Corporate Bitcoin Holdings Surge 375% in H1 2025 Outpacing ETFs

Public companies have significantly outpaced Bitcoin spot ETF issuers in accumulating Bitcoin during the first half of 2025. According to recent data, public firms added 245,510 BTC to their balance sheets from January through June, marking a 375% increase compared to the 51,653 BTC they purchased in the same period last year. In contrast, spot ETF issuers acquired 118,424 BTC during the same timeframe, falling well behind their corporate counterparts.

This surge in corporate Bitcoin holdings is evident in the data from Bitcoin Treasuries, which shows that the 245,510 BTC bought by public companies in H1 2025 is more than four times the 118,424 BTC gathered by ETF issuers. This ETF component is 56% lower than the 267,878 BTC they purchased in H1 2024, despite experiencing more robust inflows towards the end of 2024. The difference indicates that an increasing number of companies are choosing to hold Bitcoin directly rather than relying on exchange-traded products.

The number of entities holding Bitcoin has also seen a significant increase. Data shows that 254 entities now hold Bitcoin, with 141 of those being public companies. This marks a substantial growth from the start of the year, when only 67 firms had BTC, and the end of March, when the number hit 79. These counts translate to a 140% rise in six months and a nearly 80% gain in three months, highlighting the rapid influx of new players into the Bitcoin market.

Strategy, formerly known as MicroStrategy, remains the leading corporate buyer of Bitcoin. However, its share of the total has decreased. In H1 2024, Strategy’s purchase of 37,190 BTC made up 72% of all corporate buys. In the first half of 2025, the company purchased 135,600 BTC but now accounts for 55% of the total—down from its previous dominance. Other firms such as Metaplanet, GameStop, and ProCap have also stepped into the spotlight, each adding large sums to their Bitcoin holdings.

Industry commentary suggests that the increase in corporate purchasing, combined with continuing ETF demand, could lead to a supply shock. When the next halving event reduces new Bitcoin issuance, less will flow into the market. Analysts caution that increasing institutional interest and declining supply might produce a significant price response. As public firms continue to accumulate Bitcoin and ETFs keep buying, the competition for Bitcoin’s scarce supply is intensifying. Although Strategy’s investments have increased in absolute value, the arrival of new buyers indicates that the market is expanding.

If this trend continues and the reward for miners decreases following the halving, the battle for Bitcoin’s scarce supply could become even more fierce. Investors and analysts will be closely monitoring how these forces influence the price of Bitcoin in the second half of 2025. The escalating competition for Bitcoin’s limited supply, coupled with the potential impact of the halving event, could lead to significant market dynamics in the coming months.