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 data from Bitcoin Treasuries. In Q2 2025, public companies acquired approximately 131,000 BTC, an 18% increase from the previous quarter, compared to an 8% uptick among ETFs. The institutional buyers who invest in ETFs have different motivations than public companies, which aim to increase shareholder value by accumulating Bitcoin. Public company holdings rose 4% in April, while ETFs increased just 2%. Despite the surge in corporate adoption, ETFs remain the largest entity holders of Bitcoin, controlling over 1.4 million BTC. Public companies now hold around 855,000 BTC, or 4% of the fixed supply cap. The surge in corporate participation may be linked to the favorable policy shift under the Trump administration, which signed an executive order for a US Bitcoin reserve in March. Recent moves include GameStop's entry into Bitcoin holdings and ProCap's launch of a Bitcoin treasury strategy. Strategy, formerly MicroStrategy, still leads the pack, holding 597,000 BTC, and is expected to remain a preferred landing spot for institutional capital. The current pace of corporate Bitcoin adoption may not last forever, but it presents a temporary opportunity for companies to benefit from arbitrage.