TLDR
- Pantera Capital predicts a significant consolidation in the crypto treasury market by 2026.
- The firm forecasts that only the largest and best-capitalized players will survive.
- Bitcoin and Ether treasuries are becoming increasingly concentrated among a few large firms.
- Strategy, led by Michael Saylor, remains the dominant buyer in the Bitcoin treasury space.
- Ether treasuries are seeing similar patterns with BitMine and Trend Research leading the way.
- Smaller treasury companies face increasing financial pressure and may struggle to keep up.
Pantera Capital forecasts a wave of consolidation in the digital asset treasury (DAT) sector in 2026. The firm predicts that only the largest and best-capitalized players will survive the upcoming shakeout. Smaller companies are expected to struggle, unable to keep pace with the major players that dominate Bitcoin and Ether acquisitions.
Bitcoin Treasuries Continue to See Concentrated Accumulation
Bitcoin treasuries are becoming increasingly dominated by a small number of players, particularly publicly listed firms. Strategy, led by Michael Saylor, remains the dominant buyer among these treasuries. Recently, the firm acquired 22,306 Bitcoin for approximately $2.13 billion, bringing its total holdings to 709,715 BTC.
Corporate Bitcoin treasuries collectively hold around 1.13 million Bitcoin, making up about 5.4% of the total supply. The increasing concentration of Bitcoin among a few corporate entities raises concerns about the viability of smaller players in the market. As large companies continue to accumulate more Bitcoin, smaller firms may face increasing challenges in sustaining their positions.
The trend is a major factor in the forecasted “brutal pruning” for 2026. Pantera Capital predicts that smaller Bitcoin treasury companies will either be acquired or left behind. The massive accumulation by firms like Strategy suggests that the competition will only intensify in the coming months.
Ether Treasuries Show Similar Patterns of Concentration
Ether-focused treasuries are following a similar trend, with large players continuing to accumulate substantial amounts. BitMine, the largest corporate holder of Ether, has been steadily adding to its holdings. The company recently bought 35,268 ETH for $104 million, bringing its total Ether holdings to 92,511 ETH for around $277 million since the start of 2026.
Hong Kong-based Trend Research is also aggressively acquiring Ether, having purchased 41,500 ETH for about $126 million in 2026. Unlike traditional treasury firms, Trend Research is using decentralized borrowing via Aave, avoiding the need for equity sales or debt issuance. This strategy may allow the firm to continue acquiring Ether without relying on traditional funding methods.
Despite these acquisitions, other Ether treasuries have not disclosed any new purchases in 2026. This lack of transparency further highlights the growing dominance of the larger players in the Ether treasury space. The continued concentration of Ether among a few corporate holders mirrors the trend seen in Bitcoin.
Crypto Treasuries Face Financial Pressure in 2026
The growing concentration of assets in the hands of a few large players has raised concerns for smaller treasury companies. Some smaller firms, like ETHZilla, are already facing financial strain. In December, ETHZilla sold $74.5 million worth of Ether to repay senior secured convertible notes, highlighting the financial challenges facing less-capitalized firms.
Smaller players that relied on debt or equity issuance during previous market rallies may find it increasingly difficult to keep pace with the larger, better-funded firms. Pantera Capital’s prediction of a “brutal pruning” suggests that only the largest players with substantial financial backing will survive the upcoming consolidation in the market.
