The bitcoin-owning company’s capital structure is shifting toward permanent capital, reducing refinancing risk and damping credit volatility.
Crypto Treasuries Set For ‘Brutal Pruning’ in 2026: Pantera Capital
Digital asset treasury (DAT) companies are likely to face consolidation in 2026, as the largest, best-capitalized players continue to accumulate Bitcoin and Ether while smaller firms struggle to keep pace, according to Pantera Capital.
DATs are set for “brutal pruning” in 2026, with only a few dominant corporate treasuries left standing, predicted asset manager Pantera Capital in a Wednesday X post. “Everyone else gets acquired or left behind except for a longer-tail token winner going along for the ride.”
So far this year, the pattern has been most visible in Bitcoin (BTC) and Ether (ETH) treasuries, where the most well-funded players have dominated acquisitions.
Related: Short squeeze hits top 500 cryptos as traders unwind bearish bets
Ether treasuries concentrate among few players
Ether’s largest corporate holder, BitMine, continued its steady accumulation in the new year, while most other Ether-focused treasuries have not disclosed new acquisitions in 2026. BitMine said it bought 35,268 ETH for about $104 million in the week leading up to Tuesday. The company now holds 3.48% of the total Ether supply after scooping up a total of 92,511 Ether for about $277 million since the start of the year.
Hong Kong-based investment firm Trend Research has acquired 41,500 Ether for about $126 million so far in 2026, while other Ether DATs have yet to disclose public buys.
Trend Research is funding its Ether purchases via decentralized borrowing through lending protocol Aave, meaning it doesn’t rely on traditional fundraising methods like share sales, employed by publicly-listed treasury firms.
Related: Nomura’s Laser Digital rolls out yield-bearing Bitcoin fund
Bitcoin treasuries led by Strategy
On the Bitcoin side, accumulation has been even more concentrated. Strategy, led by Michael Saylor, has remained the dominant buyer among publicly listed Bitcoin holders.
Strategy acquired 22,306 Bitcoin last week for around $2.13 billion, bringing its total holdings to 709,715 BTC purchased for about $53.9 billion at an average purchasing price of $75,979 per BTC.
Data from Bitcoinquant shows that corporate Bitcoin treasuries collectively hold about 1.13 million Bitcoin, or roughly 5.4% of the total supply, though figures vary depending on how treasury companies are defined.
The growing concentration of Bitcoin and Ether among a small number of corporate holders raises questions about sustainability for smaller treasury companies, particularly those that relied on debt or equity issuance during earlier market rallies.
At the end of December, crypto treasury firm ETHZilla sold $74.5 million worth of Ether to repay senior secured convertible notes, highlighting the financial pressure facing less-capitalized players.
Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
Ownership Structures Drive One-Third of Sanctions-Linked Securities Exposure, Reveals LSEG
LSEG Risk Intelligence has launched a new dataset aimed at tackling one of the most persistent challenges in modern compliance: identifying securities that are indirectly linked to sanctioned entities through complex ownership structures.
The launch of the Sanctioned Securities Data File, developed in partnership with data analytics firm BIGTXN, comes with initial analysis revealing that approximately one-third of all sanctions-linked instruments are connected not through explicit designation, but via ownership and control relationships.
The hidden risk of ownership
While financial institutions have robust systems for screening against explicit sanctions lists, the “50 per cent rule” and similar control-based regulations create significant blind spots. A company may not appear on a sanctions list itself, but if it is owned or controlled by a sanctioned parent, its securities fall within the scope of regulation.
LSEG’s analysis highlights that traditional list-based screening often lacks the granularity to detect these indirect exposures consistently. By mapping sanctions designations to real financial instruments, the new dataset aims to provide the systematic clarity firms need to avoid accidental non-compliance.
Chris Moyser, head of strategy at LSEG risk intelligence, commented: “Sanctions regimes today extend far beyond simple lists of designated names. Financial institutions need a systematic way to understand how those designations translate into real exposure across securities, ownership structures and corporate actions. The Sanctioned Securities Data File is designed to bring that clarity – helping firms identify risk that is often difficult to detect using traditional screening approaches.”
