Corporate treasuries have overtaken exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter, marking a continued shift in institutional strategy as more public companies adopt BTC as a core treasury asset.
Publicly held companies added some 131,000 coins in the second quarter of 2025 alone, according to the data provider Bitcoin Treasuries, expanding their total stash of the digital currency by 18%. ETFs also added 8%, or about 111,000 BTC, during the same period.
Those institutional buyers who are beginning to get exposure to BTC through ETFs have different motivations than public companies, suggested Nick Marie, head of research at Ecoinometrics. So while the institutions focus on market exposure, the public companies buy Bitcoin to maximize shareholder value.
Marie emphasized that market fluctuations or macro trends have less influence on corporate buyers. He noted that the buyers don’t care if the price is high or low—they care about growing their Bitcoin treasury, so they look more attractive to the proxy buyers.
In April, a turbulent market month following President Donald Trump’s tariff announcement, the public company BTC holdings grew by 4% compared to 2% growth among ETFs.
Public companies ramp up Bitcoin holdings as Strategy sets the pace
Public companies currently hold around 855,000 BTC, or 4% of Bitcoin’s fixed supply, while ETFs collectively hold more than 1.4 million BTC, accounting for 6.8% of the total supply. The ETF market saw its major boom after its US approval in January 2024, one of history’s most successful ETF rollouts.
Still, Strategy—the company formerly known as MicroStrategy—remains the torchbearer of the BTC treasury movement, now holding 597,000 BTC. It continues to influence a growing group of over 140 public companies globally that have followed its playbook.
“Strategy is going to be the preferred landing spot for institutional capital because of the deep liquidity around their equity,” said Ben Werkman, CIO at Swan Bitcoin. “But smaller companies still offer strong upside potential for early investors.”
The surge in corporate BTC buying has been accelerated by regulatory clarity under the Trump administration. In March, Trump signed an executive order establishing a US Bitcoin reserve, signaling federal support for the cryptocurrency and helping alleviate lingering reputational concerns.
The second quarter saw new corporate entrants into the Bitcoin market. GameStop began acquiring BTC following board approval in March. On the other hand, KindlyMD merged with Bitcoin investment firm Nakamoto.
ProCap, led by Anthony Pompliano, also launched a BTC acquisition program via SPAC ahead of its public listing.
Long-term viability of Bitcoin treasury Strategy faces growing scrutiny
Despite the current momentum, some experts are skeptical of the long-term sustainability of corporate BTC treasuries. Marie warned the trend might be transitory. The more companies adopt the model, the more diluted the impact becomes. Over time, BTC may become so normalized that proxy investors won’t need to rely on these firms for exposure.
Werkman noted that many investors are betting on leveraged Bitcoin equities as a way to outperform the digital asset itself, due to corporate access to capital markets and their ability to issue shares to finance further BTC accumulation.
Werkman added that companies like Strategy will also convert treasury assets to BTC without using leverage. He says that gives them the ability to back shares with Bitcoin and company performance—a rare combination.
As more companies weigh the risks and benefits of holding BTC on their balance sheets, the race to replicate Strategy’s success story appears far from over, especially in a regulatory climate warmer to crypto than ever before.
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