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.
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
What This Means
This announcement highlights CoinShares’ view that digital assets are shifting from disruption to in...
Analysis
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 Figures
Stablecoin market projection:US$3 trillionUS spot Bitcoin ETFs:Over US$90 billionCorporate Bitcoin holdings:More than one million BTC+5 more
8 metrics
Stablecoin market projectionUS$3 trillionProjected market size by 2030
US spot Bitcoin ETFsOver US$90 billionAssets attracted by US spot ETFs
Corporate Bitcoin holdingsMore than one million BTCHeld across 190 public companies
Public companies holding BTC190 companiesCorporate treasuries with Bitcoin exposure
Bitcoin soft-landing scenarioAbove US$150,000Price scenario under soft-landing macro conditions
Bitcoin base-case rangeUS$110,000–140,000Scenario under subdued but stable growth
Ethereum ETF net inflowsUS$13 billionETF net inflows into Ethereum
Hyperliquid volumeNearly US$3 trillionCumulative volume on derivatives platform
Regulatory & Risk Context
Short Interest: 0.83%
Short Interest
0.83% of shares outstanding
as of 2023-05-31Days to cover: 2.1
Key Terms
tokenised funds, tokenised deposits, stablecoin, defi, +4 more
8 terms
tokenised fundsfinancial
"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.
tokenised depositsfinancial
"J.P. Morgan is launching tokenised deposits on Ethereum"
Tokenised deposits are traditional bank deposits represented as digital tokens on a secure electronic ledger, similar to turning a cash balance into a verifiable digital chip that a bank issues and backs. For investors, they matter because they can speed up transfers, enable new types of programmable payments and trading, and change liquidity and counterparty risks — while still depending on the issuing bank’s credit and the applicable regulatory protections.
stablecoinfinancial
"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.
defitechnical
"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.
etffinancial
"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.
micaregulatory
"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.
prediction marketsfinancial
"And prediction markets have achieved mainstream relevance"
Prediction markets are exchanges where people buy and sell contracts that pay out based on the outcome of a future event, effectively turning collective beliefs into a price that reflects the market’s estimated probability. Like a sports betting line or a crowd-sourced weather forecast, they aggregate diverse information and sentiment into a single, continuously updated signal that investors can use to gauge market expectations, inform timing, assess risk, or construct hedges.
capital requirementsregulatory
"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.
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.
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.
What does CoinShares' 2026 outlook mean for investors in CS?
CoinShares argues digital assets are integrating with traditional finance, highlighting tokenisation, ETF inflows and infrastructure shifts that may increase institutional adoption.
How much have US spot Bitcoin ETFs attracted according to the 2026 CoinShares outlook (CS)?
The report cites more than $90 billion of inflows into US spot Bitcoin ETFs.
What Bitcoin price scenarios does CoinShares outline for 2026 impacting CS investors?
Three scenarios: a soft-landing case with Bitcoin >$150,000; a stable-growth range of $110,000–$140,000; and a downside from stagflation or recession before recovery.
What tokenisation milestones does CoinShares highlight that could affect CS-related markets?
Tokenised assets more than doubled in 2025, private credit and US Treasuries lead growth, and major firms have launched tokenised products on public blockchains.
How did Solana and other platforms perform in CoinShares 2026 outlook, and why does it matter for CS investors?
Solana's stablecoin supply rose from $1.8B to $12B; Ethereum remains dominant with $13B in ETF net inflows, indicating platform competition for settlement roles.
What material corporate or infrastructure deals are noted in the CoinShares 2026 outlook (CS)?
The report notes miners' $65B HPC/AI contracts and Intercontinental Exchange's potential up to $2B strategic investment in Polymarket.
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