Crypto asset manager CoinShares said digital assets are moving from an outside-of-system experience to a core layer of financial infrastructure as large institutions build on public blockchains.
In its 2026 digital asset outlook released on Monday, the investment firm argued that the next phase will be defined by convergence and not disruption, calling it “hybrid finance” – crypto rails merging with traditional finance to create new market plumbing.
“Digital assets no longer work outside of the traditional economy,” said Jean-Marie Mognetti, CEO of CoinShares, adding that 2026 is expected to bring “a consolidation of the real economy.”
The report states that this integration is increasingly visible in stablecoin usage and the growth of tokenized assets, led by private credit and US Treasuries, alongside more tokenized funds, tokenized deposits and stablecoin launches by incumbents.
Bitcoin mainstreaming is also accelerating, the report notes, highlighting more than $90 billion in U.S. spot exchange-traded fund (ETF) inflows and more than 1 million BTC held by corporate treasuries of 190 public companies.
For 2026, the asset management firm expects broader access through wealth management platforms and retirement accounts, as well as more direct institutional settlement from custodian banks.
The firm envisions three Bitcoin price trajectories linked to the macroeconomic context: a soft landing with productivity gains could push the crypto above $150,000; steady but moderate growth implies $110,000 to $140,000; and stagflation or recession could affect prices in the short term before a rebound.
According to the report, competition to become the settlement level of hybrid finance is intensifying, with Ethereum remaining the institutional anchor as its rivals gain ground.
“2026 will be defined by a financial system quietly reorganizing itself around public blockchains and digital settlement layers,” said James Butterfill, head of research at CoinShares.
The report also highlights growing regulatory divergences, from the European MiCA framework to evolving US stablecoin policy and Asia’s Basel-style approach, and flags structural changes including miners’ move towards HPC and AI infrastructure and prediction markets gaining relevance.
Learn more: Diversification, not hype, now drives investment in digital assets: Sygnum
