Digital asset treasury (DAT) companies are likely to face consolidation in 2026, as the largest, best-capitalized players continue to accumulate Bitcoin and Ether while smaller companies struggle to keep pace, according to Pantera Capital.
DATs are set for “brutal pruning” in 2026, with only a few dominant corporate treasuries left standing, predicted asset manager Pantera Capital in a Wednesday X post. “Everyone else gets acquired or left behind except for a longer-tail token winner going along for the ride.”
So far this year, the pattern has been most visible in Bitcoin (BTC) and Ether (ETH) treasuries, where the most well-funded players have dominated acquisitions.
Related: Short squeeze hits top 500 cryptos as traders unwind bearish bets
Ether treasuries concentrate among few players
Ether’s largest corporate holder, BitMine, continued its steady accumulation in the new year, while most other Ether-focused treasuries have not disclosed new acquisitions in 2026. BitMine said it bought 35,268 ETH for about $104 million in the week leading up to Tuesday. The company now holds 4.2 million ETH ($12.9 billion), or 3.48% of the total Ether supply, after scooping up a total of 92,511 Ether for about $277 million since the start of the year.
Hong Kong-based investment firm Trend Research has acquired 41,500 Ether for about $126 million so far in 2026, while other Ether DATs have yet to disclose public buys.
Trend Research is funding its Ether purchases via decentralized borrowing through lending protocol Aave, meaning it doesn’t rely on traditional fundraising methods like share sales, employed by publicly listed treasury firms.
Related: Nomura’s Laser Digital rolls out yield-bearing Bitcoin fund
Bitcoin treasuries led by Strategy
On the Bitcoin side, accumulation has been even more concentrated. Strategy, led by Michael Saylor, has remained the dominant buyer among publicly listed Bitcoin holders.
Strategy acquired 22,306 Bitcoin last week for about $2.13 billion, bringing its total holdings to 709,715 BTC purchased for about $53.9 billion at an average purchasing price of $75,979 per BTC.
Data from Bitcoinquant shows that corporate Bitcoin treasuries collectively hold about 1.13 million Bitcoin, or roughly 5.4% of the total supply, though figures vary depending on how treasury companies are defined.
The growing concentration of Bitcoin and Ether among a small number of corporate holders raises questions about sustainability for smaller treasury companies, particularly those that relied on debt or equity issuance during earlier market rallies.
At the end of December, crypto treasury firm ETHZilla sold $74.5 million worth of Ether to repay senior secured convertible notes, highlighting the financial pressure facing less-capitalized players.
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