Digital asset treasury bull Peter Smith, co-founder and CEO of Blockchain.com, sees the trend of publicly-listed companies adopting crypto treasury strategies continuing for some time, although he expects a wave of mergers and acquisitions. "More and more are going to come, until we run out of management teams or shells. Capitalism is awesome like that," Smith told The Block. "At some point, though, we sort of run out of steam, and then it gets really interesting because then you’ll see a lot of consolidation ... the really good management teams and sponsors will consolidate a lot of the space at a preferential capital stack."