Pantera Capital warns 2026 will prune corporate crypto treasury companies
Pantera Capital said on 21 January 2026 that digital asset treasury companies are likely to face consolidation this year as a small number of well-capitalized buyers keep accumulating major cryptocurrencies while smaller players struggle to compete.
In a post on X, the asset manager forecast “brutal pruning” across corporate crypto treasuries, adding that in each major asset class only a few dominant treasuries are likely to remain, with others being acquired or left behind.
The concentration has been most visible in corporate holders of ether and bitcoin. BitMine said it bought 35,268 ETH for about $104 million in the week leading up to 20 January 2026 and now holds about 4.2 million ETH, which it said represents roughly 3.48% of the total ether supply. Hong Kong based Trend Research has acquired 41,500 ETH for about $126 million so far in 2026 and has funded purchases through borrowing on Aave rather than equity sales.
On the bitcoin side, Strategy said in a filing on 20 January 2026 that it bought about $2.13 billion of bitcoin between 12 January and 19 January 2026, bringing its holdings to 709,715 BTC. The company said it has purchased its bitcoin for about $53.9 billion at an average price of $75,979 per coin.
The growing share of bitcoin and ether held by a small group of corporate treasuries has raised questions about how smaller treasury firms will finance positions, particularly those that relied on debt or equity issuance during earlier rallies. In a filing on 19 December 2025, ETHZilla said it sold $74.5 million of ether to repay senior secured convertible notes.
As GNcrypto wrote on 8 December 2025, CoinShares said the tokenized real world asset market rose 229% in 2025 to $18.1 billion, driven by demand for tokenized U.S. Treasuries and dollar yield. The report said tokenized Treasuries grew from $3.91 billion to $8.68 billion in 2025 and that Ethereum held more than $4.9 billion of tokenized U.S. government debt as of that week.
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