Digital asset treasury (DAT) companies will likely face consolidation in 2026 as the largest and best-capitalized players continue to accumulate Bitcoin and Ether while smaller companies struggle to keep pace, according to Pantera Capital.
DATs will be subject to “brutal pruning” in 2026, with only a few dominant corporate treasuries left on the market, asset manager Pantera Capital forecast on Wednesday post. “Everyone else will be taken over or left behind except the winner of the longer-tailed chip, who will go along for the ride.”
So far this year, this pattern has been most evident in Bitcoin (BTC) and Ether (ETH) treasuries, where acquisitions have been dominated by the best-funded players.
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Aether vaults are concentrated among a few players
The largest corporate holder of Ether, BitMine, continued its steady accumulation in the recent year, while most other Ether-focused treasuries did not reveal recent acquisitions in 2026. BitMine stated that bought 35,268 ETH for approximately $104 million in the week preceding Tuesday. The company currently holds 4.2 million ETH ($12.9 billion), or 3.48% of the total Ether supply, after raising a total of 92,511 Ether for approximately $277 million year-to-date.
Hong Kong-based investment firm Trend Research has acquired 41,500 Ether units so far in 2026 for approximately $126 million, while other Ether DATs have not yet disclosed public procurement.
Trend Research funds its Ether purchases through decentralized lending through the Aave lending protocol, which means it does not rely on time-honored fundraising methods, such as stock sales, used by publicly traded treasury firms.
Related: Nomura’s Laser Digital launches income-generating Bitcoin fund
Bitcoin vaults run by Strategy
On the Bitcoin side, accumulation was even more concentrated. The strategy, led by Michael Saylor, remains the dominant buyer among publicly traded Bitcoin holders.
Last week, Strategy acquired 22,306 Bitcoins for approximately $2.13 billion, bringing its total holdings to 709,715 BTC purchased for approximately $53.9 billion at an average purchase price of $75,979 per BTC.
Data from Bitcoinquant can be seen that corporate Bitcoin treasuries collectively hold about 1.13 million Bitcoins, or about 5.4% of the total supply, although the numbers vary depending on the definition of treasury companies.
The growing concentration of Bitcoin and Ether among a miniature number of corporate holders raises questions about the sustainability of smaller treasuries, especially those that have relied on debt or equity issuance during previous market booms.
In slow December, cryptocurrency firm ETHZilla sold $74.5 million worth of Ether to repay senior secured convertible notes, highlighting the financial pressures facing less capitalized players.
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