Bitwise Research Head Ryan Rasmussen said that if the price of Bitcoin ($BTC) recovers, corporate cryptocurrency purchases could accelerate again from the end of the year. Rasmussen noted that there was a significant slowdown in Bitcoin purchases for corporate balance sheets in the third quarter.
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 during the same period. The data indicated a significant slowdown in corporate Bitcoin accumulation activity compared to the previous quarter.
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Rasmussen stated that if the Bitcoin price rises again, corporate buying activity could revive in the period extending from late 2026 to 2027.
According to a Bitwise executive, if the shares of companies holding Bitcoin start trading at a premium again compared to the value of their $BTC holdings, further Bitcoin purchases may become possible.
However, Rasmussen stressed that corporate purchases are not the only factor supporting Bitcoin demand. He noted that even without a new wave of institutional buying by the end of the year, various other factors could still drive a recovery in Bitcoin’s price.
In this context, he drew attention to the demand for spot Bitcoin exchange-traded funds (ETFs).
According to data cited by Rasmussen, US spot Bitcoin ETFs recorded a total net capital inflow of $6.4 billion in the third quarter of 2026.
A Bitwise executive stated that continued ETF demand could support a potential recovery in Bitcoin’s price. Rasmussen’s assessment suggests that a renewed acceleration in corporate purchases could be a positive development, but the Bitcoin market is not solely dependent on this source of demand.
*This is not investment advice.