Bitcoin Treasury Buying May Return in a Rally, but Investors Are Now More Selective

Analysts say companies could buy more Bitcoin late in 2026 and into 2027 if prices rally, though the easy-money era is over. Ryan Rasmussen of Bitwise said purchases slowed broadly last quarter. Strategy added a net 1,666 BTC versus 83,901 BTC in Q2, while other public companies added 5,617 BTC versus 45,725 BTC.

Premiums Decide Whether Treasury Firms Can Buy

Analysts said buying depends on treasury companies regaining premiums to their Bitcoin holdings, which lets them issue shares without diluting Bitcoin per share. Investors now judge these firms on funding costs, balance sheet discipline and Bitcoin per share, so indiscriminate fundraising is unlikely to return.

Smaller Firms Exit, Larger Ones Lead

About a dozen companies from the 2025 boom sold all their holdings, mostly to repay debt or return cash to shareholders. Kooner expects capital to go first to established players with scale and liquidity, and warns that a wave of new listings late in a rally is itself a warning sign.