Corporate Bitcoin purchases may pick up again toward the end of 2026 and into 2027, but investors are expected to be more cautious about which companies they finance. Ryan Rasmussen, head of research at Bitwise, noted a significant slowdown in Bitcoin treasury buying in Q3. Strategy’s Bitcoin holdings grew by 1,666 BTC in Q3, a sharp decline from 83,901 BTC in Q2. Other public companies added 5,617 BTC, down from 45,725 BTC in the previous quarter.
Rasmussen anticipates a rebound in corporate Bitcoin purchases as early as this year, contingent on a rally. Jag Kooner, head of derivatives at Bitfinex, suggested that renewed buying could follow if treasury companies regain premiums to the value of their Bitcoin holdings. This model, popular during the 2025 treasury boom, allowed companies to issue shares and acquire more Bitcoin without diluting shareholders’ exposure. However, as premiums narrowed, issuing new shares became less attractive.
Kooner cautioned that investors are now focusing on funding costs, balance-sheet discipline, and Bitcoin per share. A rally could restart buying, but a return to last year’s indiscriminate capital raising is unlikely. Established Bitcoin treasuries may attract capital first, given their scale, liquidity, and track record. Smaller companies have largely abandoned their Bitcoin treasury strategies, selling their holdings to repay debt or return cash to shareholders.
Even without another corporate Bitcoin buying boom, other drivers like Bitcoin ETFs could support a recovery. Rasmussen pointed to $6.4 billion in spot Bitcoin net inflow in Q3. Kooner agreed that ETF demand could sustain the recovery but warned that some activity reflects basis trades that can unwind quickly. Recent flows show that ETF demand can reverse, with US spot Bitcoin ETFs recording around $229 million in net outflows last week.