Public companies continued to expand their Bitcoin BTC/USD holdings at a faster pace than exchange-traded funds (ETFs) for the third consecutive quarter, signaling a growing corporate interest in holding Bitcoin directly.
What Happened: Data from Bitcoin Treasuries shows that public companies acquired approximately 131,000 BTC in the second quarter of 2025, marking an 18% increase in their total Bitcoin holdings, according to CNBC.
By comparison, ETFs added around 111,000 BTC during the same period, reflecting an 8% rise.
Analysts note that corporate Bitcoin buyers are often motivated by a different set of priorities than institutional ETF investors.
According to Nick Marie, head of research at Ecoinometrics, while ETF investors seek exposure to Bitcoin’s price movements, companies acquiring Bitcoin for their treasuries are focused on long-term accumulation to enhance shareholder value.
Marie highlighted that corporate Bitcoin holdings grew 4% in April, despite market volatility triggered by President Donald Trump‘s tariff announcements.
ETFs, by contrast, saw only a 2% increase during the same period.
He added that for these companies, the price of Bitcoin is not the primary driver, what matters is building substantial reserves that appeal to indirect Bitcoin investors.
ETFs remain the largest single holders of Bitcoin, with combined assets exceeding 1.4 million BTC, accounting for roughly 6.8% of the cryptocurrency’s fixed supply.
Public companies currently hold about 855,000 BTC, or 4% of total supply.
Also Read: Bitcoin To Hit $200,000 In 2025, But New ETH, SOL Highs Remain In Doubt, Bitwise Says
Why It Matters: The shift in buying patterns comes amid a more favorable regulatory climate for crypto under the Trump administration.
In March, President Trump signed an executive order establishing a U.S. Bitcoin reserve, a move widely seen as solidifying Bitcoin’s place in the financial system.
The last time ETFs outpaced corporate treasuries in Bitcoin accumulation was in the third quarter of 2024.
Several notable companies joined the Bitcoin treasury trend in the second quarter.
GameStop GME approved Bitcoin as a treasury reserve asset in March.
KindlyMD NAKAW, a healthcare firm, merged with Nakamoto, a Bitcoin investment company founded by David Bailey.
ProCap PCAPU, led by investor Anthony Pompliano, began purchasing Bitcoin and is preparing to go public via a special purpose acquisition company (SPAC).
Strategy MSTR, formerly known as MicroStrategy, remains the largest corporate Bitcoin holder with about 597,000 BTC. Bitcoin miner Mara Holdings is the second-largest, holding close to 50,000 BTC.
Ben Werkman, chief investment officer at Swan Bitcoin, said Strategy’s scale will be difficult for other companies to match, particularly given the liquidity surrounding its stock.
Smaller Bitcoin treasury companies, however, could offer attractive risk-reward opportunities for investors looking to capitalize on earlier growth phases.
Marie suggested the number of companies following the Bitcoin treasury strategy could decline over the next decade.
He explained that as more firms adopt this approach, the unique appeal may diminish, especially if Bitcoin becomes more accessible to traditional investors without the need for intermediaries.
Werkman noted that Bitcoin treasury companies offer a distinct advantage for investors seeking to outperform Bitcoin’s price: the ability to leverage capital markets to accumulate additional Bitcoin.
He also pointed out that some companies may eventually convert their treasury holdings to Bitcoin without adopting the aggressive, leveraged strategy that has defined Strategy’s approach.
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