Odaily Planet Daily reports that Pantera Capital states that by 2026, digital asset treasury companies will face a brutal restructuring, with only a few well-capitalized leaders continuing to accumulate Bitcoin and ETH, while the rest of the smaller firms will either be acquired or phased out by the market.
According to Pantera Capital’s monitoring, the accumulation of Bitcoin and ETH is currently highly concentrated. BitMine, the largest holder of ETH, has purchased 92,511 ETH since the beginning of the year, with a total value of approximately $277 million, currently holding 3.48% of the total ETH supply. Trend Research has purchased 41,500 ETH in 2026, worth about $126 million, funded through Aave lending.
In terms of Bitcoin, Strategy bought approximately 22,306 BTC last week for about $2.13 billion. To date, Strategy has accumulated a total of 709,715 BTC, with a total cost of about $53.9 billion, and an average purchase price of $75,979. Data shows that corporate treasury addresses 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 debts.
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