Public Companies Outpace ETFs in Bitcoin Buying: Here is What You Need to Know

Public corporations have dramatically increased their Bitcoin (BTC) holdings in 2025, acquiring more than double the amount bought by exchange-traded funds (ETFs) during the first half of the year.

According to a report from CryptoSlate, companies added 245,510 BTC between January and June—marking a 375% increase over the 51,653 BTC purchased during the same period in 2024.

In contrast, ETF inflows have slowed considerably. Funds added only 118,424 BTC in H1 2025, down 56% from the 267,878 BTC accumulated in the first half of 2024, when ETF enthusiasm was driven by newly launched products.

Boardroom Conviction Grows as ETFs Cool

This divergence highlights a growing distinction in investor behavior. ETF flows typically reflect broader market demand from retail traders, hedge funds, and registered investment advisors. Corporate treasury purchases, however, are deliberate, top-down decisions made by executive leadership. The growing weight of Bitcoin on corporate balance sheets suggests that companies increasingly view the asset as a long-term reserve, rather than a speculative trade.

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Strategy Leads, But Broader Participation Expands

Strategy, the world’s largest public Bitcoin holder, led this surge—accounting for 135,600 BTC, or 55% of the total acquired by public firms this year. That figure is down from 72% in H1 2024, signaling that more companies are joining the accumulation trend beyond just Michael Saylor’s firm.

As ETFs cool off and corporate conviction rises, Bitcoin’s role as a treasury asset appears to be gaining lasting momentum inside boardrooms.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.