- Published on
Bitcoin rally could revive treasury buying, but easy-money days over
- Authors
- Name
- DeepHorus
Corporate Bitcoin purchases could accelerate in late 2026 and 2027 if prices rally, analysts say, but the easy-money era of indiscriminate treasury fundraising is over. Bitwiseâs Ryan Rasmussen and Bitfinexâs Jag Kooner expect renewed demand to be selective. Investors now favor disciplined balance sheets over premium-driven expansion.
Bitcoin treasury buying slowed sharply in the third quarter. Strategy added a net 1,666 BTC, down from 83,901 BTC in the second quarter, company filings show. Other public companies added 5,617 BTC, compared with 45,725 BTC previously, according to Rasmussen.
The slowdown followed the 2025 treasury boom, when many firms raised capital to buy Bitcoin. A dozen companies that entered then sold their entire holdings, mostly to repay debt or return cash after stock premiums evaporated. Bitcoin treasuries also declined in Q3.
Kooner said a rally could restart buying if treasury companies regain premiums to their Bitcoin holdings. Capital would likely flow first to established players with scale, liquid securities and track records. A return to last yearâs indiscriminate raising looks unlikely, he added.
Rasmussen said most large corporate buyers outside Strategy are operating businesses using cash flow, not stock sales. That is a smaller but healthier source of demand. New treasury companies may appear only late in a rally, Kooner warned, when widening premiums become a warning sign.
Bitcoin ETFs could support a recovery without another treasury boom. Spot Bitcoin ETFs drew $6.4 billion in net inflows in Q3, Rasmussen noted. Yet flows can reverse: U.S. spot Bitcoin ETFs saw about $229 million in net outflows last week, their second consecutive weekly withdrawal.
Without corporate buying, Kooner said, the market loses a price-insensitive bid and relies more on allocators reacting to macro conditions. Corporate purchases may revive toward 2026 and 2027, but investors are likely to remain selective. The recovery may be narrower.
