Key Takeaways
- • Bitwise Research Head Ryan Rasmussen said corporate Bitcoin purchases could accelerate again from late 2026 into 2027 if the Bitcoin price recovers.
- • Strategy's net Bitcoin holdings fell from 83,901 BTC in Q2 2026 to 1,666 BTC in Q3 2026, according to data shared by Rasmussen.
- • Net Bitcoin purchases by other publicly traded companies dropped from 45,725 BTC to 5,617 BTC over the same period.
- • US spot Bitcoin ETFs recorded a total net capital inflow of $6.4 billion in Q3 2026, which Rasmussen cited as a key demand driver.
- • Rasmussen said a premium in shares of Bitcoin-holding companies relative to their BTC holdings could enable further purchases.
Summary
Bitwise Research Head Ryan Rasmussen said that corporate cryptocurrency purchases could accelerate again from the end of 2026 if the price of Bitcoin ($BTC) recovers. Rasmussen noted that corporate Bitcoin buying slowed significantly in the third quarter of 2026, a pattern supported by the data he shared.
According to Rasmussen, Strategy's net Bitcoin holdings decreased from 83,901 BTC in the second quarter to 1,666 BTC in the third quarter. Net Bitcoin purchases by other publicly traded companies also fell, from 45,725 BTC to 5,617 BTC over the same period, indicating a sharp contraction in corporate accumulation compared with the prior quarter.
Rasmussen stated that if Bitcoin's price rises again, corporate buying could revive in the period extending from late 2026 into 2027. He added that further purchases may become possible if shares of companies holding Bitcoin trade at a premium again to the value of their BTC holdings, a condition that would give such firms capacity to issue equity and buy more Bitcoin.
Rasmussen cautioned that corporate purchases are not the only source of Bitcoin demand, and that other factors could still drive a price recovery even without a new wave of institutional corporate buying by year-end. He pointed to spot Bitcoin exchange-traded funds, noting that US spot Bitcoin ETFs recorded a total net capital inflow of $6.4 billion in the third quarter of 2026. He said continued ETF demand could support a potential recovery in Bitcoin's price, while framing a renewed acceleration in corporate purchases as a positive development rather than a sole dependency for the market.
According to Rasmussen, Strategy's net Bitcoin holdings decreased from 83,901 BTC in the second quarter to 1,666 BTC in the third quarter. Net Bitcoin purchases by other publicly traded companies also fell, from 45,725 BTC to 5,617 BTC over the same period, indicating a sharp contraction in corporate accumulation compared with the prior quarter.
Rasmussen stated that if Bitcoin's price rises again, corporate buying could revive in the period extending from late 2026 into 2027. He added that further purchases may become possible if shares of companies holding Bitcoin trade at a premium again to the value of their BTC holdings, a condition that would give such firms capacity to issue equity and buy more Bitcoin.
Rasmussen cautioned that corporate purchases are not the only source of Bitcoin demand, and that other factors could still drive a price recovery even without a new wave of institutional corporate buying by year-end. He pointed to spot Bitcoin exchange-traded funds, noting that US spot Bitcoin ETFs recorded a total net capital inflow of $6.4 billion in the third quarter of 2026. He said continued ETF demand could support a potential recovery in Bitcoin's price, while framing a renewed acceleration in corporate purchases as a positive development rather than a sole dependency for the market.
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