Public Firms Outpace ETFs in Q2 Bitcoin Buys
Public companies massively outpaced Bitcoin exchange-traded funds (ETFs) in Bitcoin (BTC) accumulation during Q2 2025, continuing a trend from previous quarters.
Corporate Bitcoin Accumulation Surges
Data compiled by CNBC reveals that public companies, spearheaded by Michael Saylor’s Strategy (formerly MicroStrategy), added 131,000 BTC in Q2 2025, representing an 18% increase in their holdings. In contrast, ETFs saw a more modest 8% growth, adding 110,000 BTC. This marks the third consecutive quarter where public treasuries surpassed ETFs in net BTC accumulation.
- Public company BTC holdings grew by 18% in Q2 2025.
- ETFs expanded their BTC holdings by only 8%.
- Public companies now hold approximately 4% of the total BTC supply.
Divergent Strategies and Market Sentiment
This disparity in accumulation strategies is notable. Eric Marie, Head of Research at Ecoinmetrics, highlights that public companies, unlike ETF investors, are primarily driven by increasing shareholder value and are less susceptible to short-term market fluctuations. This explains their consistent buying even during periods of market uncertainty.
“The institutional buyer who is getting exposure to bitcoin through the ETFs are not buying for the same reason as those public companies who are basically trying to accumulate bitcoin to increase shareholder value at the end of the day.”
Currently, ETFs and hedge funds control over 40% of all BTC held in treasuries (1.4 million BTC, or approximately 7% of the total supply), while public companies hold 848,333 BTC (4% of the total supply), with Strategy holding a significant portion.
Bitcoin Price Outlook: Above $100K, But Challenges Remain
The sustained accumulation by public companies is a significant factor supporting Bitcoin prices above $100K. However, indicators suggest potential short-term challenges. The Bitcoin Bull Score Index, which tracks on-chain and technical bullish signals, has recently dropped to a neutral level, raising concerns. Julio Moreno, CryptoQuant’s Head of Research, cautions that a sustained drop below 60 could impede further BTC price rallies.
At the time of writing, BTC is trading around $107.7K, having rebounded from $105K support. However, the short-term trend remains bearish unless a decisive break above $108K occurs.
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