Asset management firm Pantera Capital has issued a stark prediction for the digital asset treasury (DAT) sector, forecasting a significant wave of consolidation by 2026. The firm describes this process as a "brutal pruning," where only the largest and best-capitalized players will survive, while smaller companies are expected to be acquired or left behind.
The trend is already visible in the concentration of Bitcoin and Ether holdings. On the Bitcoin side, accumulation is dominated by publicly listed firms, with MicroStrategy, led by Michael Saylor, being the most prominent. The company recently acquired 22,306 BTC for approximately $2.13 billion, bringing its total holdings to 709,715 BTC. Data indicates corporate Bitcoin treasuries collectively hold about 1.13 million BTC, or roughly 5.4% of the total supply.
A similar pattern is emerging with Ether treasuries. BitMine, the largest corporate holder of Ether, has continued steady accumulation, purchasing 35,268 ETH for $104 million recently. Since the start of 2026, it has acquired 92,511 ETH for about $277 million. Hong Kong-based investment firm Trend Research has also been aggressive, acquiring 41,500 ETH for around $126 million in 2026, funding its purchases through decentralized borrowing on the Aave protocol instead of traditional equity sales.
This growing concentration raises sustainability questions for smaller treasury companies. Financial pressure is already mounting, as evidenced by crypto treasury firm ETHZilla selling $74.5 million worth of Ether in December to repay senior secured convertible notes. Pantera Capital suggests that firms that relied on debt or equity issuance during earlier market rallies will find it increasingly difficult to compete with the financial might of the dominant players, leading to the predicted industry shakeout.
