Digital asset treasury (DAT) corporations are prone to face consolidation in 2026, as the most important, best-capitalized gamers proceed to build up Bitcoin and Ether whereas smaller corporations wrestle to maintain tempo, based on Pantera Capital.
DATs are set for “brutal pruning” in 2026, with only some dominant company treasuries left standing, predicted asset supervisor Pantera Capital in a Wednesday X submit. “Everybody else will get acquired or left behind aside from a longer-tail token winner going alongside for the experience.”
Thus far this yr, the sample has been most seen in Bitcoin (BTC) and Ether (ETH) treasuries, the place essentially the most well-funded gamers have dominated acquisitions.
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Ether treasuries focus amongst few gamers
Ether’s largest company holder, BitMine, continued its regular accumulation within the new yr, whereas most different Ether-focused treasuries haven’t disclosed new acquisitions in 2026. BitMine mentioned it purchased 35,268 ETH for about $104 million within the week main as much as Tuesday. The corporate now holds 3.48% of the full Ether provide after scooping up a complete of 92,511 Ether for about $277 million because the begin of the yr.
Hong Kong-based funding agency Development Analysis has acquired 41,500 Ether for about $126 million up to now in 2026, whereas different Ether DATs have but to reveal public buys.
Development Analysis is funding its Ether purchases through decentralized borrowing by lending protocol Aave, which means it doesn’t depend on conventional fundraising strategies like share gross sales, employed by publicly listed treasury companies.
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Bitcoin treasuries led by Technique
On the Bitcoin facet, accumulation has been much more concentrated. Technique, led by Michael Saylor, has remained the dominant purchaser amongst publicly listed Bitcoin holders.
Technique acquired 22,306 Bitcoin final week for about $2.13 billion, bringing its whole holdings to 709,715 BTC bought for about $53.9 billion at a mean buying value of $75,979 per BTC.
Information from Bitcoinquant reveals that company Bitcoin treasuries collectively maintain about 1.13 million Bitcoin, or roughly 5.4% of the full provide, although figures fluctuate relying on how treasury corporations are outlined.
The rising focus of Bitcoin and Ether amongst a small variety of company holders raises questions on sustainability for smaller treasury corporations, notably those who relied on debt or fairness issuance throughout earlier market rallies.
On the finish of December, crypto treasury agency ETHZilla bought $74.5 million price of Ether to repay senior secured convertible notes, highlighting the monetary stress going through less-capitalized gamers.
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