Crypto Treasuries Set For ‘Brutal Pruning’ In 2026: Pantera Capital
Digital asset treasury (DAT) companies may face consolidation in 2026, as the biggest, best-capitalized players continue to amass bitcoin and ether while smaller companies struggle to keep pace, according to Pantera Capital.
DATs are set for a “brutal pruning” in 2026, with only a handful of major corporate treasuries left, predicted asset manager Pantera Capital in a Wednesday X post. “Everybody gets or stays except for the long-tail token winner who goes along for the ride.”
Until this year, the pattern was most visible in the Bitcoin (BTC) and Ether (ETH) vaults, where well-funded players dominated the purchases.
Related: Short squeeze hits top 500 cryptos as traders unwind bear bets
Ether's treasures are concentrated among a few players
Ether's largest corporate owner, BitMine, has continued its steady holdings in the new year, while most other Ether-focused treasuries have not announced new purchases in 2026. BitMine said it bought 35,268 ETH for about $104 million in the week ending Tuesday. The company holds 4.2 million ETH ($12.9 billion), or 3.48% of Ether's supply, after holding a total of 92,511 Ether since the beginning of the year.
Hong Kong-based investment firm Trend Research has so far acquired 41,500 Ether for $126 million in 2026, while other Ether DATs have yet to announce public purchases.
Trend Research is funding the Ether purchase through decentralized lending through the lending protocol Aave, which means it will be employed by publicly listed treasury companies and not rely on traditional fundraising methods such as stock sales.
Related: Nomura Laser Launches Bitcoin Fund Offering Digital Product
Strategy-driven Bitcoin Treasurys
On the Bitcoin side, the rally was even stronger. The strategy led by Michael Saylor has been the dominant buyer among publicly listed Bitcoin holders.
Strategy acquired 22,306 bitcoins for $2.13 billion last week, bringing its total holdings to 709,715 BTC for about $53.9 billion bought at an average purchase price of $75,979 per BTC.
According to data from Bitcoinquant, corporate bitcoin vaults hold a total of 1.13 million bitcoins, or about 5.4% of the total supply, although figures vary on how they are defined by vault companies.
The growing interest in Bitcoin and Ether among a minority of corporate owners raises questions about the sustainability of small-cap companies, especially those that relied on debt or equity issuance during earlier market rallies.
In late December, crypto-treasury firm ETHZilla sold $74.5 million worth of Ether to pay for high-security convertible notes, highlighting the financial pressures facing players with little capital.
Magazine: Sharplink exec shocked by level of BTC and ETH ETF hoarding – Joseph Chalom
