Public Companies Outpace ETFs in Bitcoin Holdings by 18%

Public companies have continued to increase their Bitcoin holdings at a faster pace than exchange-traded funds (ETFs) for the third consecutive quarter. This trend underscores a strategic shift in corporate treasury management, as companies seek to diversify their portfolios and capitalize on the potential growth of digital assets. The decision to allocate more funds to Bitcoin reflects a broader acceptance of cryptocurrencies as a viable investment option, even as traditional investment vehicles face increasing scrutiny and volatility.

Publicly traded companies have increased their Bitcoin holdings by about 18% in the three months ended June 30, adding roughly 131,000 BTC. This growth outpaces the 8% increase in ETF holdings, which added around 111,000 BTC during the same period. Despite this, ETFs still hold the largest stash of Bitcoin among single entities, with over 1.4 million BTC, which makes up about 6.8% of Bitcoin’s capped supply of 21 million. Public companies now hold about 4% of the total Bitcoin supply.

The shift towards Bitcoin by public companies is driven by several factors. Firstly, the decentralized nature of Bitcoin offers a level of security and transparency that traditional financial instruments may lack. Secondly, the potential for significant returns on investment has attracted corporate treasuries, which are increasingly looking beyond conventional assets to achieve strategic growth. Additionally, the growing acceptance of Bitcoin by institutional investors and regulatory bodies has provided a level of legitimacy that was previously absent.

This trend is not without its risks, however. The volatility of the cryptocurrency market remains a significant concern, and companies must carefully manage their exposure to avoid potential losses. Furthermore, the regulatory landscape for digital assets is still evolving, and changes in policy could impact the value and liquidity of Bitcoin holdings. Despite these challenges, the continued investment in Bitcoin by public companies suggests a growing confidence in the long-term prospects of the digital currency.

Firms adopting Bitcoin treasuries hope to differentiate themselves and tap into new sources of capital and investor enthusiasm. The last time ETFs surpassed public companies in Bitcoin buying was back in third-quarter 2024, before U.S. President Donald Trump secured reelection. In April 2025, despite market volatility from Trump’s tariff announcements, public companies expanded their Bitcoin holdings by 4% outpacing the 2% growth seen among ETFs.

The strategic shift towards Bitcoin by corporate treasuries is a clear indication of the changing dynamics in the investment landscape. As companies seek to maximize returns and diversify their portfolios, digital assets are emerging as a key component of their investment strategies. This trend is likely to continue as more companies recognize the potential benefits of incorporating Bitcoin into their treasury management practices.