Publicly traded companies are once again outpacing U.S. exchange-traded funds (ETFs) in the race to accumulate bitcoin, marking the third consecutive quarter that corporations have trumped ETFs in this digital gold rush. In the latest figures released for the quarter ending June 30, these companies upped their bitcoin reserves by an impressive 18%, translating to an additional 131,000 BTC, while ETFs grew their holdings by a comparatively modest 8%, or around 111,000 BTC.
Corporations’ Growing Appetite for Bitcoin
The surge in bitcoin acquisitions by public companies underscores a burgeoning trend: businesses are increasingly viewing bitcoin as a strategic asset, akin to a digital reserve currency. According to data from Bitcoin Treasuries.net, corporations are now holding more bitcoin than ever, a move that appears to be driven by a combination of long-term investment strategy and inflation hedging. “It’s a strategic shift,” comments crypto analyst Dana Turner. “Companies are looking to diversify their balance sheets, and bitcoin, with its fixed supply and growing adoption, is attractive.” This aligns with recent reports, such as Saylor signals impending Bitcoin buy for 11th consecutive week, highlighting the consistent corporate interest in bitcoin.
But why are these companies choosing bitcoin over traditional assets or even ETFs? It seems that the volatility that once made bitcoin anathema to conservative treasuries is now being seen as an opportunity for greater upside. Moreover, the decentralized nature of bitcoin and its resistance to inflation are becoming more appealing in an unpredictable economic landscape, especially following trade tensions and tariff announcements by the Trump administration earlier this year.
ETFs: Still Holding Strong, But Slowing Down?
Despite being outpaced, ETFs remain the largest holders of bitcoin among single entities, boasting over 1.4 million BTC, which constitutes about 6.8% of bitcoin’s total capped supply of 21 million. This dominance, however, seems to be facing challenges. The last time ETFs outbought public companies was in the third quarter of 2024, just before the political shake-up with President Donald Trump’s reelection. Since then, the landscape has shifted.
The ETF growth, while steady, is not matching the aggressive acquisition strategies of public companies. According to industry insiders, this could be due to the regulatory hurdles that ETFs face, which can slow their ability to act swiftly in the fast-paced crypto market. “ETFs have to navigate a complex regulatory environment,” says financial consultant Linda McCarthy. “This often means they can’t pivot as quickly as corporations, which can make decisions more autonomously.” For further insight into potential risks for bitcoin treasury companies, see VanEck warns: Why Bitcoin treasury companies could face capital erosion.
The Bigger Picture: What Lies Ahead?
The implications of this trend are multifaceted. For one, it signals a potential shift in how digital assets are perceived across various sectors. If corporations continue to stockpile bitcoin at this rate, it could bolster the cryptocurrency’s status as a legitimate reserve asset, further integrating it into mainstream financial systems.
Yet, this raises questions about the future dynamics between public companies and ETFs in the bitcoin market. Will ETFs ramp up their acquisitions to reclaim their lead, or will regulatory constraints continue to hamper their agility? And what about the broader market implications—could this corporate appetite for bitcoin drive up prices, or will it lead to increased scrutiny from regulators?
As we move through 2025, these questions loom large. Analysts suggest keeping an eye on any regulatory changes that could impact ETF operations, as well as any shifts in corporate strategy that could influence their bitcoin buying behavior. One thing’s for sure: the race for bitcoin dominance is far from over, and the coming months could bring even more surprises in this ever-evolving saga of digital finance.
Source
This article is based on: Public Companies Buy More Bitcoin Than ETFs for Third Consecutive Quarter
Further Reading
Deepen your understanding with these related articles:
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
