Public Firms Outpace ETFs in Bitcoin Buying 18% Q2 2025

Public companies have continued to outpace exchange-traded funds (ETFs) in Bitcoin accumulation, adding 131,000 BTC in the second quarter of 2025. This marks the third consecutive quarter that public firms have surpassed ETFs in Bitcoin purchases, with an 18% increase in their holdings compared to an 8% gain for ETFs over the same period.

This trend is largely driven by the confidence boost provided by the executive order signed by President Trump in March 2025, which called for a U.S. Bitcoin reserve. This political signal helped to reduce reputational risk and increased corporate confidence in adopting Bitcoin as a treasury asset. Companies like GameStop, KindlyMD, and ProCap have joined the trend, revealing new treasury strategies aimed at long-term value growth.

Strategy, formerly known as MicroStrategy, remains the benchmark player in this space, holding nearly 597,325 BTC, valued at approximately $63.3 billion. The firm's liquidity and reputation make it a top pick for major institutional capital, according to Swan Bitcoin CIO Ben Werkman. Smaller public firms are seen as high-upside bets by retail and smaller institutions, as they chase the early-stage growth that Strategy has already capitalized on.

However, the goals of ETF-driven institutions differ from those of public firms. While public companies are aggressively stacking Bitcoin regardless of market sentiment, ETF buyers seek exposure rather than balance sheet growth. They are more focused on shareholder optics and are less concerned with price swings. This divergence in goals highlights the different strategies and motivations behind Bitcoin accumulation by public firms and ETFs.

In summary, public firms have continued to outpace ETFs in Bitcoin buying, driven by increased corporate confidence and new treasury strategies. Strategy remains the benchmark player, while smaller firms race to mirror its playbook for investor upside. The goals of ETF-driven institutions differ from those of public firms, with ETF buyers seeking exposure rather than balance sheet growth. This trend is likely to continue as more companies adopt Bitcoin as a treasury asset, driven by long-term value growth and the confidence boost provided by political signals.