For the third consecutive quarter, public companies have outpaced U.S. spot Bitcoin ETFs in purchasing volume—highlighting a growing corporate appetite for Bitcoin as a strategic treasury asset. Despite market volatility and shifting price trends in 2025, publicly traded firms are aggressively accumulating BTC, signaling strong confidence in its long-term value proposition.
👉 Discover how institutional demand is reshaping Bitcoin’s market dynamics
Corporate Bitcoin Buying Surpasses ETF Activity
Recent data from Bitcoin Treasuries and reporting by CNBC reveal that public companies collectively purchased approximately 131,000 BTC during the three months ending June 30, 2025—outpacing the roughly 111,000 BTC acquired by U.S. spot Bitcoin ETFs over the same period. This marks the third consecutive quarter in which corporate buyers have led in quarterly Bitcoin acquisition volume.
In percentage terms, corporate Bitcoin holdings rose 18%, while ETF holdings increased by 8%, underscoring a faster growth trajectory among enterprises adopting BTC as part of their balance sheets.
This trend reflects a broader shift in how large organizations view digital assets—not merely as speculative instruments but as strategic treasury reserves capable of preserving value and enhancing shareholder returns over time.
Why Companies Are Choosing Bitcoin for Treasury Reserves
Bitcoin’s evolution into a recognized store of value has been accelerated by pioneering adopters like MicroStrategy, which began allocating significant capital to BTC in 2020. Today, more than 200 public and private companies worldwide hold an estimated 1.14 million BTC, valued at over $120 billion at current prices.
MicroStrategy remains the dominant player, holding 597,325 BTC, setting a benchmark for corporate adoption. But it's no longer alone. A wave of new entrants across industries and geographies are following suit:
- GameStop, known for its "meme stock" status, has embraced Bitcoin as part of its financial strategy.
- Trump Media announced plans to establish a Bitcoin treasury following a major funding deal.
- Semler Scientific, a healthcare technology firm, invested millions more into BTC this year.
- Startups like Twenty One, backed by Tether, are being built entirely around Bitcoin treasury models.
Internationally, companies such as Metaplanet (Japan), Webus (China), Reitar Logtech (Hong Kong), and Méliuz (Brazil) are also building substantial Bitcoin positions—demonstrating that this movement extends far beyond U.S. borders.
👉 See how global firms are integrating Bitcoin into corporate finance
Buying Through Volatility: A Strategic Play Regardless of Price
One of the most striking aspects of this trend is that corporate accumulation continues regardless of Bitcoin’s price fluctuations. In early April 2025, Bitcoin dropped nearly 30% from its January peak of $109,000 amid macroeconomic turbulence linked to trade policies and regulatory uncertainty.
Yet during that volatile month, public companies increased their BTC holdings by 4%, outpacing ETF inflows, which grew only 2%.
Nick Marie, head of research at Ecoinometrics, explained to CNBC that these companies aren’t focused on short-term price movements. Instead, they're prioritizing long-term strategic positioning.
“They really don’t care if the price is high or low. What matters is growing their Bitcoin treasury to make themselves more attractive to proxy buyers,” said Marie.
This mindset mirrors traditional corporate strategies around stock buybacks or asset accumulation—where perception of strength and future potential drives decisions more than immediate market conditions.
ETFs Still Lead in Total Holdings
While corporations are currently outbuying ETFs on a quarterly basis, spot Bitcoin ETFs still hold more BTC overall. As of July 1, 2025, U.S.-listed spot Bitcoin ETFs collectively own over 1.4 million BTC, representing about 6.8% of Bitcoin’s fixed 21 million supply.
In contrast, all public companies combined hold approximately 855,000 BTC, or around 4% of total supply.
ETFs have benefited from massive institutional inflows since their launch in January 2024—one of the most successful product rollouts in U.S. financial history. According to SoSoValue, these funds have recorded net capital inflows of $48.6 billion**, with total net assets under management exceeding **$130 billion.
The last time ETFs outpaced corporate buyers in quarterly purchases was Q3 2024—before the U.S. presidential election reshaped regulatory sentiment toward crypto-friendly policies under President Donald Trump’s administration.
FAQ: Understanding the Corporate vs. ETF Bitcoin Landscape
Q: Why are companies buying Bitcoin instead of traditional assets?
A: Many view Bitcoin as a hedge against inflation and currency devaluation. Its fixed supply and decentralized nature make it an appealing alternative to cash or bonds for long-term treasury reserves.
Q: Are ETFs still important for Bitcoin adoption?
A: Absolutely. ETFs provide regulated, accessible exposure to Bitcoin for retail and institutional investors who may not want direct custody. They play a crucial role in mainstream financial integration.
Q: Does corporate buying affect Bitcoin’s price?
A: Sustained demand from large entities creates consistent buying pressure, which can support price stability and upward momentum over time—especially when combined with halving-driven supply constraints.
Q: Is this trend likely to continue?
A: Yes. As more companies report positive outcomes from holding Bitcoin and regulatory clarity improves globally, additional firms are expected to adopt similar treasury strategies.
Q: How do international companies fit into this picture?
A: Firms in Asia, Latin America, and elsewhere are increasingly participating, showing that Bitcoin’s appeal as a reserve asset is truly global—not limited to Western markets.
The Bigger Picture: Institutional Demand Driving Legitimacy
The dual forces of corporate treasury adoption and ETF-driven investment reflect maturing institutional interest in Bitcoin. Together, they contribute to:
- Increased market legitimacy
- Reduced volatility over the long term
- Greater liquidity and pricing efficiency
- Stronger network security through higher market valuation
Even during periods of price correction, persistent demand signals that confidence in Bitcoin’s foundational value remains intact. After hitting lows in April 2025, BTC rebounded strongly, reaching a new all-time high near $112,000 in May**. At the time of writing, it trades around **$105,700, according to CoinMarketCap.
This resilience reinforces the idea that Bitcoin is transitioning from a speculative asset to a core component of modern financial strategy—for both corporations and investment funds.
👉 Explore tools to track real-time Bitcoin flows and institutional activity
Final Thoughts: A New Era of Digital Treasury Management
The fact that public companies have now outpaced ETFs in quarterly Bitcoin purchases for three quarters in a row is more than just a data point—it’s a signal of changing tides in global finance.
As businesses continue to diversify away from traditional cash reserves and into hard assets like Bitcoin, we may be witnessing the early stages of a broader redefinition of corporate treasury management—one where digital scarcity meets financial innovation.
With sustained buying momentum, growing international participation, and increasing regulatory support, Bitcoin’s role in institutional portfolios appears set to expand even further in the years ahead.