CoinShares 2026 Outlook: Tokenization and Real Revenue Shape the Future of Crypto

CoinShares Outlook: Tokenization and Real Revenue Define Crypto's Next Phase

Summary: CoinShares' latest report for 2026 titled “The Year Utility Wins” suggests that the cryptocurrency landscape is shifting from speculation towards practical applications. The report highlights the emergence of Hybrid Finance, the evolving role of Bitcoin and stablecoins, and the increasing institutional adoption of cryptocurrency.

Key Takeaways:

CoinShares sees 2026 as a pivotal year for cryptocurrency utility.
The concept of Hybrid Finance integrates traditional finance with blockchain technology for real economic benefits.
Bitcoin's price might range from $70,000 to over $150,000 based on various scenarios.
Significant corporate Bitcoin holdings present potential risks and market impacts.
Institutional adoption is gaining momentum, with expectations for Bitcoin ETF allocations and the growth of stablecoins and tokenization.

Transitioning from Speculation to Useful Applications

CoinShares has published its 2026 outlook titled “The Year Utility Wins,” suggesting that the upcoming year will be crucial for digital assets as they move toward real-world applications rather than mere speculation.

The report promotes the idea of Hybrid Finance as a framework uniting traditional financial systems with blockchain technology to serve genuine economic functions.

CoinShares Outlook - CoinShares Hybrid Finance

Bitcoin’s Promising Future

Bitcoin achieved record prices in 2025 and became increasingly integrated into institutional frameworks.

Stablecoins are now functioning as genuine settlement mechanisms, while the tokenization of assets has progressed beyond initial experiments, leading to consistent revenue generation in blockchain applications.

The report highlights a new era for cryptocurrency, stating that we are now entering a period where “crypto is entering a value-accrual era,” as platforms are beginning to allocate earnings to token holders through buyback systems.

Bitcoin Price Predictions for 2026

CoinShares presents three varied scenarios for Bitcoin's performance in 2026. The optimistic view, which assumes steady productivity and controlled inflation, could see Bitcoin exceed $150,000. The base case predicts a trading range of $110,000 to $140,000, driven by the influence of exchange-traded funds (ETFs) and Federal Reserve policies.

The bearish outlook considers a recession scenario where aggressive monetary easing could keep prices above $170,000, contrasting with a stagflation scenario that might push valuations down to between $70,000 and $100,000.

CoinShares Outlook - Bitcoin Price Prediction

The report underscores the Federal Reserve's unease about easing measures while contemplating the fragility of the disinflation trend, suggesting that asset appreciation will increasingly need fundamental justification.

This situation may impact the dollar's dominance, which has waned from around 70% to the low fifty-percent range in global reserves since the early 2000s.

CoinShares Outlook - Foreign Assets Reserves

Risks from Corporate Bitcoin Investments

There has been a significant rise in corporate Bitcoin holdings, with the number of publicly-listed companies increasing from 44 in January 2024 to 190 by November 2025.

Total Bitcoin held by these firms surged nearly fourfold, climbing from 265,709 BTC to over 1,048,520 BTC, with their value increasing from $11.7 billion to approximately $90.7 billion.

Notably, MicroStrategy (MSTR) currently leads the field, controlling 61% of the publicly-held Bitcoin after boosting its holdings from 189,150 BTC to around 650,000 BTC.

The company holds about $70 billion in assets against $8.2 billion in debt, having raised $13.9 billion through convertible bonds. Alarmingly, the top 10 corporate holders control 84% of the supply, while the top 20 manage 91%.

CoinShares highlights two possible scenarios where MicroStrategy might need to liquidate Bitcoin holdings, particularly given that both the CEO and key executives have indicated such intentions.

The firm faces substantial preferred stock liabilities totaling $6.6 billion, alongside $3.2 billion in interest-bearing debts, countered by an annual cash flow of almost $680 million.

As the adjusted net asset value nears equality with its existing share price, along with looming refinancing risks, the report warns that deteriorating financial strength could lead to a detrimental cycle where falling prices compel Bitcoin sales to meet obligations.

While such a scenario is not expected to materialize in 2026, a considerable number of bitcoins could enter the market.

Institutional Adoption is Gaining Ground

Since the approval of the US spot Bitcoin ETF in 2024, these investment products have attracted over $90 billion in assets.

CoinShares anticipates that by 2026, the four major US wirehouses will start facilitating discretionary Bitcoin ETF allocations, with at least one large 401(k) provider likely to introduce cryptocurrency options.

By year-end 2026, it is estimated that 13F filers will collectively manage more than one-third of all spot Bitcoin ETF assets.

The options markets are also developing, contributing to reduced volatility as open interest expands.

CoinShares Outlook - Bitcoin and IBIT Options

Measurements taken over 30 days in 2025 indicated instances where Bitcoin volatility dipped below that of traditional assets, signaling a significant change from historical trends.

The Growth of Stablecoins and Tokenization

The stablecoin sector has escalated to $300 billion, with Tether (USDT) leading at $185 billion and USD Coin (USDC) at $75 billion. Monthly trading volumes on decentralized exchanges have surpassed $600 billion.

The report indicates that if interest rates decrease to 3% by the end of 2026, the supply of stablecoins would need to rise by $88.7 billion to sustain current revenue for issuers. However, Treasury Secretary Scott Bessent estimates that the market may grow to $3 trillion by 2030.

CoinShares Outlook - Stablecoin Supply Neutralise

The market for tokenized assets doubled in 2025, soaring from $15 billion to over $35 billion. In this space, private credit expanded from $9.85 billion to $18.58 billion, and tokenized Treasuries grew from $3.91 billion to $8.68 billion.

CoinShares highlights institutional activity, particularly BlackRock’s BUIDL fund and JPMorgan’s launch of tokenized deposits on its Base platform.

CoinShares Outlook - Tokenisation Market Size

Currently, forecasts within the industry suggest that the market could hit several trillion dollars by 2030, with estimates nearing $30 trillion by 2034.

In conclusion, CoinShares asserts that “2026 looks promising as the industry shifts focus from narratives to genuine utility, cash flow, and integration.”