Pantera Capital sees ‘brutal pruning’ for crypto treasuries in 2026

Digital plus treasury (DAT) companies are apt to look consolidation successful 2026, arsenic the largest, best-capitalized players proceed to accumulate Bitcoin and Ether portion smaller firms conflict to support pace, according to Pantera Capital.

DATs are acceptable for “brutal pruning” successful 2026, with lone a fewer ascendant firm treasuries near standing, predicted plus manager Pantera Capital successful a Wednesday X post. “Everyone other gets acquired oregon near down but for a longer-tail token victor going on for the ride.”

So acold this year, the signifier has been astir disposable successful Bitcoin (BTC) and Ether (ETH) treasuries, wherever the astir well-funded players person dominated acquisitions.

Source: Pantera Capital

Related: Short compression hits apical 500 cryptos arsenic traders unwind bearish bets

Ether treasuries ore among fewer players

Ether’s largest firm holder, BitMine, continued its dependable accumulation successful the caller year, portion astir different Ether-focused treasuries person not disclosed caller acquisitions successful 2026. BitMine said it bought 35,268 ETH for astir $104 cardinal successful the week starring up to Tuesday. The institution present holds 3.48% of the full Ether proviso aft scooping up a full of 92,511 Ether for astir $277 cardinal since the commencement of the year.

Hong Kong-based concern steadfast Trend Research has acquired 41,500 Ether for astir $126 cardinal truthful acold successful 2026, portion different Ether DATs person yet to disclose nationalist buys.

Trend Research is funding its Ether purchases via decentralized borrowing through lending protocol Aave, meaning it doesn’t trust connected accepted fundraising methods similar stock sales, employed by publicly-listed treasury firms.

Related: Nomura’s Laser Digital rolls retired yield-bearing Bitcoin fund

Bitcoin treasuries led by Strategy

On the Bitcoin side, accumulation has been adjacent much concentrated. Strategy, led by Michael Saylor, has remained the ascendant purchaser among publically listed Bitcoin holders.

Strategy acquired 22,306 Bitcoin past week for astir $2.13 billion, bringing its full holdings to 709,715 BTC purchased for astir $53.9 cardinal astatine an mean purchasing terms of $75,979 per BTC.

Data from Bitcoinquant shows that firm Bitcoin treasuries collectively clasp astir 1.13 cardinal Bitcoin, oregon astir 5.4% of the full supply, though figures alteration depending connected however treasury companies are defined.

Strategy’s Bitcoin purchases since November 2025. Source: Strategy

The increasing attraction of Bitcoin and Ether among a tiny fig of firm holders raises questions astir sustainability for smaller treasury companies, peculiarly those that relied connected indebtedness oregon equity issuance during earlier marketplace rallies.

At the extremity of December, crypto treasury steadfast ETHZilla sold $74.5 million worthy of Ether to repay elder secured convertible notes, highlighting the fiscal unit facing less-capitalized players.

Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom