Public Companies Surpass ETFs in Bitcoin Accumulation for Third Quarter

Public companies have surpassed exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter, ending in Q2 2025. According to data from Bitcoin Treasuries, public entities secured roughly 131,000 Bitcoins, reflecting an 18% quarter-over-quarter boost. In contrast, ETFs amassed approximately 111,000 Bitcoins, achieving an 8% rise within the same period.

The surge in Bitcoin purchases by companies is driven by their aim to enhance shareholder value. While ETF investors have their unique reasons, companies prioritize expanding their Bitcoin assets, regardless of market price, to attract investors. For these companies, 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, public companies’ Bitcoin holdings rose by 4%, while ETFs experienced only a 2% increment. The focus for these companies remains on long-term benefits and enticing investors rather than volatile price movements.

While institutional interest in Bitcoin is on the rise, ETFs still hold the largest collective Bitcoin assets, amounting to over 1.4 million Bitcoins, about 6.8% of the available supply. Public companies, in contrast, manage around 855,000 Bitcoins, representing about 4% of the total. Initially leading the Bitcoin accumulation race until Q3 2024, ETFs have since been outpaced. Factors such as new U.S. policies have driven companies towards Bitcoin, notably after President Trump’s March 2025 executive order creating a “Bitcoin Strategic Reserve.”

Corporate moves like GameStop’s Bitcoin acquisition, KindlyMD’s merger with Nakamoto, and ProCap’s pre-IPO Bitcoin investment underline growing commercial interest. Company Strategy, previously MicroStrategy, remains at the forefront with 597,000 Bitcoins. The scale achieved by Company Strategy is enormous, making it tough for other companies to catch up. They have become a preferred haven for institutional capital. While some experts believe the current buying spree might not last, others view it as an opportune moment. The key advantage these companies offer is a collective Bitcoin accumulation on a scale that individual Bitcoin holders cannot achieve on their own.

Key observations from recent trends include the significant increase in Bitcoin demand by publicly traded companies, highlighting critical regulatory changes and strategic initiatives in the U.S. Domestic and international firms are keenly expanding their Bitcoin holdings, paving the way for sustained corporate growth. This trend underlines the growing allure of digital assets, potentially reshaping the cryptocurrency landscape.

Corporate treasuries now hold approximately 757,593 BTC, amounting to $78.67 billion. This accumulation has sparked concerns among industry experts, who have highlighted the potential risks associated with corporate Bitcoin holdings. The impact of these corporate moves is evident in the significant net inflows into Bitcoin spot ETFs over three weeks, which have driven substantial Bitcoin price returns. The rise in corporate Bitcoin treasuries has also raised questions about the potential systemic risks if the crypto market sees downturns. This development showcases the changing landscape of institutional Bitcoin exposure and the potential financial, regulatory, and technological outcomes of this shift.

The continued accumulation of Bitcoin by corporate treasuries is seen as a positive signal for the long-term prospects of the cryptocurrency. As more companies recognize the value of holding Bitcoin, the demand for the asset is likely to increase, potentially driving up its price in the future. The trend also underscores the growing acceptance of Bitcoin as a legitimate asset class, with corporations increasingly viewing it as a strategic investment. In summary, the shift towards corporate treasuries surpassing ETFs in Bitcoin accumulation reflects a broader trend of institutional adoption and recognition of the cryptocurrency's value. As more companies integrate Bitcoin into their treasury strategies, the demand for the asset is likely to continue growing, potentially leading to further price appreciation in the long term. This trend highlights the evolving landscape of institutional Bitcoin investment and the potential for continued growth in the cryptocurrency market.