A Bitcoin rebound could revive corporate treasury buying, but investors are expected to take a more selective approach than in 2025, when capital raising was indiscriminate. Strategy’s purchases slowed dramatically in Q3, adding only 1,666 BTC compared to 83,901 in Q2, while other public companies acquired 5,617 BTC versus 45,725 the previous quarter. Premiums on stocks of Bitcoin-holding companies have collapsed, limiting their ability to raise funds without diluting existing shareholders’ Bitcoin exposure per share. U.S. spot Bitcoin ETFs recorded net outflows of $229 million last week, their second consecutive week of net withdrawals, while Q3 net inflows totaled $6.4 billion. Analysts expect established players to attract capital first if buying resumes, with new treasury company listings likely arriving late in a rally.
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