Bitcoin corporate purchases drop sharply, analysts see possible rebound in 2026

Analysts report that corporate acquisitions of Bitcoin slowed significantly in the third quarter, with many companies reducing their exposure or selling off holdings. If Bitcoin stages a significant rally, experts anticipate that interest in adding Bitcoin to corporate treasuries could return by late 2026 or into 2027, though investors are expected to be more cautious in their approach.

Sharp Decline in Corporate Bitcoin Buying

Bitwise head of research Ryan Rasmussen indicated that Bitcoin treasury acquisitions decreased substantially in Q3. According to company disclosures, Strategy, a major corporate Bitcoin holder, increased its position by only 1,666 BTC during the quarter. This was a notable decline compared to the 83,901 BTC added in Q2.

Public companies outside of Strategy collectively purchased a net 5,617 BTC in the third quarter, while they had added 45,725 BTC the previous quarter. Rasmussen suggested that, while overall buying slowed, conditions might allow for a pickup as soon as this year if the market environment shifts.

Several companies that joined the 2025 Bitcoin treasury trend have now exited their positions. Rasmussen stated that around a dozen such firms sold their entire Bitcoin holdings, often to repay debt or return capital to shareholders after premiums on their stocks disappeared.

Investor Priorities Shift Toward Discipline

Jag Kooner, head of derivatives at Bitfinex, commented that new corporate buying is likely only if treasury companies regain premiums above the value of their Bitcoin reserves. He emphasized a more selective investor approach compared to the 2025 surge, with shareholders now focusing on cost controls and prudent management.

“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.

Kooner further noted that a renewed rally could motivate additional purchases, especially among firms with clear financing strategies. He remains skeptical about a return to the widespread capital inflows observed in previous years.

A recent Bitwise market report revealed that the overall number of Bitcoin treasury companies decreased in Q3, primarily due to smaller firms abandoning the strategy altogether.

Mini dictionary: Bitwise is a cryptocurrency asset management firm known for providing investment products such as index and ETF solutions for the digital asset market.

Larger Firms Poised to Lead in Future Buying

Kooner believes that, should buying activity return, capital flows would primarily benefit large and established companies with strong liquidity and proven track records.

Rasmussen highlighted that most sizeable corporate buyers outside of Strategy use cash from business operations, rather than raising new funds by selling stock, to acquire Bitcoin. He characterized this as a healthier but smaller source of demand.

This trend reflects a shift from speculative to more sustainable and operationally driven accumulation of Bitcoin for treasury purposes.

Kooner added that a large-scale entry of new treasury firms would likely appear only in the late stages of a Bitcoin rally, typically after premiums widen—a potential warning indicator for investors.

Rasmussen explained that Bitcoin price recovery does not rely solely on corporate purchases. In Q3, spot Bitcoin exchange-traded funds (ETFs) attracted $6.4 billion in net inflows, providing an alternative demand driver.

Kooner agreed that ETF flows offer temporary market support, but noted some ETF purchases are related to trading strategies that may reverse rapidly, increasing market volatility if not backstopped by corporate demand.

Recent figures highlight this volatility, with US spot Bitcoin ETFs experiencing $229 million in net outflows last week, following a prior week of withdrawals, as reported by digital assets platform SoSoValue.