Cryptocurrency financial reserve brutal restructuring: 1.13 million Bitcoins concentrated in major institutions

Pantera Capital’s latest forecast has triggered industry震动: by 2026, the financial reserves of crypto companies are undergoing a brutal restructuring, with leading institutions having a clear advantage in accumulating Bitcoin and Ethereum, while smaller companies with insufficient capital face acquisition or淘汰. Data shows that corporate financial reserves have accumulated 1.13 million BTC, accounting for 5.4% of the total Bitcoin supply, and the trend of reserve集中化 has become a reality.

Leading Institutions’ Hoarding Competition

Concentration of Bitcoin Reserves

According to the latest news, Strategy purchased 22,306 BTC last week for approximately $2.13 billion, a snapshot of its large-scale accumulation. As of now, Strategy holds a total of 709,715 BTC, with a total cost of about $53.9 billion, and an average purchase price of $75,979.

More notably, corporate reserve addresses hold about 1.13 million BTC, accounting for 5.4% of the total Bitcoin supply. This means less than 6% of Bitcoin is held by institutional-level reserve companies, and this proportion continues to rise.

Ethereum Accumulation Concentration

In terms of Ethereum, the trend toward集中化 is even more apparent. BitMine, as the largest ETH holder, has purchased 92,511 ETH since the beginning of the year, worth about $277 million, currently holding 3.48% of the total ETH supply. This indicates that a single institution controls nearly 4% of Ethereum’s circulating supply.

Trend Research has purchased 41,500 ETH by 2026, worth about $126 million, funded through Aave lending. This leverage through borrowing to expand holdings reflects the strong confidence of leading institutions in asset value.

Small Companies’ Dilemma and Opportunities

Forced Sales Under Financial Pressure

Not all companies are actively hoarding. ETHZilla sold $74.5 million worth of ETH at the end of December to repay debts, a clear example of the reality faced by small companies—being forced to sell assets under market volatility and financial pressure.

Three Possible Paths

According to Pantera Capital’s analysis, small reserve companies in 2026 face the following scenarios:

• Acquisition by well-capitalized leading players
• Merging with other small companies to achieve scale
• Gradual淘汰 from the market, ultimately退出竞争

This is not alarmist but an inevitable result of market淘汰.

Why Does This Concentration Occur

Amplification of Scale Advantages

Well-capitalized institutions can continuously accumulate at low prices, while small companies, due to limited funds, cannot坚持长期持有. This results in larger institutions having lower成本 and更大规模, further strengthening their竞争优势.

Use of Lending Tools

Trend Research’s use of Aave to借贷 to扩大 ETH holdings reflects that leading institutions can obtain更优惠的借贷条件, which small companies find难以复制.

Differences in Market Confidence

Leading institutions have stronger信心 in the long-term asset value and are willing to持续投入. In contrast, small companies are more likely to退出 under压力.

Deep Implications of Market Structure

From Decentralization to集中化

This process reflects the成熟化 of the crypto asset market. The early stage dominated by retail investors and small institutions is transitioning to a stage of机构集中. The increasing holdings of leading institutions mean more流动性 and稳定性, but also lead to market定价权的集中.

Impact on Small Projects

The集中化 of financial reserves will ultimately影响整个生态. Small projects that rely on多元化投资者 support may lose重要资金来源 due to the reduction of reserve companies.

Future Developments

Based on current trends, by 2026, we expect:

• Accelerated M&A and integration among leading institutions
• Significant reduction of small reserve companies
• Further集中 of Bitcoin and Ethereum in institutional hands
• Possible structural changes in market liquidity

Related news indicates that top institutions like Pantera Capital are actively investing across multiple tracks (SENT, Mezo, Raiku, etc.), confirming their ongoing efforts to扩大 their influence within the ecosystem.

Summary

The集中化 of financial reserves is no longer a prediction but a现实. 1.13 million BTC are concentrated in corporate hands, and ETH holdings also show明显的头部集中特征. This “强者恒强” pattern means: leading institutions will continue to accumulate, small companies face淘汰压力, and market定价权 and话语权 will further倾斜 towards大机构.

For the industry, this is both a sign of成熟化 and a warning—excessive集中化可能带来新的风险. But in the短期, this集中化至少为市场提供了更多的稳定性和流动性。