Jan 2026.

What price scenarios for Bitcoin does CoinShares outline and what are the top range targets?

CoinShares outlines three scenarios; the optimistic case projects Bitcoin beyond US$150,000, while a central outcome ranges US$110,000–140,000.