**Public Companies Outpace ETFs in Bitcoin Accumulation for Third Straight Quarter**
Corporate treasuries have outperformed exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter, as revealed by recent data from Bitcoin Treasuries. In the second quarter of 2025, public companies acquired approximately 131,000 BTC, marking an 18% increase from the previous quarter. In contrast, ETFs saw a more modest 8% rise, accumulating around 111,000 BTC.
Nick Marie, head of research at Ecoinometrics, noted that institutional buyers utilizing ETFs have different motivations compared to public companies. “The public companies are primarily focused on accumulating Bitcoin to enhance shareholder value,” he explained. In April alone, public company holdings increased by 4%, while ETFs only grew by 2%. Marie emphasized that these companies are less concerned about Bitcoin’s price fluctuations and more focused on expanding their Bitcoin reserves to appeal to proxy buyers.
Despite the growing corporate interest in Bitcoin, ETFs remain the largest holders, controlling over 1.4 million BTC, which constitutes about 6.8% of the total fixed supply. Public companies currently hold around 855,000 BTC, or 4% of the total supply. Some analysts attribute the rise in corporate participation to favorable policies initiated during the Trump administration, particularly an executive order signed in March 2025 that established a U.S. Bitcoin reserve, indicating strong federal support for Bitcoin.
Recent developments include GameStop’s foray into Bitcoin holdings, KindlyMD’s merger with David Bailey’s Bitcoin treasury company, Nakamoto, and ProCap’s introduction of a Bitcoin treasury strategy ahead of its public debut via SPAC. Leading the charge is Strategy (formerly MicroStrategy), which holds an impressive 597,000 BTC. Ben Werkman, CIO at Swan Bitcoin, remarked, “It’s going to be very hard to catch Strategy’s scale. They’re going to be the preferred landing spot for institutional capital.”
Looking ahead, Marie cautions that the current trend of corporate Bitcoin adoption may not be sustainable, suggesting it could represent a temporary opportunity. “This wave consists of companies trying to benefit from this arbitrage,” he stated. However, Werkman believes in the long-term value of this model, highlighting that these companies can accumulate more Bitcoin on behalf of their investors, a capability that spot Bitcoin holders lack.
**FAQ**
**Q: Why are public companies accumulating more Bitcoin than ETFs?**
A: Public companies are focused on increasing shareholder value by expanding their Bitcoin reserves, while ETFs are driven by different motivations, leading to a disparity in accumulation rates.
