Public Companies Outpace ETFs in Bitcoin Accumulation by 10% in Q2 2025

Public companies, led by Michael Saylor’s Strategy, have outpaced exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter. In the second quarter of 2025, public companies increased their Bitcoin holdings by approximately 18%, adding around 131,000 BTC. In contrast, ETFs expanded their holdings by only 8%, or about 111,000 BTC, during the same period. This trend indicates that public companies are adopting a more aggressive stance on Bitcoin, viewing it as a strategic asset to enhance shareholder value and hedge against currency depreciation.

This shift is particularly notable in the context of the regulatory environment, which has become more crypto-friendly. This move has encouraged more companies to follow Strategy’s lead in accumulating Bitcoin. Strategy remains the undisputed leader in the corporate Bitcoin race, with 597,325 BTC under management, followed by Mara Holdings with 49,940 coins. Combined, public companies now hold approximately 855,000 BTC, about 4% of Bitcoin’s fixed supply cap of 21 million.

Several high-profile companies have made significant moves in this quarter. GameStop, known for its retail trading frenzies, began accumulating BTC after approving it as a treasury reserve asset. Healthcare firm KindlyMD merged with Nakamoto, a Bitcoin investment company, and ProCap, Anthony Pompliano’s new investment vehicle, announced its own BTC accumulation strategy while preparing to go public via SPAC. These actions signal a broader adoption of the Bitcoin treasury strategy among public companies.

The trend of corporate Bitcoin accumulation is supported by a more crypto-friendly regulatory environment and the strategic mindset of public companies. While ETFs typically serve investors seeking price exposure to Bitcoin through regulated financial products, public companies acquire BTC with a longer-term strategic mindset. They aim to increase shareholder value by holding BTC as a reserve asset or to gain exposure to what many view as digital gold. This shift is particularly significant in the context of policy, where the regulatory environment has shifted in favor of the crypto industry.

The long-term sustainability of the corporate Bitcoin rush is up for debate, but the short-term momentum is unmistakable. As Bitcoin becomes more normalized, traditional institutional investors may bypass proxies such as ETFs and treasuries, eventually gaining direct exposure through regulated channels. Still, corporate treasuries are acting as a powerful new mechanism for pushing Bitcoin forward. With the regulatory climate aligned and equity markets offering new ways to access capital, companies are leveraging their balance sheets not just to hedge, but to outperform.