Pantera Capital forecasts a significant consolidation in the crypto asset treasury sector by 2026, with core assets like Bitcoin and Ethereum becoming increasingly concentrated among a few financially robust companies. Currently, corporate allocations of BTC and ETH are already highly centralized, with Strategy, led by Michael Saylor, being the largest Bitcoin buyer. In the Ethereum space, institutions like BitMine and Trend Research are notable for their continued accumulation. The report highlights that as the financing environment tightens and debt and equity pressures rise, smaller crypto treasury firms relying on high leverage or capital market expansion face substantial survival challenges. This could lead to acquisitions or eliminations of these smaller entities, further concentrating asset holdings among the largest players.