Analyst: Bitcoin’s rally may revive buying demand from crypto treasury firms, but an indiscriminate funding boom is unlikely to return.

Bitwise Head of Research Ryan Rasmussen stated that corporate Bitcoin purchases generally slowed in the third quarter. Strategy’s Bitcoin holdings rose by a net 1,666 coins, down from 83,901 in the second quarter; other public companies added a net 5,617 BTC, also lower than the prior quarter’s 45,725. He expects corporate Bitcoin buying could accelerate again as early as this year. Bitfinex Derivatives Head Jag Kooner argued that if Bitcoin’s rally allows treasury-focused companies to regain valuation premiums relative to their Bitcoin holdings, firms can continue purchasing Bitcoin by issuing new shares without diluting existing shareholders’ per-share Bitcoin exposure. However, investors now prioritize financing costs, balance sheet discipline, and Bitcoin per share, so capital may flow to more mature firms with stronger scale, liquidity, and operating track records—last year’s blanket financing environment is unlikely to return. Rasmussen also pointed out that 12 companies that entered the market during the 2025 treasury Bitcoin boom have liquidated their holdings, primarily to repay debt or return cash to shareholders. Still, corporate buying is not the only demand source: spot Bitcoin ETFs saw net inflows of $6.4 billion in the third quarter. Kooner warned that some ETF activity involves basis trades that could be closed out quickly; data shows U.S. spot Bitcoin ETFs posted net outflows of roughly $229 million last week, marking the second straight week of net outflows.