Analysts told Cointelegraph that corporate Bitcoin buying slowed in Q3 but could pick up toward the end of 2026 and into 2027 if Bitcoin rallies. They said investors would likely be more selective, and a return to broad capital raising like the 2025 treasury boom looks unlikely. Strategy’s holdings rose 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, down from 45,725 BTC, according to figures supplied by Bitwise’s Ryan Rasmussen.
Bitfinex’s Jag Kooner said renewed buying could follow if treasury companies again trade at premiums to the value of their Bitcoin holdings, making share-funded purchases more attractive. He expects established companies to attract capital first and cautioned that a broad wave of new listings would most likely come late in a rally. Rasmussen said spot Bitcoin ETFs had $6.4 billion in net inflows in Q3, though Kooner warned that some ETF activity can unwind quickly; US spot Bitcoin ETFs also recorded about $229 million in net outflows last week, according to SoSoValue data.
