Public Companies Bought Twice as Much Bitcoin as ETFs in H1 2025

Key Takeaways

• Corporate treasuries added 131,000 BTC in Q2 2025, outpacing ETF inflows.
• While ETFs offer passive exposure, public firms are using BTC to actively boost shareholder value.
• Future regulatory clarity may remove the need for workarounds like balance sheet accumulation.

Public companies are stepping up their Bitcoin strategy in a big way, quietly outpacing BTC exchange-traded funds (ETFs).

In the first half of 2025, listed firms acquired more than 245,000 BTC, nearly doubling the amount bought by ETFs during the same period. That’s a 375% increase compared to the same stretch in 2024.

What’s driving this new trend? A mix of balance sheet strategy, regulatory tailwinds, and the growing belief that Bitcoin belongs at the heart of corporate finance.

Public Companies Prefer BTC Over ETFs

According to data from Bitcoin Treasuries , corporate buyers added about 131,000 BTC in Q2 alone, an 18% increase from Q1.

ETFs, by comparison, grew their collective holdings by just 8%, or 111,000 BTC. While ETFs remain the biggest holders overall (with over 1.4 million BTC), the momentum has clearly shifted.

Public companies now hold roughly 855,000 BTC, about 4% of the total supply. More importantly, they’re buying with intent: not just to get exposure, but to use BTC as a strategic asset to boost shareholder value.

This marks the third straight quarter where public firms have outpaced ETF accumulation, with Strategy (formerly MicroStrategy) still leading the charge.

Trump-Era Policy and Saylor’s Strategy Fuel the Trend

The shift is happening alongside a political tailwind.

In March, Donald Trump signed an executive order establishing a U.S. Bitcoin reserve, officially opening the door to more institutional Bitcoin adoption.

Since then, new players have joined the fray:

• GameStop adopted Bitcoin as a treasury reserve asset.
• KindlyMD merged with Nakamoto, a BTC-focused firm backed by David Bailey.
• ProCap, launched by Anthony Pompliano, rolled out its own BTC acquisition program and is going public via SPAC.

Meanwhile, Strategy now holds close to 600,000 BTC—roughly 3% of the total supply—while MARA has nearly 50,000 BTC.

How Long Can the Corporate Buying Wave Last?

Some analysts think this pace may taper off over time.

As more firms adopt treasury strategies, their impact could dilute, especially if new regulations allow institutions to hold Bitcoin directly through simpler means.

Still, Michael Saylor sees no ceiling.

Speaking in Prague this week, Saylor said companies could scale BTC holdings “as fast as they can issue equity or credit.”

In contrast to individuals who slowly DCA, firms can raise billions overnight and make massive Bitcoin purchases.

“I’m just going to issue billions of dollars of securities and buy billions of dollars of Bitcoin,” Saylor said. “It’s 1,000 times faster than a traditional business cycle.”