TL;DR
- Pantera Capital expects an accelerated concentration of crypto corporate treasuries in 2026, with a small group of companies set to dominate the market.
- In Ethereum, BitMine holds 4.2M ETH, equal to 3.48% of the supply.
- In Bitcoin, Strategy controls more than 709,715 BTC.
Pantera Capital anticipates an accelerated concentration process across corporate crypto asset treasuries during 2026. The asset manager’s analysis points to a landscape dominated by a small group of companies with strong capital capacity, while the rest are either acquired or lose market relevance.
The focus is on Bitcoin and Ethereum treasuries. In both cases, accumulation flows show a clear asymmetry. Better-capitalized companies concentrate purchases and expand their balance sheets, while others scale back activity or stop reporting new acquisitions altogether.
Largest Treasuries by Asset
In Ethereum, concentration is reflected in BitMine’s position. The company purchased 35,268 ETH for roughly $104M in the week prior to the latest report. That transaction lifted its total holdings to 4.2 million ETH, valued at approximately $12.9B. This amount represents 3.48% of Ethereum’s total supply. Since the start of 2026, BitMine has accumulated 92,511 ETH for close to $277M. Over the same period, most ETH-focused corporate treasuries reported no new purchases.
One exception is Trend Research, a Hong Kong-based investment firm. So far in 2026, it has acquired 41,500 ETH for about $126M. Unlike other firms, it finances its purchases through decentralized borrowing via the Aave protocol, without relying on equity issuance or traditional corporate financing structures.
In Bitcoin, concentration is even more pronounced. Strategy, led by Michael Saylor, remains at the top among publicly listed companies. The firm purchased 22,306 BTC in the most recently reported week for a total of $2.13B. That transaction increased its holdings to 709,715 BTC. Total acquisition costs amount to $53.9B, with an average purchase price of $75,979 per Bitcoin.
5.4% of the BTC Supply Held by Corporations
Data from Bitcoinquant shows that corporate treasuries control around 1.13 million BTC, equivalent to roughly 5.4% of the total supply. The figure varies depending on the criteria used to define these companies.
The adjustment is also visible through defensive actions. At the end of December, ETHZilla sold $74.5M worth of Ethereum to repay senior secured convertible notes, reducing its exposure after previously relying on debt financing
