Public Companies Outpace ETFs in Bitcoin Accumulation by 18%

Institutional interest in Bitcoin has seen a notable shift, with public companies increasing their Bitcoin holdings more significantly than exchange-traded funds (ETFs) over the past three months. This trend marks the third consecutive quarter where companies have outpaced ETFs in Bitcoin accumulation, continuing the strategy initiated by MicroStrategy.

According to Bitcoin Treasuries data, public companies purchased approximately 131,000 BTC in the second quarter of 2025, resulting in an 18% increase in their total assets. In contrast, ETFs acquired 111,000 BTC during the same period, reflecting an 8% growth. This disparity highlights the differing motivations between companies and ETF investors. Companies focus on the quantity of Bitcoin in their reserves to enhance shareholder value, rather than being concerned with the price level of Bitcoin.

This strategy was particularly evident in April, when public companies increased their Bitcoin holdings by 4%, compared to a 2% increase in ETF holdings. Despite market volatility due to President Donald Trump’s tariff announcements, companies remained committed to their Bitcoin accumulation plans. ETFs, while still the largest institutional Bitcoin investors with a total of 1.4 million BTC (6.8% of the maximum supply), have seen public companies close the gap, with holdings reaching 855,000 BTC (4%).

This trend aligns with regulatory easing in the cryptocurrency sector under the Trump administration, which included the creation of an official US Bitcoin reserve. The last time ETFs outpaced public companies in Bitcoin purchases was in the third quarter of 2024, before Trump’s re-election. Notable company moves in the second quarter further underscored this trend. GameStop adopted Bitcoin as a reserve asset and began purchasing it with board approval. Health technology company KindlyMD merged with Bitcoin investment company Nakamoto. Additionally, Anthony Pompliano’s company ProCap launched its own BTC purchasing program while preparing to go public via a special purpose acquisition company (SPAC).

MicroStrategy, the pioneer of this trend, leads with 597,000 BTC, followed by Bitcoin mining company Mara Holdings with around 50,000 BTC. Ben Werkman, investment director at Swan Bitcoin, notes that MicroStrategy’s scale is challenging to match due to its high liquidity, making it an attractive destination for institutional capital. Smaller companies, however, offer high-yield potential for individual investors and small-cap funds, as they can accumulate Bitcoin on a scale that individual investors cannot.

Nick Marie, research director at Ecoinometrics, suggests that this trend may not be long-lasting. He predicts that after a decade, the number of companies adhering to this strategy may decrease as the category expands and the impact of individual companies dilutes. Additionally, Bitcoin may have completely normalized by then. Investor interest in these companies remains strong, as they offer leveraged investment vehicles for those who already believe in Bitcoin. These companies provide not just Bitcoin but Bitcoin-backed appreciation supported by operating income, making them unique investment opportunities.