If bitcoin enters another sharp rally, companies may revive their bitcoin-buying strategies, an outlook said. It added that a repeat of the indiscriminate fundraising seen in 2025 is unlikely.

Cointelegraph, a blockchain media outlet, said on Oct. 20 that a key variable that will determine whether companies resume buying bitcoin is the stock premium.

Ryan Rasmussen (라이언 라스무센), head of research at Bitwise, said corporate bitcoin buying broadly slowed from the third quarter this year. Based on disclosures, Strategy's net purchases in the third quarter were 1,666 BTC, sharply down from 83,901 BTC in the second quarter. Net purchases by other listed companies also fell to 5,617 BTC from 45,725 BTC in the previous quarter.

For buying to revive, corporate share prices need to regain a premium over the value of their bitcoin holdings. Jag Kooner (재그 쿠너), head of derivatives at Bitfinex, explained that in that case companies could raise funds through new share issuance and still make additional purchases without reducing existing shareholders' per-share bitcoin holdings.

The problem is that this structure does not work as easily as it used to. Kooner noted that shareholders have experienced premium collapses and some companies sold holdings in bear markets, and said investors are now looking more closely at fundraising costs, balance sheet management and per-share bitcoin holdings.

In the third quarter, more companies exited bitcoin treasury strategies. Bitwise's October market report said 12 companies that entered during the 2025 treasury boom sold all of their holdings. They disposed of bitcoin for debt repayment or shareholder returns after their stock premiums disappeared.

Even if buying resumes, funds are likely to flow first to existing large companies. The recovery of new treasury companies may appear only in the later stages of a rally, and the timing itself when new listings crowd in after premiums widen could be a warning signal, it said.

Some view corporate demand as not the only factor that will determine bitcoin's recovery. Rasmussen said net inflows into spot bitcoin exchange-traded funds in the third quarter reached $6.4 billion, adding that corporate buying is only one pillar of demand. He also said many large companies other than Strategy are buying bitcoin using operating cash flow rather than issuing new shares, calling it smaller in scale but healthier demand.

ETF inflows are also hard to view as an absolute backstop. Kooner warned that ETF demand can support a recovery for a certain period, but it has the nature of a basis trade and can reverse quickly. Spot bitcoin ETFs recorded net outflows of about $229 million last week, according to Sosovalue.

As a result, the bitcoin market will be watched not only for whether prices rebound but also for the pace of recovery in treasury companies' stock premiums, the persistence of ETF flows and which companies can raise funds again.