The balance of Bitcoin held by public companies grew 18% in the second quarter, totaling approximately 131.000 coins, while ETF holdings also increased by 8%.
In the second quarter of 2025, institutional appetite for Bitcoin reached a new milestone. Between public companies and exchange-traded funds (ETFs), more than 240.000 BTC were acquired, consolidating a trend that redefines the relationship between the corporate world and digital assets. What's driving this accumulation? And what implications does it have for the future of the market? Let's see.
BUY BITCOIN ON BIT2MEA quarter of historic accumulation for Bitcoin
According to data According to data from the Bitcoin Treasuries platform, public companies acquired approximately 131.000 Bitcoins during the second quarter of the year, representing an 18% increase in their total reserves compared to their holdings at the beginning of the quarter. ETFs, meanwhile, added nearly 111.000 BTC, an 8% increase over the same period.
Michael Saylor, CEO of Strategy (formerly MicroStrategy), was quick to highlight the moment. On his X account, wrote that:
“Public companies acquired around 131.000 coins in the second quarter, increasing their bitcoin holdings by 18%.”
Strategy, which leads the list of corporate holders with over 597.000 BTC, has pioneered this disruptive investment strategy since 2020, paving the way for other companies to add Bitcoin to their balance sheets.
Companies vs. ETFs: Two Investment Philosophies
While ETFs remain the largest institutional holders of Bitcoin, with over 1,4 million coins to date, equivalent to 6,8% of the total BTC supply, public companies are rapidly gaining ground. These companies currently hold around 855.000 BTC, representing about 4% of the fixed supply of 21 million Bitcoins ever to exist.
But beyond the numbers, what really differentiates the two players is the motivation behind their purchases. Nick Marie, head of research at Ecoinometrics, explained it clearly to CNBC, stating that:
“Institutional buyers gaining exposure to bitcoin through ETFs aren't buying for the same reason as public companies, which are essentially trying to accumulate bitcoin to ultimately increase shareholder value.”
Marie pointed out that public companies seek to increase long-term shareholder value with their growing investment in Bitcoin.
This difference in motivations reflects an evolving perception of Bitcoin within the corporate world. Public companies no longer view Bitcoin as just another financial asset, but as a tool to strengthen their market position and offer greater returns to their investors. Therefore, while ETFs continue to dominate in volume, the growing interest from public companies adds a new dimension to Bitcoin's market dynamics, demonstrating that this digital asset is increasingly integrated into corporate financial strategies.
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Three consecutive quarters leading the purchase
This is not an isolated phenomenon. According to the Bitcoin Treasuries report cited by the CBDC report, Public companies have outperformed ETFs in BTC accumulation for three consecutive quarters.This consistency suggests a deliberate and sustained strategy, beyond market fluctuations.
In April, for example, as markets reacted with volatility to President Donald Trump's tariff announcements, public companies increased their holdings by 4%, compared to 2% for ETFs,
Thus, while many investors are getting carried away by volatility and news, public companies appear to be consolidating their position as major players in the Bitcoin market. This trend points to a more mature and strategic adoption of the crypto asset, which could influence its stability and future acceptance.
BUY BITCOIN WITHOUT HASSLEThe Strategy Case: Bitcoin as a Strategic Asset
Strategy, the company led by Michael Saylor, is the most emblematic example of this trend. With a weekly purchasing policy and a long-term vision, the company has transformed Bitcoin at the heart of your financial strategyIn the second quarter of 2025, Strategy reported over $13 billion in unrealized gains thanks to the appreciation of its BTC reserves.
Saylor has been emphatic in his stance: “Bitcoin is not a speculative investment; it's a long-term value preservation strategy.” His conviction has inspired dozens of public companies to follow a similar path.
In fact, in the second quarter, Bitcoin welcomed new players, such as GameStop, for example, which approved the use of Bitcoin as a treasury asset in March and began to accumulate this cryptocurrency significantly. The incorporation of GameStop and other companiesresas in the Bitcoin market reflects a shift in mindset in the corporate world, where Bitcoin is no longer seen as a risky bet, but as a strategic tool.
ETFs: giants with a different logic
Despite public companies leading the way in accumulation, ETFs remain the largest holders by volume. Since their approval in January 2024, Bitcoin ETFs in the United States have been one of the most successful launches in the history of the financial market.
However, their logic is different. ETFs offer passive exposure to the Bitcoin price, designed for institutional investors seeking diversification or hedging. There's no explicit intention to accumulate BTC as a strategic reserve, which differentiates them from public companies.
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What does this mean for the Bitcoin ecosystem?
Growing institutional participation has profound implications. On the one hand, it reduces the circulating supply of BTC, which could push its price upward. On the other hand, it legitimizes Bitcoin as a serious financial asset, capable of coexisting with traditional market rules.
Furthermore, accumulation by public companies introduces a new layer of stability. Unlike traders or hedge funds, these companies tend to hold their assets for the long term, which cushions volatility.
Thus, while some analysts warn about the risks of such a concentrated strategy, especially when financed with debt or equity issuance, others see this move as a sign of market maturity. Marie sums it up, stating that Companies are buying Bitcoin not because it's trendy, but because they understand its strategic value. and that changes the rules of the game.
In short, the second quarter of 2025 will go down as a turning point in Bitcoin's history. With over 240.000 BTC purchased by institutional players, the message is clear: Bitcoin is no longer just a technological experiment or an alternative reserve, but is increasingly a a central asset in 21st-century financial strategies.
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