tl;dr
Public companies purchased 245,510 Bitcoin in the first half of the year, more than double the 118,424 BTC acquired by ETFs in the same period. This marks a 375% increase from corporate purchases in the first half of 2024, while ETF purchases declined by 56% from the previous year. ETFs represent re...
Public companies have purchased 245,510 Bitcoin (BTC) during the first half of the year, more than double the 118,424 BTC acquired by exchange-traded funds (ETFs) in the same period. This figure represents a staggering 375% increase from the 51,653 BTC bought by corporations in the first half of 2024. In contrast, ETFs bought 56% less BTC than the previous year, since they had added 267,878 BTC during their launch-driven debut. ETFs reflect demand from retail investors, hedge funds, and registered investment advisers, while corporate treasury activity reflects strategic decisions by management teams. The growing gap indicates an increasing conviction in Bitcoin’s role as a reserve asset among company boardrooms, rivaling that of retail and institutional investors.
Strategy accounted for 135,600 BTC of this year’s total corporate accumulation, representing 55% of public company purchasing. This is down from 72% in 2024, suggesting that Bitcoin demand is broadening beyond a single prominent firm. Public companies bought roughly 2.1 BTC for every coin acquired by ETFs between January and June, indicating that corporations are increasingly seeing Bitcoin not as a speculative asset but as a long-term treasury or working capital reserve. Company boards have cited reasons such as hedging inflation, enhancing cross-border liquidity, and aligning with digital finance trends for their Bitcoin purchases. Some issuers note accounting advantages, as Bitcoin gains are not taxed until realized and impairment charges can reset the cost basis for future write-ups.
Corporate demand has surged relative to market supply, growing from about 19% of ETF net intake in early 2024 to 207% six months later. This substantial acceleration points to a structural shift in who absorbs newly mined Bitcoin. If sustained, public companies may become the dominant incremental buyers of Bitcoin, potentially tightening the float and influencing price discovery more than ETF fund flows.
Despite ongoing accumulation, analysts have flagged concerns regarding the rising use of leverage, as many companies finance purchases with convertible notes or other debt instruments. Citron Research, which took a short position in Strategy last November, criticized the firm’s $2.6 billion debt issuance, claiming it has detached the company’s equity from Bitcoin fundamentals, potentially pressuring shareholders if prices decline. Other critiques warn of balance sheet risks and dilution if Bitcoin values drop sharply. Although these concerns have not yet deterred buying in 2025, they remain key considerations for corporate treasuries incorporating Bitcoin alongside traditional reserve assets.