Dan Morehead, founder and managing partner of Pantera Capital, stated on Bloomberg's crypto program that each digital asset only needs one or two treasury companies to survive, with the better performers absorbing the poorer ones; Bitcoin already has dozens of similar entities, most of which will likely be consolidated.

He described treasury stocks as cyclical: during good market conditions, stock prices can exceed net asset value, while during poor conditions, they are discounted. The strategy has been running for four to five years and has gone through this cycle. He expects that if the market reaches new highs, most treasury stocks will return to or exceed their net asset values. The difference lies not in buying the same underlying asset, but in some acquiring peers at a discount while others issue shares at a premium. Financial returns will determine who can grow net assets and stock prices faster, with winners attracting more capital; those with excessively high fees or poor timing will face deeper discounts. Earlier this year, Pantera predicted a "brutal pruning" in 2026, leaving only a few well-capitalized entities, while the rest will be acquired or fall behind. The company itself has invested in Solana treasuries.

The "one or two" is his structural judgment, not a regulatory quota. Whether discount acquisitions occur depends on the financing window and legal structure. The scale of the strategy does not automatically replicate across other coins.

Issuance is effective during premium periods but becomes a target for acquisition during discount periods. The treasury race for each coin is shifting from a flourishing competition to liquidation.

In market mechanisms, buyers are leading treasuries that can finance at a premium, while sellers are smaller treasuries that fall below net asset value and lack refinancing. The driving force is the expectation of consolidation, which is a structural event. Funds flow from weaker entities' public shells to stronger entities' issuances and stock swaps. Beneficiaries are the leading entities that can continuously expand their balance sheets, while pressured are the homogenized hoarders with higher fees.

Source: Public information