Corporate Bitcoin purchases slowed in the third quarter; analysts expect a rebound in valuation premiums could drive buying to resume

AT A GLANCE

Corporate Bitcoin purchases slowed in the third quarter. Analysts expect buying may resume, but financing will place greater emphasis on company quality.

Article

Analyst: A Bitcoin rally could revive buying by crypto treasury companies, but the indiscriminate financing boom is unlikely to return

BlockBeats reported,October 20, Bitwise Head of Research Ryan Rasmussen said corporate Bitcoin purchases generally slowed in the third quarter. Strategy’s holdings increased by a net 1666 BTC, below the 83,901; other listed companies increased their holdings by a net 5617, below the previous quarter’s 45,725. He expects corporate Bitcoin purchases to reaccelerate as early as this year.Bitfinex Head of Derivatives Jag Kooner believes that if a Bitcoin rally enables treasury companies to regain valuation premiums relative to the value of their Bitcoin holdings, companies could continue buying Bitcoin through additional share issuance without diluting existing shareholders’ Bitcoin exposure per share. However, investors are now paying closer attention to financing costs, balance-sheet discipline, and Bitcoin per share. Capital may favor companies with more established scale, liquidity, and operating track records, making a repeat of last year’s indiscriminate financing environment unlikely.

Rasmussen also noted that 12 companies that entered during the 2025 treasury boom have liquidated their holdings, primarily to repay debt or return cash to shareholders. However, corporate Bitcoin purchases are not the only source of demand. In the third quarter, spot Bitcoin ETF recorded net inflows of 6400000000 USD. Kooner cautioned that some ETF activity consists of basis trades that may be unwound quickly; data show that U.S. spot Bitcoin ETF recorded net outflows of approximately 229000000 USD last week, marking a second consecutive week of net outflows.

Original link https://m.theblockbeats.info/flash/372649

Key points

Ryan Rasmussen said corporate Bitcoin purchases generally slowed in the third quarter.
Strategy’s holdings increased by a net 1666 BTC, below the second quarter’s 83,901.
Other listed companies increased their holdings by a net 5617 BTC, below the previous quarter’s 45,725.
Rasmussen expects corporate Bitcoin purchases to reaccelerate as early as this year.
Rasmussen said that 12 companies that entered during the 2025 treasury boom have liquidated their holdings, primarily to repay debt or return cash to shareholders.
In the third quarter, spot Bitcoin ETF recorded net inflows of 6400000000 USD。
U.S. spot Bitcoin ETF recorded net outflows of approximately 229000000 USD last week, marking a second consecutive week of net outflows.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

Companies form treasuries by holding Bitcoin. The data in the report show that such companies’ incremental purchases in the third quarter were lower than in the previous quarter. Jag Kooner believes that if a Bitcoin rally enables treasury companies to regain valuations above the value of their Bitcoin holdings, they may continue buying Bitcoin through additional share issuance; however, investors will place greater emphasis on financing costs, balance-sheet discipline, and Bitcoin per share.

Why it matters to readers

Corporate treasuries and spot Bitcoin ETF are both sources of demand mentioned in the report. Changes in their buying, outflows, and financing capacity reflect whether Bitcoin demand is stable; the report also indicates that future capital may become more concentrated in companies with more established scale, liquidity, and operating track records.

Beginners can monitor disclosed changes in companies’BTC holdings, share-issuance activity, and whether U.S. spot Bitcoin ETF subsequently records net inflows or net outflows; analysts’ conditional assessments should not be treated as facts that have already occurred.

Risks and unknowns

Whether corporate Bitcoin purchases will reaccelerate this year remains a forecast.
Whether a Bitcoin rally will restore treasury companies’ valuation premiums remains uncertain.
Whether the indiscriminate financing boom will not return is an analyst judgment.

Corporate Bitcoin purchases slowed in the third quarter; analysts expect a rebound in valuation premiums could drive buying to resume

Article

AI-assisted interpretation

Why it matters to readers

Risks and unknowns

Related Developments

Related concepts

Keep following

Security Center