Bitcoin treasury buying slowed sharply in Q3; analysts see a more selective revival
In brief
- Strategy added a net 1,666 BTC in Q3, versus 83,901 BTC in Q2, per company filings.
- Other public companies added 5,617 BTC in Q3, down from 45,725 BTC, per Bitwise's Rasmussen.
- Bitfinex's Jag Kooner said renewed buying depends on treasury firms regaining share premiums.
- US spot Bitcoin ETFs logged about $229 million in weekly net outflows, per SoSoValue.
Q3 numbers show the pullback
Bitwise head of research Ryan Rasmussen said there was a broad slowdown in Bitcoin treasury buying in Q3. Other public companies (everyone outside Strategy) added a net 5,617 BTC in the quarter, compared with 45,725 BTC in Q2, according to figures Rasmussen supplied.
The headcount shrank too. Bitwise's October market report showed a decline in the number of Bitcoin treasuries in Q3, driven by smaller companies abandoning the strategy. Rasmussen said a dozen companies that entered during the 2025 boom sold their entire holdings, mostly to repay debt or return cash to shareholders after their stock premiums evaporated.
Premiums are the hinge
The 2025 model was simple. Companies raised capital by issuing shares at a premium to the value of their Bitcoin holdings; as those premiums narrowed or disappeared, issuing new shares became a lot less attractive.
Bitfinex head of derivatives Jag Kooner said renewed buying could follow if treasury companies regain those premiums. He doesn't expect a rerun of last year, though.
“A return to last year’s indiscriminate capital raising looks unlikely,” said Bitfinex head of derivatives Jag Kooner.
Kooner said investors are now pricing these businesses on funding costs, balance-sheet discipline and bitcoin per share, and he expects established players to attract capital first if buying resumes. A broader resurgence of new treasury companies, he cautioned, could emerge only after a rally is well underway. Rasmussen noted that most of the largest corporate buyers outside Strategy are operating businesses adding Bitcoin from cash flow rather than issuing stock.
ETFs as the other bid
Rasmussen said he expects a re-acceleration of corporate purchases to begin possibly as soon as this year. He also pointed to $6.4 billion in spot Bitcoin net inflows in Q3 as evidence that there are other drivers for a Bitcoin recovery.
Kooner agreed ETF demand could sustain a recovery for a period. He cautioned that some of that activity reflects basis trades, which can unwind quickly.
Recent ETF flows haven't been positive.
US spot Bitcoin ETFs recorded around $229 million in net outflows the previous week, their second consecutive week of net withdrawals, according to SoSoValue data cited by Cointelegraph.
Frequently asked questions
Why did corporate Bitcoin treasury buying slow in Q3?
During the 2025 treasury boom, companies raised capital by issuing shares at a premium to the value of their Bitcoin holdings. As those premiums narrowed or disappeared, issuing new shares became less attractive, and Bitwise's Ryan Rasmussen said there was a broad slowdown in treasury buying in Q3.
What would it take for Bitcoin treasury companies to start buying again?
Bitfinex's Jag Kooner said renewed buying could follow if treasury companies regain premiums to the value of their Bitcoin holdings. He expects established players to attract capital first, with a broader wave of new treasury companies emerging only after a rally is well underway.