Active risks in the market
The data also reveals that sanctions compliance is far from a retrospective exercise. According to LSEG, approximately 60 per cent of sanctions-linked instruments remain active based on current platform coverage. This underscores that sanctions exposure is an ongoing operational challenge for trading, investment, and post-trade functions, rather than just a legacy issue.
At the instrument level, the impact is heavily concentrated in capital formation mechanisms. Rights, entitlements, debt instruments, and structured products collectively account for 80 per cent of sanctioned instruments.
Geographically, the data confirms the continued dominance of Russian-imposed measures. Russia accounts for 60 per cent of total issuance in the sanctions-instrument landscape. However, regimes administered by the European Union, the United States, New Zealand, and Ukraine are also noted as material contributors, illustrating the increasing complexity of multi-jurisdictional compliance.
Bitcoin Old Hands Sold BTC Like Never Before This Bull Market
Bitcoin long-term holders of two years or more broke records during 2024 and 2025, says a new analysis of the latest bull market.
Bitcoin (BTC) is seeing record selling from old hands — but the trend began far below current prices.
Key points:
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Bitcoin long-term holders have beaten records with their sales over the past two years.
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Selling behavior this bull market sets it apart from previous ones.
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A price cycle and investor “transition” is now underway.
CryptoQuant: Revived BTC supply “stands out”
New research from onchain analytics platform CryptoQuant confirms ongoing sales of “significantly older coins” this bull market.
Unspent transaction outputs (UTXOs) involving BTC previously dormant for two years or more have spiked since 2024.
“What stands out is that 2024 and 2025 record the highest annual revived supply from long-term holders in Bitcoin’s history,” contributor Kripto Mevsimi commented alongside an explanatory chart.
The data reveals both 2024 and 2025 rivalling the distribution seen at the end of a previous bull market in 2017, which ended when BTC/USD topped $20,000.
“This is not just a repeat of 2017 or 2021,” Kripto Mevsimi stressed.
“While those cycles saw revived supply rise alongside strong price momentum and speculative inflows, the current revival is happening with lower overall market noise but significantly older coins.”
CryptoQuant argued that long-term holders of Bitcoin are now “reassessing exposure” to the market — and have been ever since price passed the $40,000 mark.
“Early 2026 data does not yet show a full reversal of this trend, but revived long-term supply has moderated compared to the peaks of 2024–2025,” Kripto Mevsimi added about the latest phase of the trend.
“Whether this represents temporary exhaustion or the start of a new accumulation phase will become clearer as the year progresses.”
Bitcoin is undergoing a “transition”
As Cointelegraph reported, long-term holders bringing long-dormant coins to market has become a major talking point in recent months.
Related: BTC vs. new $80K ‘liquidity grab’: Five things to know in Bitcoin this week
Bitcoin’s underperformance versus other major asset classes from Q4 2025 onward has, in turn, led to questions about how the coming year might diverge from previous price cycles.
Notably, 2026 is scheduled to be a bear market year, and various forecasts see a return to far lower levels than the current $90,000.
Whether the four-year price cycle even remains valid likewise forms a topic of debate for market participants.
“Bitcoin is not only undergoing a price cycle, but potentially a transition in who holds it and why—and long-term holder supply behavior is one of the clearest on-chain signals of that shift,” CryptoQuant concluded.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Vietnam Opens Crypto Exchange Licensing Under Pilot Program
Vietnam began accepting applications for licenses to operate digital asset trading platforms, marking the operational start of the country’s long-planned pilot program for a regulated crypto market.
The State Securities Commission of Vietnam (SSC) officially opened the licensing window on Tuesday, following the issuance of new administrative procedures under Decision No. 96 by the Ministry of Finance of Vietnam, which implements a resolution on piloting a regulated crypto asset market.
“Applications for the aforementioned administrative procedures will be accepted beginning January 20, 2026,” the SSC said, framing the move as part of a broader effort to bring crypto under formal regulatory oversight.
The opening of the licensing window follows the entry into force of Vietnam’s Law on the Digital Technology Industry on Jan. 1, which defines digital and crypto assets in statute for the first time.
While the country recognizes crypto assets as property, it explicitly excludes them from legal tender status and maintains restrictions on their use as a means of payment.
