Public companies have shown significant growth in their Bitcoin (BTC) holdings during the second quarter of 2025. Led by Michael Saylor’s Strategy (formerly MicroStrategy), these companies have outpaced U.S. spot ETFs in accumulating BTC.
According to data compiled by CNBC from Bitcoin Treasuries, public companies acquired 131,000 BTC, marking an 18% increase in their holdings. In comparison, ETFs purchased 110,000 BTC, representing an 8% growth over the same period. This marks the third consecutive quarter where public treasuries have surpassed ETF buyers in net accumulation.
The trend seen in Q2 mirrors that of the first quarter, where public firms increased their BTC holdings by 17.6%. In contrast, ETFs only saw a 0.5% growth in Q1, driven by macro headwinds and market sentiment. Eric Marie, Head of Research at Ecoinmetrics, pointed out that the motivations behind public companies and ETF buyers differ significantly. Public companies aim to accumulate Bitcoin to increase shareholder value, while ETF buyers may react to macro headlines and sentiment.
As a result of this strategy, public companies now hold 848,333 BTC, accounting for 4% of the total BTC supply. Among public companies, Strategy commands the majority of BTC treasuries, representing about 2.85% of the total supply. This accumulation by public treasuries has played a crucial role in reducing BTC downside risk and stabilizing the market.
The continued accumulation trend by these companies, regardless of external factors, could help support the BTC price to stay above $100K. However, the third quarter has started on a sluggish note, with indicators like the Bitcoin Bull Score Index dropping to a neutral level. Julio Moreno, CryptoQuant’s Head of Research, warned that a sustained drop in the index below 60 could impact BTC rallies.
At the time of writing, BTC was trading at $107.7K, bouncing back from the $105K support level. However, the short-term momentum remains in a downtrend unless the price decisively breaks above $108K. This highlights the importance of public company accumulation in supporting the BTC price and maintaining market stability. Many people dream of traveling the world, exploring new cultures, and experiencing unique adventures. However, for some, the idea of solo travel can be daunting. The thought of navigating a foreign country alone, without the support of friends or family, can be intimidating. But solo travel can be an incredibly rewarding and empowering experience.
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