According to new data from Bitcoin Treasuries, Corporate Treasuries exceeds the exchange trading fund (ETF) of Bitcoin accumulation in the third quarter. The public company acquired approximately 131,000 BTC in the second quarter of 2025. This is an 18% increase from the last quarter.
“Buyers at institutions that are exposed to Bitcoin via ETFs are not buying for the same reasons as public companies that are trying to accumulate Bitcoin and increase shareholder value at the end of the day.”
In April alone, public company holdings rose 4%, while ETFs rose just 2%. “They don’t really care if the prices are high or low. They’re interested in the growth of Bitcoin’s Treasury, so they look more appealing to proxy buyers,” Marie said. “It’s not driven so much by macro trends or emotions. It’s for a variety of reasons. So it’s another kind of mechanism that can drive Bitcoin forward.”
Despite the surge in corporate recruitment, ETFs are Bitcoin’s biggest entity holder, managing 1.4 million btc. This is 6.8% of the fixed supply limit. Currently, public companies hold about 855,000 BTC, or 4%.
Some analysts have linked the surge in corporate participation to policy changes that are favorable under the Trump administration. In March, Trump signed an executive order for the US Bitcoin Reserve, signaling strong federal support for Bitcoin. The last quarter in which ETF led the BTC accumulation was in the third quarter of 2024, before Trump’s reelection.
Recent moves include GameStop’s entry into Bitcoin Holdings, David Bailey’s Bitcoin Treasury Company, KindlyMD’s merger with Nakamoto, and the launch of the Bitcoin Treasury strategy ahead of Procap’s public debut via SPAC.
Still leading the pack is the strategy to hold 597,000 BTC (formerly MicroStrategy). “It’s going to be very difficult to grasp the scale of your strategy,” said Ben Werkman, CIO at Swan Bitcoin. “They will be a favourable landing spot for the facility’s capital.”
Going forward, Marie believes the current pace of Bitcoin adoption may not last forever, suggesting that this could be a temporary opportunity. “We can think of this wave as many companies looking to benefit from this arbitration,” he said.
Still, Werkman sees long-term value in the model. “What people really like about these companies is that they can spot things that Bitcoin holders can’t. They’ll go out and accumulate more Bitcoin on your behalf,” he explained.
Disclosure: Nakamoto is working with BTC Inc, the parent company of Bitcoin Magazine, to build the first global network of Bitcoin Treasury Companies, where BTC Inc offers specific marketing services to Nakamoto. For more information about this, please see here.
Source: https://bitcoinmagazine.com/news/public-companies-are-buying-more-bitcoin-than-etfs-for-third-quarter-in-a-row
