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ZEC $1,137 Bitcoin rally could revive treasury buying but easy money is over
Analysts say corporate Bitcoin purchases may pick up in late 2026 and 2027, though investors are now pickier about which treasury companies they fund.
Key takeaways
- Buying slowed sharply. Strategy added a net 1,666 BTC in Q3, down from 83,901 BTC in Q2, per company filings.
- Others pulled back too. Other public companies added a net 5,617 BTC in Q3, compared with 45,725 BTC in Q2.
- ETFs cut both ways. Spot Bitcoin ETFs drew $6.4 billion in Q3 net inflows, but US spot funds lost about $229 million last week.
What happened
Corporate Bitcoin buying slowed across the board in the third quarter, according to analysts. Strategy's holdings rose by a net 1,666 BTC in Q3, down from 83,901 BTC in Q2, company filings show. Other public companies added a net 5,617 BTC, compared with 45,725 BTC in the prior quarter, per figures from Bitwise head of research Ryan Rasmussen.
Rasmussen told Cointelegraph he expects corporate purchases to start picking up again as early as this year. Bitfinex head of derivatives Jag Kooner said new buying could follow if treasury companies regain premiums over the value of their Bitcoin. He also said a return to last year's indiscriminate capital raising looks unlikely.
Bitwise's October market report showed the number of Bitcoin treasury companies fell in Q3, driven by smaller firms leaving the strategy. Rasmussen said a dozen companies that joined during the 2025 boom sold all of their Bitcoin, mostly to repay debt or return cash to shareholders after stock premiums disappeared.
First $84.4KLatest $81.5K-3.4% over the period
Points are daily observations, not closing prices.
Why it matters
Kooner said investors now judge treasury companies on funding costs, balance-sheet discipline and bitcoin per share, after watching premiums collapse and some firms sell into weakness. If buying returns, he expects capital to flow first to established players with scale, liquid shares and a track record.
Rasmussen said most of the largest corporate buyers outside Strategy are operating businesses that buy Bitcoin from cash flow rather than issuing stock. He called that a smaller source of demand but a healthier one. He also pointed to $6.4 billion in spot Bitcoin net inflow in Q3 as another driver for a recovery.
Kooner agreed ETF demand could support a recovery for a time, but warned that some activity comes from basis trades that can unwind quickly. He said that without corporate buying, the market loses a price-insensitive bid and leans more on allocators who rebalance with macro conditions. US spot Bitcoin ETFs saw about $229 million in net outflows last week, the second straight week of withdrawals, according to SoSoValue.
What is still unclear
- Kooner said a broad wave of new treasury listings would most likely arrive late in a rally, once premiums have widened, and that this timing is itself a warning sign.
Questions readers ask
Why did corporate Bitcoin buying slow in Q3?
Analysts point to treasury companies losing the premium to their Bitcoin holdings that made share issuance attractive. Strategy added a net 1,666 BTC in Q3, down from 83,901 BTC in Q2, and other public companies added a net 5,617 BTC versus 45,725 BTC in Q2.
Could corporate Bitcoin buying return?
Rasmussen expects a re-acceleration as early as this year. Kooner said renewed buying could follow if premiums return, but he doubts a return to last year's indiscriminate capital raising.
What else supports Bitcoin demand besides companies?
Rasmussen pointed to $6.4 billion in spot Bitcoin net inflow in Q3. Kooner cautioned that ETF flows can reverse, and US spot Bitcoin ETFs saw about $229 million in net outflows last week.
