Bitcoin Treasury Buying May Return as Rally Looms
Corporate Bitcoin purchases could accelerate later this year and into 2027, though investors are expected to be more selective.
Corporate Bitcoin purchases could accelerate toward the end of 2026 and into 2027 if the cryptocurrency rallies, but investors are likely to be more selective about which treasury companies they finance, according to analysts speaking to Cointelegraph.
Bitwise head of research Ryan Rasmussen noted a broad slowdown in Bitcoin treasury buying in the third quarter. Strategy's Bitcoin holdings increased by a net 1,666 BTC in Q3, down from 83,901 BTC in Q2. Other public companies added a net 5,617 BTC, compared with 45,725 BTC in the previous quarter. Rasmussen expects a re-acceleration of corporate purchases to begin as early as this year.
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Selectivity and Premiums
Bitfinex head of derivatives Jag Kooner said renewed buying could follow if treasury companies regain premiums to the value of their Bitcoin holdings. This would allow firms to issue shares and acquire more Bitcoin without diluting existing shareholders' Bitcoin exposure per share.
The model gained popularity during the 2025 treasury boom, when companies raised capital by issuing shares at a premium. As those premiums narrowed or disappeared, issuing new shares became less attractive, limiting firms' ability to finance additional purchases. Bitwise's October market report showed a decline in the number of Bitcoin treasuries in the third quarter as smaller companies abandoned their strategies, with a dozen firms selling their entire holdings mostly to repay debt or return cash to shareholders.
Alternative Market Drivers
Kooner expects established players to attract capital first if buying resumes due to their scale, security liquidity, and track record. Meanwhile, Rasmussen pointed to broader demand drivers, including $6.4 billion in spot Bitcoin net inflows in the third quarter, noting that corporate purchases are only one source of demand.
Key facts
- Strategy added a net 1,666 BTC in Q3, down from 83,901 BTC in Q2, according to company filings.
- Other public companies added a net 5,617 BTC in Q3, compared with 45,725 BTC in Q2.
- US spot Bitcoin ETFs recorded $6.4 billion in net inflows during the third quarter.
Source: cointelegraph.com
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