Public Companies Are Buying More Bitcoin Than ETFs For Third Quarter In A Row

Public companies are now consistently outpacing exchange-traded funds (ETFs) in Bitcoin accumulation, a trend observed for the third consecutive quarter, signaling a profound strategic shift in institutional digital asset adoption. New data from Bitcoin Treasuries highlights this significant divergence, revealing that public companies acquired approximately 131,000 BTC in the second quarter of 2025—an impressive 18% increase from the prior quarter. In contrast, ETFs recorded an 8% uptick, accumulating 111,000 BTC. This sustained pattern underscores a distinct and evolving approach to integrating Bitcoin within corporate finance structures.

The underlying motivation driving this corporate surge is fundamentally different from that of ETF investors. Nick Marie, head of research at Ecoinometrics, emphasizes that corporate treasuries are strategically accumulating Bitcoin with the explicit aim of enhancing shareholder value, rather than merely reacting to broader macro trends or market sentiment that often characterizes ETF investments. This proactive stance means these public companies prioritize growing their Bitcoin treasury regardless of short-term price fluctuations, positioning them more favorably in the eyes of “proxy buyers” seeking exposure to digital assets.

A significant catalyst for this escalating corporate participation appears to be the evolving political landscape in the United States. The Trump administration’s increasingly supportive stance on Bitcoin has played a crucial role in encouraging this institutional shift. Notably, President Trump signed an executive order in March 2025, officially establishing a U.S. Bitcoin reserve. This powerful federal endorsement has provided a perceived sense of legitimacy and security, seemingly emboldening more public companies to integrate Bitcoin into their balance sheets, especially evident since the last quarter where ETFs led in accumulation was prior to Trump’s re-election in Q3 2024.

This strategic pivot is vividly illustrated by several prominent corporate moves within the cryptocurrency market. GameStop has recently marked its entry into Bitcoin holdings, while KindlyMD successfully completed a merger involving David Bailey’s dedicated Bitcoin treasury company, Nakamoto. Furthermore, ProCap strategically launched a Bitcoin treasury initiative ahead of its public debut via SPAC. Despite these new entrants, Strategy (formerly MicroStrategy) continues to dominate the corporate Bitcoin landscape, holding an unparalleled 597,000 BTC. Ben Werkman, CIO at Swan Bitcoin, underscores Strategy’s formidable scale, predicting its continued role as a preferred destination for institutional capital seeking Bitcoin exposure.

The long-term sustainability of this corporate Bitcoin accumulation trend presents varied perspectives among industry experts. Nick Marie suggests that the current pace might represent a temporary “arbitrage” opportunity, implying companies are capitalizing on specific, perhaps transient, market conditions. Conversely, Ben Werkman maintains a more optimistic, long-term view. He highlights a key advantage these Bitcoin-holding companies offer: their unique capacity to actively accumulate more Bitcoin on behalf of shareholders—a sophisticated capability not typically available to individual spot Bitcoin holders. This dynamic points towards a deeper, more sophisticated evolution in corporate finance strategies concerning digital assets.

While public companies are increasingly impacting Bitcoin’s distribution, it is crucial to note that ETFs collectively remain the largest institutional holders, controlling over 1.4 million BTC, which accounts for approximately 6.8% of Bitcoin’s fixed supply cap. Public companies now hold around 855,000 BTC, or about 4% of the total. This persistent accumulation by both corporate treasuries and dedicated investment vehicles reflects a deepening integration of cryptocurrency into the broader financial ecosystem, signifying a maturing digital assets market where diverse entities are finding distinct and strategic avenues for participation and value creation, further solidifying Bitcoin’s role in the global economy.