Bitcoin rally could revive treasury buying, but easy-money days over
Analysts expect corporate Bitcoin buying to recover toward late 2026 or 2027 if prices rally, but investors are likely to favor established treasury firms with credible financing and disciplined balance sheets. Q3 purchases slowed sharply: Strategy added 1,666 BTC, down from 83,901 in Q2, while other public companies added 5,617 versus 45,725. As share premiums over Bitcoin holdings faded, fundraising through stock issuance became less attractive; a dozen smaller firms exited their treasury strategies. Spot Bitcoin ETFs may support demand, though flows can reverse and some reflect short-lived basis trades. Analysts say a renewed wave of treasury-company listings may come late in a rally, rather than repeat 2025’s broad capital-raising boom.