Banks and securities firms signal interest in applying
On Oct. 6, 2025, Vietnam’s Ministry of Finance confirmed that no companies had applied to participate in the five-year crypto pilot at that time, citing high capital requirements and strict eligibility conditions.
Interest from domestic financial institutions now appears to be emerging. On Wednesday, Vietnam News reported that about 10 securities companies and banks publicly announced plans and their readiness to participate in the crypto asset market once licensed.
The report emphasized that the institutions are preparing applications rather than operating approved platforms.
The companies include SSI Securities, which established SSI Digital in 2022; VIX Securities, which has invested in its VIXEX digital asset exchange unit; and several major banks, including Military Bank, Techcombank and VPBank. The institutions indicated that they will launch operations after receiving regulatory approval.
Despite the procedural milestone, no crypto exchange has yet been licensed under the pilot regime. Vietnamese regulators have not announced any receipt or approvals of applications since the licensing window opened.
Related: Why we Bitcoin — Vietnam closes 86M bank accounts that fail biometrics
Vietnam’s restrictive crypto licensing framework
Vietnam’s crypto licensing framework is among the most restrictive in the region. On Sept. 9, 2025, Vietnam launched its five-year crypto market pilot, which introduces strict requirements for the industry, including banning the issuance of assets backed by fiat currencies or securities.
Under Vietnam’s laws, applicants must be Vietnamese entities with a minimum paid-in capital of 10 trillion dong (about $380 million), while at least 65% of the capital must be held by institutional shareholders. Foreign ownership is capped at 49%.
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
Bitcoin Doesn’t Have 20 Years
Opinion by: Youssef El Maddarsi, chief business officer of Naoris Protocol
Some Bitcoin (BTC) advocates argue that the network faces no meaningful quantum threat in the immediate future, pointing to emerging NIST-approved post-quantum standards and suggesting that Bitcoin can simply upgrade long before any cryptographically relevant quantum computer appears. This confidence relies on the risky assumption that the quantum threat begins only once a machine can break keys in real time. Adam Back argued that Bitcoin has at least 20-40 years to ready itself, but the quantum threat is already active today.
Bitcoin cannot rely on a leisurely multi-decade upgrade path.
Some readers may strongly object to this, insisting that quantum timelines are still too uncertain to justify urgent action and that raising alarms risks inducing unnecessary fear. The facts do not support complacency.
IBM recently made a major leap toward practical quantum computing with its new generation of chips, claiming that these processors and their faster error-correction methods could enable the company to reach quantum advantage during 2026 and deliver early fault-tolerant systems by 2029. So, the race is intensifying.
Vitalik Buterin said at a 2025 Devconnect conference that quantum computers could break elliptic-curve cryptography sooner than expected, possibly even before the 2028 US election, and advocated for Ethereum to transition to quantum-resistant cryptography within a few years. This contradicts the comfortable narrative from some Bitcoin enthusiasts, showing that even Ethereum’s founder thinks the quantum timeline is much tighter than people want to believe.
Quantum risk is already market-relevant
Deloitte also recently reported that roughly 4 million BTC, around 25% of all usable supply, sit in addresses that expose public keys vulnerable to quantum attacks. Researchers have long warned that a sufficiently advanced quantum computer could derive private keys from exposed public keys using Shor’s algorithm, enabling attackers to instantly drain legacy wallets.
This isn’t unique to Bitcoin. Ethereum and most blockchains today rely on elliptic curve cryptography, and quantum will shatter that. Buterin has already outlined emergency procedures for the day quantum computers crack Ethereum accounts.
The “we can upgrade later” argument fails in practice
The argument that Bitcoin has decades to prepare for the quantum threat rests on the belief that it can simply adopt the National Institute of Standards and Technology’s (NIST) post-quantum cryptography standards before any meaningful attack becomes possible, but upgrading Bitcoin is not a trivial patch. It’s a fundamental overhaul of the protocol’s signature scheme. According to researchers at the University of Kent, upgrading Bitcoin to a quantum-resistant cryptosystem could require up to 75 days of downtime, possibly over 300 days if the network must operate at reduced capacity to limit attack vectors during migration. A prolonged global outage for a trillion-dollar asset class is not something the industry can consider an acceptable “in time” fix.
