Publicly listed companies have been actively accumulating Bitcoin (BTC) in 2025, with a total of 157,957 BTC acquired as of May 1. This accounts for 96% of the projected 164,250 BTC to be mined throughout the year. Data from Bitcoin Treasuries reveals that private companies have added 16,799 BTC to their holdings during the same period, while Bitcoin exchange-traded fund (ETF) issuers have acquired 34,968 BTC.
In total, these three categories have purchased 192,925 BTC in the first four months of the year, surpassing the expected annual supply of newly mined Bitcoin by 17%. This indicates a strong demand from corporate and institutional entities for the leading cryptocurrency.
Among public entities, Strategy stands out as a significant buyer, acquiring 107,155 BTC so far this year. This represents nearly two-thirds of the public company supply and over 65% of the new supply. While Strategy’s purchases continue to shape the narrative of corporate Bitcoin accumulation, other players in the space, such as mining companies, financial firms, and treasury reserve managers, are also actively acquiring BTC.
The trend of institutional demand outpacing issuance is not new. In 2024, publicly listed companies acquired a total of 331,141 BTC, with Strategy alone responsible for 257,250 BTC. Private companies reduced their exposure by selling 3,204 BTC, while ETF issuers accumulated 518,018 BTC. This resulted in a total acquisition of 845,955 BTC in 2024, far exceeding the mined supply of approximately 217,518.75 BTC.
The impact of this sustained institutional buying pressure is becoming increasingly evident. Publicly disclosed purchases now represent a significant portion of the circulating supply, leading to reduced availability of liquid BTC in secondary markets.
While ETF activity has slowed down compared to the previous year, the overall impact of continued inflows remains significant. ETF issuers acquired over 500,000 BTC in 2024 but have added less than 35,000 BTC in 2025 so far. Despite this slowdown, ETFs and corporate treasuries remain the primary absorbers of newly mined coins. The ongoing institutional accumulation is absorbing the entire new supply and tapping into existing reserves.
The shift in Bitcoin ownership structure is ongoing, with more supply being locked into long-term holdings by entities with longer investment horizons and lower liquidity turnover. This trend indicates a growing institutional interest in Bitcoin as a long-term asset.