Bitcoin rally could revive treasury buying, but easy-money days over

“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. 

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