“A return to last year’s indiscriminate capital raising looks unlikely,” said Bitfinex head of derivatives Jag Kooner.
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 said there was a broad slowdown in Bitcoin treasury buying in Q3. Strategy’s Bitcoin holdings increased by 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, compared with 45,725 BTC in the previous quarter, according to figures supplied by Rasmussen.
Rasmussen said he expects a re-acceleration of corporate Bitcoin purchases to begin 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, allowing them to issue shares and acquire more Bitcoin without diluting existing shareholders’ Bitcoin exposure per share.
The model became popular during the 2025 treasury boom, when companies could raise capital by issuing shares at a premium to the value of their Bitcoin holdings. But as those premiums narrowed or disappeared, issuing new shares became less attractive, limiting companies’ ability to finance additional purchases.
“Shareholders have seen premiums collapse and some companies sell into weakness. Investors are now pricing these businesses on funding costs, balance-sheet discipline and bitcoin per share,” said Kooner.
Bitwise’s October market report also showed a decline in the number of Bitcoin treasuries in Q3, driven by smaller companies abandoning their Bitcoin treasury strategies. A dozen companies that entered during the 2025 treasury boom sold their entire holdings mostly to repay debt or return cash to shareholders after their stock premiums evaporated, said Rasmussen.
Kooner expects established players to attract capital first if buying resumes.
“Initially, capital would likely gravitate towards established players, which have the scale, the liquidity in their own securities and the track record investors now demand,” he said.
Related: Bitcoin is rejected at $83K as US bond yields reverse higher with equities
Rasmussen said most of the largest corporate buyers outside Strategy were operating businesses adding Bitcoin from cash flow rather than issuing stock to fund purchases. That represents “a smaller source of demand but a healthier one,” he said.
Meanwhile, Kooner cautioned that a broader resurgence of new treasury-companies could emerge only after a rally is well underway.
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