Company treasuries have surpassed exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter, in keeping with new knowledge from Bitcoin Treasuries. Public firms acquired roughly 131,000 BTC in Q2 2025—an 18% improve from the earlier quarter—in comparison with an 8% uptick, or 111,000 BTC, amongst ETFs.
“The institutional purchaser who’s getting publicity to Bitcoin by way of the ETFs usually are not shopping for for a similar cause as these public firms who’re mainly making an attempt to build up Bitcoin to extend shareholder worth on the finish of the day,” mentioned Nick Marie, head of analysis at Ecoinometrics.
In April alone, public firm holdings rose 4% whereas ETFs elevated simply 2%. “They don’t actually care if the value is excessive or low, they care about rising their Bitcoin treasury so they give the impression of being extra engaging to the proxy patrons,” Marie mentioned. “It’s not a lot pushed by the macro development or the sentiment, it’s for various causes. So it turns into a special sort of mechanism that may push Bitcoin ahead.”
Regardless of the surge in company adoption, ETFs stay the biggest entity holders of Bitcoin, controlling greater than 1.4 million BTC—about 6.8% of the mounted provide cap. Public firms now maintain round 855,000 BTC, or 4%.
Some analysts have linked the surge in company participation to the favorable coverage shift underneath the Trump administration. In March, Trump signed an govt order for a U.S. Bitcoin reserve, signaling sturdy federal help for Bitcoin. The final quarter the place ETFs led in BTC accumulation was Q3 2024, previous to Trump’s reelection.
Latest 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 through SPAC.
Nonetheless main the pack is Technique (previously MicroStrategy), which holds 597,000 BTC. “It’s going to be very exhausting to catch Technique’s scale,” mentioned Ben Werkman, CIO at Swan Bitcoin. “They’re going to be the popular touchdown spot for institutional capital.”
Wanting forward, Marie believes the present tempo of company Bitcoin adoption might not final eternally, suggesting this may very well be a short lived alternative. “You may take into consideration this wave as a bunch of firms which might be making an attempt to profit from this arbitrage,” he mentioned.
Nonetheless, Werkman sees long-term worth within the mannequin. “What individuals actually like about these firms is that they will do one thing spot Bitcoin holders can’t: exit and accumulate extra Bitcoin in your behalf,” he defined.
Disclosure: Nakamoto is in partnership with Bitcoin Journal’s mother or father firm BTC Inc to construct the primary international community of Bitcoin treasury firms, the place BTC Inc offers sure advertising companies to Nakamoto. Extra info on this may be discovered right here.