Key Takeaways
- • Bitwise Research Head Ryan Rasmussen said corporate Bitcoin purchases could accelerate again from year-end 2026 if the BTC price recovers.
- • Strategy's net Bitcoin holdings fell from 83,901 BTC in Q2 to 1,666 BTC in Q3 2026, per data Rasmussen shared.
- • Net Bitcoin purchases by other publicly traded companies dropped from 45,725 BTC in Q2 to 5,617 BTC in Q3.
- • US spot Bitcoin ETFs recorded $6.4 billion in net inflows in Q3 2026, which Rasmussen cited as a key demand driver beyond corporate buying.
- • Corporate buying could revive if shares of Bitcoin-holding companies return to trading at a premium to their BTC holdings, enabling further purchases.
Summary
Bitwise Research Head Ryan Rasmussen said that if the price of Bitcoin (BTC) recovers, corporate cryptocurrency purchases could accelerate again from the end of 2026, extending into 2027. He noted a significant slowdown in corporate Bitcoin accumulation during the third quarter of 2026.
According to data shared by 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 marked decline in corporate accumulation relative to the prior quarter.
Rasmussen said that a renewed wave of corporate buying could depend on the shares of Bitcoin-holding companies trading at a premium to the value of their BTC holdings again. Such a premium would make further Bitcoin purchases possible, according to a Bitwise executive.
Rasmussen stressed, however, that corporate purchases are not the only factor supporting Bitcoin demand, and that other drivers could still lift the price even without a new wave of institutional buying by year-end. He pointed to demand for US spot Bitcoin ETFs, which according to data he cited recorded a total net capital inflow of $6.4 billion in the third quarter of 2026. A Bitwise executive said continued ETF demand could support a potential price recovery.
Rasmussen's assessment suggests a renewed acceleration in corporate purchases would be a positive development, but that the Bitcoin market does not depend solely on this source of demand.
According to data shared by 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 marked decline in corporate accumulation relative to the prior quarter.
Rasmussen said that a renewed wave of corporate buying could depend on the shares of Bitcoin-holding companies trading at a premium to the value of their BTC holdings again. Such a premium would make further Bitcoin purchases possible, according to a Bitwise executive.
Rasmussen stressed, however, that corporate purchases are not the only factor supporting Bitcoin demand, and that other drivers could still lift the price even without a new wave of institutional buying by year-end. He pointed to demand for US spot Bitcoin ETFs, which according to data he cited recorded a total net capital inflow of $6.4 billion in the third quarter of 2026. A Bitwise executive said continued ETF demand could support a potential price recovery.
Rasmussen's assessment suggests a renewed acceleration in corporate purchases would be a positive development, but that the Bitcoin market does not depend solely on this source of demand.
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