{"id":93472,"date":"2026-01-23T11:25:15","date_gmt":"2026-01-23T08:25:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=93472"},"modified":"2026-01-26T10:35:22","modified_gmt":"2026-01-26T07:35:22","slug":"pantera-capital-predicts-collapse-of-small-crypto-treasuries","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/pantera-capital-predicts-collapse-of-small-crypto-treasuries\/","title":{"rendered":"Pantera Capital Predicts Collapse of Small Crypto Treasuries"},"content":{"rendered":"<p>In 2026, <span data-descr=\"a company with crypto assets on its balance sheet\" class=\"old_tooltip\">DAT<\/span> companies will face &#8220;fierce consolidation,&#8221; with only a few of the largest players with Bitcoin and Ethereum on their balance sheets surviving, according to analysts at Pantera Capital. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/auF9ctHG0d\">https:\/\/t.co\/auF9ctHG0d<\/a><\/p>\n<p>\u2014 Pantera Capital (@PanteraCapital) <a href=\"https:\/\/twitter.com\/PanteraCapital\/status\/2014067605338730704?ref_src=twsrc%5Etfw\">January 21, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The rest will either be absorbed or left behind, except perhaps for one or two fortunate players with alternative tokens,&#8221; they noted. <\/em><\/p>\n<\/blockquote>\n<p>Experts say the trend is already noticeable: asset accumulation is concentrated among a limited number of corporations. This is particularly evident in the treasury sector of the second-largest cryptocurrency by market capitalization. <\/p>\n<h2 class=\"wp-block-heading\">Ethereum Advocates<\/h2>\n<p>BitMine is solidifying its status as the largest holder of the second-largest cryptocurrency by market capitalization. Just last week, the company invested $104 million to purchase 35,268 ETH. Since the beginning of the year, the firm&#8217;s portfolio has grown by 92,511 ETH ($277 million).<\/p>\n<p>At the time of writing, the company manages over 4.2 million ETH ($12.9 billion), accounting for 3.48% of the total supply of the asset.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-7cb6e9301786750a-4372882633990696.webp\" alt=\"image\" class=\"wp-image-273890\"\/><figcaption class=\"wp-element-caption\">Top 10 largest corporate holders of Ethereum. Source: <a href=\"https:\/\/www.coingecko.com\/en\/treasuries\/ethereum\">CoinGecko<\/a>. <\/figcaption><\/figure>\n<p>BitMine has also engaged in <a href=\"https:\/\/forklog.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">staking<\/a> \u2014 the firm has locked a total of 1,943,200 ETH ($5.71 billion). <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Tom Lee(<a href=\"https:\/\/twitter.com\/fundstrat?ref_src=twsrc%5Etfw\">@fundstrat<\/a>)&#8217;s <a href=\"https:\/\/twitter.com\/hashtag\/Bitmine?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitmine<\/a> staked another 171,264 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($503.2M) 6 hours ago.<\/p>\n<p>In total, <a href=\"https:\/\/twitter.com\/hashtag\/Bitmine?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitmine<\/a> has now staked 1,943,200 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($5.71B).<a href=\"https:\/\/t.co\/P684j5YQaG\">https:\/\/t.co\/P684j5YQaG<\/a> <a href=\"https:\/\/t.co\/xrFAF4KKau\">pic.twitter.com\/xrFAF4KKau<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/2014510039281910133?ref_src=twsrc%5Etfw\">January 23, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The second-largest Ethereum treasury, SharpLink, acquired 4,987 ETH ($14 million). Other DATs have not reported new cryptocurrency purchases for some time \u2014 a similar pattern is observed in the sector of companies accumulating Bitcoin. <\/p>\n<h2 class=\"wp-block-heading\">Bitcoin Treasuries<\/h2>\n<p>The largest player here remains Strategy <a href=\"https:\/\/forklog.com\/en\/news\/michael-saylor-the-microstrategy-founders-biography-and-views\">Michael Saylor<\/a>, which owns 709,715 BTC ($63.5 billion) and continues to replenish its reserve. <\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-d6de87d9f760e123-4372913020357405.webp\" alt=\"image\" class=\"wp-image-273891\"\/><figcaption class=\"wp-element-caption\">Top 10 largest corporate holders of Bitcoin. Source: <a href=\"https:\/\/bitbo.io\/treasuries\/\">BitBo<\/a>. <\/figcaption><\/figure>\n<p>The company accounts for the majority of assets managed by public corporate structures (1 million BTC worth $96.7 billion). <\/p>\n<p>In comparison, the second-largest treasury holds 52,850 BTC ($4.7 billion) \u2014 more than 11 times less than Strategy. <\/p>\n<p>The growing gap raises questions about the sustainability of smaller treasuries, especially those that raised capital through debt or equity issuance during bull market phases. Some have already faced consequences \u2014 at the end of December, ETHZilla <a href=\"https:\/\/forklog.com\/en\/news\/ethzilla-crypto-treasury-sells-74m-of-ethereum\">sold<\/a> 24,291 ETH worth $74.5 million to repay debt obligations. <\/p>\n<p>Earlier, French firm Sequans Communications resorted to asset liquidation: the company <a href=\"https:\/\/forklog.com\/en\/news\/dat-firm-sequans-sells-970-btc-to-reduce-debt-amid-bitcoin-slide\">had to sell<\/a> 970 BTC ($94.5 million) to meet convertible debt payments.<\/p>\n<p>Back in November, Bitwise&#8217;s Chief Investment Officer Matt Hougan <a href=\"https:\/\/forklog.com\/en\/news\/bitwise-cio-says-crypto-treasuries-risk-irrelevance-without-complex-strategies\">highlighted<\/a> the inefficiency of crypto treasuries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2026, DAT companies will face &#8220;fierce consolidation,&#8221; with only a few large players surviving, according to Pantera Capital.<\/p>\n","protected":false},"author":1,"featured_media":93473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"In 2026, DAT companies will face \"fierce consolidation,\" with only a few large players surviving.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1138,1296],"class_list":["post-93472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-opinions","tag-pantera-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"164","promo_type":"1","layout_type":"1","short_excerpt":"In 2026, DAT companies will face \"fierce consolidation,\" with only a few large players surviving.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=93472"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93472\/revisions"}],"predecessor-version":[{"id":93474,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93472\/revisions\/93474"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/93473"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=93472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=93472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=93472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}