Related: Quantum threat to Bitcoin extends past wallet hacks
Even if Bitcoin were technically capable of migrating smoothly, political reality poses another barrier. Bitcoin’s governance culture is famously resistant to change, as evidenced by the years of debate and coordination required for Taproot, a relatively modest upgrade. A mandatory, high-stakes migration to an entirely new cryptographic foundation would spark ideological conflict, potential chain splits and long-term uncertainty. The idea that such an overhaul could be comfortably executed decades from now ignores the adversarial dynamics Bitcoin has faced with far simpler upgrades.
Meanwhile, the quantum timeline is accelerating faster than many expect. The European Commission and EU member states recently released a coordinated roadmap to transition the bloc’s digital infrastructure to post-quantum cryptography (PQC), recognizing the threat quantum computers pose to existing encryption. The plan sets a unified timeline: All member states must begin national PQC strategies and initial migration steps by 2026; critical infrastructure and other high-risk sectors must adopt quantum-resistant encryption by 2030; and, by 2035, the PQC transition should be completed for all systems that can feasibly be upgraded.
The market effect of a delayed transition could be catastrophic
What makes this threat particularly urgent for crypto is the market effect of a mishandled transition. If an attacker used quantum hardware to derive private keys from dormant Bitcoin wallets, they could suddenly move millions of long-inactive coins, flooding exchanges and collapsing price levels. Similarly, a malicious quantum miner who could consistently solve Bitcoin’s proof-of-work puzzles would undermine mining decentralization, turning a global industry into an oligopoly dominated by quantum-equipped actors. These risks would reshape market structure long before any theoretical 20-to-40-year safe window.
Post-quantum cryptography is absolutely necessary, but it must be adopted before adversaries develop the hardware, not after. NIST standards provide a roadmap, not a guarantee. The transition path will be long, contentious and disruptive. Pretending it can be postponed for decades risks leaving Bitcoin and the broader crypto ecosystem exposed to the most significant security challenge of the century.
The crypto industry has spent 15 years defending decentralization, trustlessness and user sovereignty. Quantum computing now poses a new challenge: whether the industry acts proactively or waits for a crisis to prompt action. The cost of being wrong is far greater than the cost of preparing early.
Many may believe Bitcoin has decades of runway. The evidence points to a different conclusion: The quantum clock is already ticking, and the market is quietly adjusting. The only question is whether the industry will move before it runs out of time.
Opinion by: Youssef El Maddarsi, chief business officer of Naoris Protocol.
This opinion article presents the contributor’s expert view and it may not reflect the views of Cointelegraph.com. This content has undergone editorial review to ensure clarity and relevance, Cointelegraph remains committed to transparent reporting and upholding the highest standards of journalism. Readers are encouraged to conduct their own research before taking any actions related to the company.
This opinion article presents the contributor’s expert view and it may not reflect the views of Cointelegraph.com. This content has undergone editorial review to ensure clarity and relevance, Cointelegraph remains committed to transparent reporting and upholding the highest standards of journalism. Readers are encouraged to conduct their own research before taking any actions related to the company.
Fedi, Cornell And Bitcoin Think Tank Launch US Financial Privacy Study
The Bitcoin Policy Institute (BPI), Fedi and Cornell University are launching a two‑year study on how Americans view financial privacy, the trade‑offs they will accept and how regulation shapes their behavior.
The initiative brings together a Bitcoin (BTC) wallet company with an academic center and a policy think tank, aiming to connect how privacy tools are built, researched and ultimately governed.
According to Fedi and BPI, the research will combine quantitative surveys with qualitative interviews to examine attitudes toward financial privacy and their evolution.
Cornell’s Brooks School Tech Policy Institute is joining as the academic partner, while Fedi brings product and user behavior insights and BPI focuses on policy and communications.
The two-year project will pay particular attention to how Americans think about privacy in everyday transactions and their trust in institutions, with four semi‑annual reports, the first released in April 2026, aimed at bringing empirical evidence into policy debates and the regulatory climate facing developers.
Rising concern over data use
Public concern about data collection is on the rise. A 2023 Pew Research Center survey found that 71% of US adults were very or somewhat concerned about how the government used the data it collected about them, up from 64% in 2019. About two‑thirds said they understood little or nothing about what companies did with their personal data.
