Publicly traded companies have emerged as the dominant force in Bitcoin accumulation this year, surpassing spot exchange-traded funds in both volume and market impact. In the first half of 2025, listed firms added more than 245,000 BTC to their balance sheets, nearly doubling the amount purchased by ETFs during the same period.
The shift underscores a growing preference for direct ownership of digital assets rather than reliance on exchange-traded products. Corporate treasuries, ranging from technology firms to diversified holding companies, have leaned into Bitcoin as a hedge against inflation and as a strategic reserve asset.
This surge in corporate buying has narrowed the gap between ETFs and public companies, with firms now holding nearly $47 billion worth of Bitcoin compared to $120 billion controlled by ETFs earlier in the year. The acceleration of corporate purchases reflects confidence in Bitcoin’s long-term role as a store of value, even amid heightened volatility.
For investors, the trend signals that equity exposure to crypto-heavy companies may offer stronger upside than ETF allocations. Analysts note that the market is rewarding firms that integrate Bitcoin into their balance sheets, particularly those with transparent treasury strategies and disciplined debt management.
