Three consecutive quarters outperforming the ETF! The Bitcoin purchasing wave by American companies is heating up again.

US listed companies have purchased more Bitcoin than ETFs for three consecutive quarters, buying approximately 131,000 BTC in Q2, a year-on-year rise of 18%; during the same period, ETFs purchased 111,000.

Written by: Long Yue

Source: Wall Street Insight

Bitcoin allocation strategies are creating a new wave of enthusiasm in the business world.

According to the latest data from Bitcoin Treasuries, corporate treasuries have surpassed exchange-traded funds (ETF) in Bitcoin accumulation for the third consecutive quarter. In the second quarter of 2025, listed companies purchased approximately 131,000 Bitcoins, an increase of 18% from the previous quarter, while the purchase volume of ETFs was only 111,000, with a growth of 8%.

This trend indicates that companies are changing their allocation strategies towards Bitcoin. Nick Marie, research director at Ecoinometrics, believes that unlike institutional investors who gain exposure to Bitcoin through ETFs, publicly listed companies purchase Bitcoin primarily to enhance shareholder value. This purchasing model is not driven by macro trends or market sentiment, but is based on different business logic, providing a new driving mechanism for Bitcoin's price. He stated:

Institutional investors gaining Bitcoin exposure through ETFs have completely different reasons for buying compared to public companies that are trying to enhance shareholder value by accumulating Bitcoin... These companies are not truly concerned about whether the price is high or low; they are focused on increasing their Bitcoin treasury, making it more appealing to proxy buyers.

Regarding the current buying coin craze, some analysts link the surge in corporate participation to the policies of the Trump administration. In March of this year, Trump signed an executive order to establish a U.S. Bitcoin reserve.

New players are pouring in, leading position remains solid

Recently, companies entering the Bitcoin holding space include GameStop, KindlyMD, which merged with the Bitcoin asset company Nakamoto, and ProCap, which plans to launch a Bitcoin asset strategy before going public through a SPAC.

MicroStrategy still maintains its leading position, holding 597,000 Bitcoins. Swan Bitcoin's Chief Investment Officer Ben Werkman stated, "It's hard to catch up to the scale of Strategy; they will become the preferred target for institutional capital."

However, Marie believes that the current pace of corporate Bitcoin adoption may not last forever, and this could be a temporary opportunity. "You can view this wave as a group of companies trying to profit from this arbitrage," he said.

Despite the surge in corporate participation, ETFs remain the largest institutional holders of Bitcoin, controlling over 1.4 million BTC, which accounts for approximately 6.8% of the fixed supply cap. In contrast, publicly listed companies currently hold about 855,000 BTC, accounting for 4%.