Related: Crypto urges SEC to see the good in blockchain privacy tools
At the same time, governments around the world are exploring initiatives such as central bank digital currencies (CBDCs) and digital identity frameworks that could expand official visibility into payments and online activity, feeding a broader debate over whether financial privacy should be preserved, redesigned or constrained in the digital era.
Developer climate and privacy tools
In crypto, the policy climate for open‑source and privacy‑enhancing tools has grown harsher.
US authorities brought criminal cases against developers of non‑custodial services such as Samourai Wallet and Tornado Cash, alleging they operated unlicensed money‑transmitting businesses and helped move illicit funds through their software.
In both cases, developers have faced criminal charges, convictions in related proceedings, or ongoing legal liability.
The cases have raised fears that simply publishing or maintaining privacy‑focused code could be treated as a crime, even when developers do not directly control user funds.
Related: After Samourai, DOJ’s money-transmitter theory now looms over crypto mixers
Market structure bill and DeFi developers
In Washington, the ongoing crypto market structure bill has emerged as a key battleground over the future of developers and decentralized finance (DeFi).
Industry organizations, including the DeFi Education Fund, have urged lawmakers to provide “robust, nationwide protections” for software developers and non‑custodial infrastructure, warning that vague obligations could push builders offshore or force them into traditional financial‑intermediary roles.
Variant chief legal officer Jake Chervinsky framed DeFi as his “red line” in the market structure debate, arguing that the bill must protect DeFi developers and warning that, without clear safeguards, a future regulator could still try to “kill DeFi” in the United States.
Cointelegraph contacted the Bitcoin Policy Institute for additional comment, but had not received a response by publication time.
Magazine: 2026 is the year of pragmatic privacy in crypto — Canton, Zcash and more
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
Binance co-founder Zhao in talks with ‘probably a dozen’ governments on asset tokenization
Tokenization could allow governments to raise funds by selling fractional ownership of state-owned assets like infrastructure, real estate or commodities.
Balz A. Gut takes over as a member of the Executive Board, leading the business unit «Financial Services» at Inacta AG
Zug, January 20, 2026. As of February 1, 2026, Dr. Balz A. Gut will join Inacta AG as a member of the Executive Board and become responsible for the business unit «Financial Services». With his new unit, he will consult banks and insurance companies on topics such as process automation, digital transformation, and customer interaction management.
Balz A. Gut has spent the past 25 years in various management positions at banks and consulting firms, as well as working as an entrepreneur. Most recently, he was a member of the divisional management team at Swisscom Banking, where he was responsible for all professional services units from 2017 onwards. Balz A. Gut studied and obtained his doctorate in Zurich, later completing an Executive MBA in General Management at the University of St. Gallen.
Founded in 2009 by Marco Bumbacher and Ralf Glabischnig, Inacta AG is a competent and leading partner for digital transformation and innovation. Numerous Swiss companies rely on Inacta’s comprehensive digitalization expertise and customized software solutions.
The business unit «Financial Services» supports banks and insurance companies in optimizing their business activities and IT landscapes using innovative solutions and the latest technologies. For example, Inacta is a project partner and system integrator for the EMIL Insurance Suite, an innovative, modular cloud-native core system that covers the entire value chain of property insurance. For banks, Inacta offers comprehensive consulting and IT solutions in areas such as process automation, digital transformation, and customer interaction management.
Balz A. Gut: «I am very much looking forward to working with the management team and all employees to further expand Inacta’s expertise in banking and insurance, thereby continuing and helping to shape Inacta’s successful story.»
Alexander Bojer, CEO of Inacta AG: «With Balz, we have gained a highly experienced leader with many years of consulting experience in the financial services sector. With him on board, we will drive forward the future growth of Inacta and further expand our consulting expertise.»
About Inacta AG
Since 2009, Inacta AG has been a trusted partner for digital transformation and innovative AI solutions in Switzerland. Inacta is an independent Swiss IT consulting company based in Zug with more than 100 employees. The company focuses on trust, transparency, efficiency and long-term success while supporting clients in the banking, insurance and healthcare sectors. With comprehensive consulting, tailored software development, seamless integration and reliable operation of high-quality applications, Inacta places particular emphasis on the highest standards of security and data protection.