Public companies—led by Michael Saylor’s Strategy (formerly MicroStrategy)—accelerated Bitcoin accumulation in Q2 2025, acquiring 131,000 BTC for an 18% quarterly growth. This marks the third consecutive quarter where corporate treasuries outpaced U.S. spot ETFs, which added 111,000 BTC (8% growth). The divergence highlights fundamentally different investment approaches:
Corporate Strategy vs. ETF Flows
• Shareholder Value Focus: Public firms prioritize long-term balance sheet strength, accumulating BTC regardless of price volatility. Strategy alone holds 597,325 BTC (2.85% of Bitcoin’s total supply).
• ETF Sensitivity: ETF buyers react more strongly to macroeconomic shifts, resulting in slower growth during uncertain periods like Q1’s 0.5% ETF expansion.
Market Impact
Corporate buying has become a critical buffer against Bitcoin’s downside risk. Public companies now hold 848,333 BTC (4% of supply), while ETFs control 1.4 million BTC (7%). Despite this institutional support, Bitcoin’s momentum weakened in early Q3:
• Price hovered near $107,700 after testing $105K support.
• The Bitcoin Bull Score Index dipped to neutral, signaling cautious short-term sentiment.
Why It Matters
This trend signals growing corporate confidence in Bitcoin as a treasury reserve asset. Eric Marie of Ecoinmetrics notes:
“Public companies accumulate through market dips because their goal isn’t trading—it’s enhancing shareholder value.”
While ETFs remain the largest institutional holders, corporate treasuries are closing the gap through consistent, price-agnostic accumulation.
