Pantera Capital predicts that by 2026, the crypto asset enterprise treasury (DAT) will undergo a "brutal reshuffle," with allocations to core assets like Bitcoin and Ethereum further concentrated among a few financially strong companies. The remaining small and medium-sized treasuries will either be acquired or phased out. Pantera points out that currently, enterprise-level allocations of BTC and ETH are highly concentrated, with Strategy (Michael Saylor) still the largest Bitcoin buyer, while a few institutions like BitMine and Trend Research continue to increase their Ethereum holdings. As the financing environment tightens and debt and equity pressures rise, small and medium-sized crypto treasury companies relying on high leverage or capital market expansion are facing significant survival challenges. (Cointelegraph)