Publicly traded companies in the United States are stepping ahead of exchange-traded funds (ETFs) in acquiring Bitcoin, continuing a trend that has gained momentum over the past nine months.
In the second quarter of 2025, corporate treasuries added approximately 131,000 BTC to their holdings—an 18% increase—compared to an 8% uptick in ETF holdings, which rose by around 111,000 BTC.
The move signals a growing strategic pivot among businesses to adopt Bitcoin as a long-term reserve asset.
While ETFs remain dominant in total holdings—currently accounting for 1.4 million BTC or 6.8% of the total Bitcoin supply—the latest data shows that corporates are now more aggressive buyers, seeking direct exposure to Bitcoin to enhance shareholder value and hedge against currency depreciation.
Policy shift drives demand
The trend gained new momentum following a pro-crypto policy shift in the United States.
After President Donald Trump’s re-election, the administration introduced initiatives that significantly reduced the reputational and regulatory risks associated with corporate crypto adoption.
In March 2025, a presidential executive order officially created a national Bitcoin reserve, further legitimising the asset at a federal level.
This development has encouraged more companies to follow MicroStrategy’s well-known treasury playbook.
As of Q2 2025, more than 60 firms are known to have added Bitcoin to their balance sheets, up from earlier quarters.
The last time ETFs outpaced companies in Bitcoin acquisition was in Q3 2024, prior to Trump’s return to office.
Big names join in
Notable among the new corporate entrants is GameStop, which approved Bitcoin as a treasury asset in March.
Once best known for its retail trading saga, the company has now pivoted to a long-term digital asset strategy.
Another significant development was the merger between healthcare provider KindlyMD and Nakamoto, a Bitcoin-focused investment firm founded by David Bailey.
In a separate move, ProCap—an investment vehicle created by crypto investor Anthony Pompliano—announced its own Bitcoin accumulation strategy.
ProCap is preparing to go public via a special purpose acquisition company (SPAC), joining the list of companies embracing crypto while eyeing equity market capitalisation routes.
While these firms remain far behind the sector’s leader, Strategy (formerly MicroStrategy), they reflect a wider trend.
Strategy continues to top corporate holdings with 597,325 BTC, followed by Mara Holdings with 49,940 BTC.
Combined, public companies now hold about 855,000 BTC, accounting for roughly 4% of Bitcoin’s fixed 21 million supply cap.
ETFs may lose ground
Though exchange-traded funds continue to offer a regulated entry point for traditional investors, the surge in corporate demand suggests that treasuries may become the dominant method for institutional Bitcoin exposure.
Unlike ETFs, which primarily serve passive investors, corporates are actively leveraging their balance sheets to hold Bitcoin as an appreciating reserve.
The divergence in buying patterns underscores different motivations.
ETFs are designed for investors seeking Bitcoin price exposure without custody obligations, while corporations view Bitcoin as a strategic asset for financial resilience and competitive differentiation.
Looking ahead, some analysts suggest that this corporate buying wave could push other traditional institutions to bypass ETFs altogether.
With more regulatory clarity, firms may prefer holding Bitcoin directly, particularly as mechanisms for secure custody and compliance improve.
As the second half of 2025 begins, Bitcoin’s adoption within corporate America appears poised to accelerate further.
With financial markets offering new liquidity routes, and policy no longer a deterrent, more firms may consider following the BTC playbook—positioning themselves early in what some view as a long-term transformation of institutional finance.
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