Public Companies Outpace ETFs in Bitcoin Accumulation by 18% in Q2 2025

Publicly traded companies have outpaced exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter by Q2 2025. According to Bitcoin Treasuries data, public companies purchased approximately 131,000 Bitcoins during this period, marking an 18% increase compared to the previous quarter. In contrast, ETFs accumulated around 111,000 Bitcoins, a growth rate of 8% during the same timeframe.

Nick Marie, the head of research at Ecoinometrics, attributes companies’ Bitcoin accumulations to their desire to enhance shareholder value. He points out that institutional investors who invest in Bitcoin via ETFs are motivated by different factors. Some companies accumulate Bitcoin regardless of price, aiming to make their shares more appealing. For them, whether the price is high or low is irrelevant; what matters is growing the Bitcoin treasury and making the company more attractive to potential investors.

In April 2025, while Bitcoin holdings of public companies increased by 4%, ETFs only saw a 2% growth. Companies are motivated by long-term returns and investor attraction rather than price trends or general market sentiment.

Despite the rise in institutional adoption, ETFs continue to be the largest collective holders of Bitcoin, currently possessing over 1.4 million Bitcoins, accounting for approximately 6.8% of the supply. Public companies, on the other hand, hold around 855,000 Bitcoins, making up 4% of the total supply.

Until the third quarter of 2024, ETFs were leading in Bitcoin accumulation over public companies. However, new policies implemented following a change in administration in the United States have reportedly increased companies’ interest in Bitcoin. Particularly, the executive order signed by President Trump in March 2025 to establish a “Bitcoin Strategic Reserve” is seen as a step that facilitated public companies’ shift towards Bitcoin.

Recent moves such as GameStop’s initiation of Bitcoin accumulation, KindlyMD’s merger with Nakamoto, and ProCap’s pre-IPO Bitcoin treasury strategy showcase the rising corporate participation. Company Strategy, formerly known as MicroStrategy, continues to lead with its 597,000 Bitcoin holdings. The scale MSTR has achieved is enormous, making it tough for other companies to catch up. They have become a preferred haven for institutional capital.

Some industry analysts caution that the current level of institutional purchases may not be sustained long-term. Marie suggests this could be a temporary opportunity for different companies benefiting from the current situation. Conversely, Werkman sees this model as having significant long-term importance. The key advantage these companies offer is a collective Bitcoin accumulation on a scale that individual Bitcoin holders cannot achieve on their own.

Regardless, what we observe in both ETF channels and corporate reserve trends is the beginning of institutional hype over Bitcoin due to its scarcity. This phenomenon could propel Bitcoin to historical highs until the excitement peaks. Moreover, companies are now forming reserves for not only Bitcoin but also Ethereum and other cryptocurrencies, with DeFi Development planning to issue a $100 million bond to purchase SOL Coin by 2030.

Overall, the growing demand for Bitcoin by public companies in recent quarters is evident. Regulatory easements and strategic decisions in the U.S. are highlighted as supportive factors of this trajectory. Many domestic and international institutions continue to develop strategies to expand their Bitcoin portfolios, ensuring that corporate growth remains prominent in the upcoming period. Readers should consider that the approach of diversifying portfolios and increasing investor interest in digital assets may have a defining impact on the future of the cryptocurrency market.