Pantera Capital: Crypto Corporate Treasuries Face Brutal Restructuring in 2026

Odaily News Pantera Capital stated that digital asset treasury companies will face a brutal restructuring in 2026, with only a few well-capitalized leaders continuing to accumulate Bitcoin and ETH. The remaining smaller companies may be acquired or eliminated by the market.

According to Pantera Capital's monitoring, the accumulation of Bitcoin and ETH is currently highly concentrated. As the largest holder of ETH, BitMine has purchased 92,511 ETH since the beginning of the year, with a total value of approximately $277 million, now holding 3.48% of the total ETH supply. Trend Research has purchased 41,500 ETH in 2026, valued at about $126 million, with its funds obtained through borrowing on Aave.

Regarding Bitcoin, Strategy purchased 22,306 BTC last week for approximately $2.13 billion. To date, Strategy has cumulatively held 709,715 BTC at a total cost of about $53.9 billion, with an average purchase price of $75,979. Data indicates that corporate treasury addresses collectively hold about 1.13 million BTC, accounting for 5.4% of the total supply. Additionally, ETHZilla sold $74.5 million worth of ETH at the end of December to repay debt.