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Public companies have surpassed ETFs in Bitcoin (BTC) acquisitions for the third consecutive quarter, signaling a strategic shift in institutional crypto adoption.
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Corporate treasuries, including notable firms like GameStop and KindlyMD, are increasingly integrating Bitcoin as a reserve asset to diversify and strengthen their balance sheets.
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According to COINOTAG, this trend reflects growing confidence in Bitcoin’s role as digital gold amid a favorable US regulatory environment.
Public companies outpace ETFs in Bitcoin accumulation for Q2 2025, highlighting a growing trend of corporate treasury adoption amid supportive US crypto policies.
Corporate Treasuries Lead Bitcoin Accumulation Amid Regulatory Tailwinds
For the third quarter in a row, public companies have demonstrated a more aggressive approach to Bitcoin acquisition than exchange-traded funds (ETFs), acquiring approximately 131,000 BTC in Q2 2025. This marks an 18% increase in corporate Bitcoin holdings, underscoring a strategic pivot where companies view BTC as a long-term reserve asset rather than a speculative investment.
In contrast, ETFs, despite their growing popularity following the US Bitcoin ETF approvals in early 2024, expanded their holdings by only 8% during the same period, adding around 111,000 BTC. This divergence highlights differing investment philosophies: ETFs primarily provide regulated price exposure for retail and institutional investors, whereas public companies are embedding Bitcoin directly into their treasury strategies to enhance shareholder value.
The shift is further supported by a more crypto-friendly regulatory environment in the United States. Since President Donald Trump’s re-election, policy changes such as the March executive order establishing a US Bitcoin reserve have reduced reputational risks for corporate Bitcoin holdings, encouraging wider adoption among public firms.
Emerging Corporate Players and Strategic Bitcoin Investments
The surge in corporate Bitcoin accumulation includes prominent new entrants like GameStop, which approved Bitcoin as a treasury reserve asset in March 2025 and began acquiring BTC shortly thereafter. Healthcare company KindlyMD also made headlines by merging with Nakamoto, a Bitcoin investment firm founded by crypto advocate David Bailey, signaling cross-sector interest in digital assets.
Additionally, ProCap, an investment vehicle led by Anthony Pompliano, announced its Bitcoin accumulation strategy while preparing for a public listing via a SPAC, further illustrating growing institutional enthusiasm for direct Bitcoin exposure.
Despite these new entrants, Strategy (formerly MicroStrategy) remains the dominant corporate Bitcoin holder with 597,325 BTC, followed by Mara Holdings with 49,940 BTC. Collectively, public companies now hold approximately 855,000 BTC, representing about 4% of Bitcoin’s fixed supply cap of 21 million coins.
Entities holding BTC. Source: Bitcoin Treasuries
Top public Bitcoin treasury companies. Source: Bitcoin Treasuries
ETFs vs. Corporate Holdings: A Comparative Analysis
While ETFs still hold a larger aggregate Bitcoin balance—approximately 1.4 million BTC or 6.8% of the total supply—the momentum in corporate acquisitions is notable. The recent quarters have seen public companies outpacing ETFs in BTC accumulation, reflecting a growing preference for direct asset ownership over indirect exposure.
This trend suggests that as Bitcoin matures, traditional institutional investors might increasingly bypass ETFs and similar financial products, opting instead for direct holdings through corporate treasuries or regulated investment vehicles. This evolution could reshape how institutional capital flows into the crypto market, enhancing Bitcoin’s legitimacy as a mainstream asset class.
Bitcoin in treasuries. Source: Bitcoin Treasuries
Conclusion
The third consecutive quarter of public companies outpacing ETFs in Bitcoin acquisition underscores a significant institutional shift towards integrating BTC as a strategic reserve asset. Supported by a favorable regulatory landscape and innovative corporate treasury strategies, Bitcoin is increasingly viewed as a digital gold standard within corporate finance. While ETFs continue to play a vital role in providing market access, the growing momentum of corporate Bitcoin holdings signals a maturation of institutional adoption that could influence the broader crypto ecosystem in the years ahead.
