For three consecutive quarters, outperforming ETFs! The Bitcoin purchasing trend among U.S. companies is heating up again
U.S. listed companies have purchased more Bitcoin than ETFs for three consecutive quarters, buying approximately 131,000 BTC in Q2, a year-on-year increase of 18%; during the same period, ETFs purchased 111,000 BTC. New players such as GameStop and ProCap have joined this buying spree, but MicroStrategy remains the leader, holding 597,000 BTC
Bitcoin allocation strategies are sparking a new wave of enthusiasm in the corporate world.
According to the latest data from Bitcoin Treasuries, corporate treasuries have outpaced exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter. In the second quarter of 2025, publicly traded companies purchased approximately 131,000 Bitcoins, an 18% increase from the previous quarter, while ETF purchases amounted to only 111,000 Bitcoins, with an increase of 8%.
This trend indicates a shift in corporate allocation strategies towards Bitcoin. Nick Marie, head of research at Ecoinometrics, believes that unlike institutional investors who gain Bitcoin exposure through ETFs, publicly traded companies primarily purchase Bitcoin to enhance shareholder value. This purchasing model is not driven by macro trends or market sentiment but is based on different business logic, providing a new driving mechanism for Bitcoin prices. He stated:
Institutional investors gaining Bitcoin exposure through ETFs have completely different reasons for purchasing compared to those publicly traded companies trying to increase shareholder value by accumulating Bitcoin... These companies do not really care whether the price is high or low; they care about increasing their Bitcoin treasury, making it more attractive for agent buyers.
Regarding the current buying frenzy, some analysts link the surge in corporate participation to policies from the Trump administration. In March of this year, Trump signed an executive order to establish a U.S. Bitcoin reserve.
New Players Enter, Leading Position Solidified
Recent entrants into the Bitcoin holding space include GameStop, KindlyMD, which merged with Bitcoin asset company Nakamoto, and ProCap, which plans to launch a Bitcoin asset strategy ahead of its SPAC listing.
Meanwhile, MicroStrategy remains in the lead, holding 597,000 Bitcoins. Swan Bitcoin's Chief Investment Officer Ben Werkman stated, "It's hard to catch up to the scale of Strategy; they will become the preferred target for institutional capital."
However, Marie believes that the current pace of corporate Bitcoin adoption may not last forever and could be a temporary opportunity. "You can view this wave as a group of companies trying to profit from this arbitrage," he said.
Despite the current surge in corporate participation, ETFs remain the largest institutional holders of Bitcoin, controlling over 1.4 million Bitcoins, approximately 6.8% of the fixed supply cap. In contrast, publicly traded companies now hold about 855,000 Bitcoins, accounting for 4%.
