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Bitcoin Magazine
Public Companies Are Buying More Bitcoin Than ETFs for Third Quarter in a Row
Corporate treasuries have surpassed exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter, according to new information from Bitcoin Treasuries. Public firms acquired roughly 131,000 BTC in Q2 2025—an 18% improve from the earlier quarter—in contrast to an 8% uptick, or 111,000 BTC, among ETFs.
“The institutional buyer who is getting exposure to Bitcoin through the ETFs are not buying for the same reason as those public companies who are basically trying to accumulate Bitcoin to increase shareholder value at the end of the day,” mentioned Nick Marie, head of analysis at Ecoinometrics.
In April alone, public firm holdings rose 4% while ETFs elevated just 2%. “They don’t really care if the price is high or low, they care about growing their Bitcoin treasury so they look more attractive to the proxy buyers,” Marie mentioned. “It’s not so much driven by the macro trend or the sentiment, it’s for different reasons. So it becomes a different kind of mechanism that can push Bitcoin forward.”
Despite the surge in company adoption, ETFs stay the largest entity holders of Bitcoin, controlling more than 1.4 million BTC—about 6.8% of the mounted provide cap. Public firms now maintain around 855,000 BTC, or 4%.
Some analysts have linked the surge in company participation to the favorable coverage shift under the Trump administration. In March, Trump signed an govt order for a U.S. Bitcoin reserve, signaling sturdy federal assist for Bitcoin. The last quarter where ETFs led in BTC accumulation was Q3 2024, prior to Trump’s reelection.
BREAKING: President Trump indicators govt order formally creating a #Bitcoin Strategic Reserve.
pic.twitter.com/MiyTAbRkE2— Bitcoin Magazine (@BitcoinMagazine) March 7, 2025
Recent strikes embrace GameStop’s entry into Bitcoin holdings, KindlyMD’s merger with David Bailey’s Bitcoin treasury firm, Nakamoto, and ProCap’s launch of a Bitcoin treasury technique forward of its public debut via SPAC.
Still main the pack is Strategy (previously MicroStrategy), which holds 597,000 BTC. “It’s going to be very hard to catch Strategy’s scale,” mentioned Ben Werkman, CIO at Swan Bitcoin. “They’re going to be the preferred landing spot for institutional capital.”
Looking forward, Marie believes the present tempo of company Bitcoin adoption may not last ceaselessly, suggesting this could be a non permanent alternative. “You can think about this wave as a bunch of companies that are trying to benefit from this arbitrage,” he mentioned.
Still, Werkman sees long-term worth in the mannequin. “What people really like about these companies is that they can do something spot Bitcoin holders can’t: go out and accumulate more Bitcoin on your behalf,” he defined.
Disclosure: Nakamoto is in partnership with Bitcoin Magazine’s guardian firm BTC Inc to construct the first world community of Bitcoin treasury firms, where BTC Inc gives certain advertising companies to Nakamoto. More info on this can be discovered here.
This submit Public Companies Are Buying More Bitcoin Than ETFs for Third Quarter in a Row first appeared on Bitcoin Magazine and is written by Jenna Montgomery.
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