Corporate Bitcoin purchases could accelerate toward the end of 2026 and into 2027 if Bitcoin rallies, according to analysts. Analysts expect investors to be more selective about which treasury companies investors finance. Bitwise head of research Ryan Rasmussen said Bitcoin treasury buying slowed broadly in Q3. Company filings show Strategy's Bitcoin holdings increased by a net 1,666 BTC in Q3, down from 83,901 BTC in Q2. Figures supplied by Rasmussen show other public companies added a net 5,617 BTC, compared with 45,725 BTC in the previous quarter.
Rasmussen expects corporate Bitcoin purchases to accelerate again as early as this year. Bitfinex head of derivatives Jag Kooner said renewed buying could follow if treasury companies regain premiums to the value of their Bitcoin holdings. Kooner said those premiums would allow treasury companies to issue shares and buy more Bitcoin without diluting existing shareholders' Bitcoin exposure per share.
The financing model became popular during the 2025 treasury boom, when companies could issue shares at a premium to the value of their Bitcoin holdings. However, narrowing or disappearing premiums made share issuance less attractive and limited companies' ability to finance additional purchases. Kooner said shareholders have seen premiums collapse and some companies sell during market weakness. Kooner said investors now value treasury companies based on funding costs, balance-sheet discipline and Bitcoin per share. Kooner said a rally could restart buying, particularly among companies with credible financing structures. However, Kooner said a return to last year's indiscriminate capital raising looks unlikely.
Bitwise's October market report showed the number of Bitcoin treasuries declined in Q3 as smaller companies abandoned their Bitcoin treasury strategies. Rasmussen said a dozen companies that entered during the 2025 treasury boom sold their entire Bitcoin holdings after their stock premiums disappeared. Rasmussen said those companies mostly sold to repay debt or return cash to shareholders. Kooner expects established companies to attract capital first if buying resumes because investors demand scale, liquidity in companies' securities and a track record.
Rasmussen said most of the largest corporate buyers outside Strategy were operating businesses buying Bitcoin from cash flow rather than issuing stock. Rasmussen described cash-flow-funded purchases as a smaller but healthier source of demand. Kooner cautioned that a broad resurgence of new treasury companies could emerge only after a rally is well underway. Kooner said new listings would most likely arrive late in a rally, once premiums have widened, and called that timing a warning sign.
Rasmussen said other sources of demand will support a Bitcoin recovery even without another corporate buying boom. Rasmussen pointed to $6.4 billion in spot Bitcoin net inflow in Q3. Kooner agreed that exchange-traded fund demand could sustain a recovery for a period. However, Kooner cautioned that some activity reflects basis trades that can unwind quickly. Kooner said the absence of corporate buying removes demand that is insensitive to price and increases dependence on allocators who rebalance with macroeconomic conditions. SoSoValue data show US spot Bitcoin ETFs recorded around $229 million in net outflows last week, marking a second consecutive week of net withdrawals.
Bitcoin Treasury Buying May Rebound in 2026-2027, Analysts Predict
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Summary
value investing in crypto remains a key focus as analysts predict Bitcoin treasury buying could see a rebound in 2026-2027 if prices rise. Bitwise head of research Ryan Rasmussen noted that corporate purchases slowed in Q3 2026, with Strategy’s holdings rising 1,666 BTC, down from 83,901 BTC in Q2. Public companies added 5,617 BTC, down from 45,725 BTC in the prior quarter. Bitfinex head Jag Kooner said renewed buying might follow if companies regain premiums, enabling share issuance and Bitcoin purchases without shareholder dilution. He added that investors now focus on derivatives analysis, funding costs, balance sheets, and Bitcoin per share.
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