Public companies bought 245,510 Bitcoin (BTC) in the first half of the year, more than 2x higher than the 118,424 BTC absorbed by exhibition -related funds (ETFs) during the same period.
The year-to-date figure marks a jump of 375% of the 51,653 BTC companies that were taken over in the first half of 2024. ETFs, on the other hand, bought 56% less BTC than a year earlier, when funds added 267,878 BTC during their launch -driven debut.
Since the underlying asset supports each ETF share, fund creations reflect the question of retail investors, hedge funds and registered investment advisers.
Corporate Treasury activity represents direct strategic decisions of management teams. As a result, the growing gap indicates an increasing conviction in the reserve role of Bitcoin at the boardrooms, which means that of retail and institutional investors.
Strategy was good for 135,600 BTC of this year, equal to 55% of buying public companies. Within the same 2024 window, strategy represented 72% of the business accomp.
The lower share of the company in 2025 indicates that demand has been expanded further than a single Bellwether.
Implications
Public companies bought around 2.1 BTC for each coin that ETFs absorbed between January 1 and June 30. The shift suggests that companies are now considering Bitcoin less as a speculative investment and more as a working capital reserve or long -term Treasury Asset.
Signs have cited inflation cover, cross -border liquidity and brand tuning with digital financing as justified purchases.
Some EXPENTEN also emphasize accounting benefits: In contrast to cash, Bitcoin profits are not taxed until they are realized, while the costs of restrictions reset the cost basis for future descriptions when coins are ultimately sold.
Measured against market facilities, the demand for companies has grown from approximately 19% of the ETF -Netto intake in the early 2024 to 207% six months later.
This acceleration emphasizes a structural change in WHO absorbs newly mined coins. If the pace continues, public companies could arise as the dominant incremental buyer of Bitcoin, so that the smoother is tightened and the price discovery influences more than flowing through the passage fund.
Rise in leverage
Despite the continuing accumulation, analysts have warned that many companies finance purchases with convertible banknotes or other leverage.
Citron Research, which announced a short position in strategy in November, argued that the debt sale of $ 2.6 billion from the company had left its equity “detached from BTC -Fundamentals” and the shareholders could put pressure on the prices.
Similar criticisms have emphasized the potential for balance voltage and dilution risk when Bitcoin experiences a sharp mark. Although those worries have not been delayed so far in 2025, they remain part of the Calculus because more treasuries weigh Bitcoin alongside traditional reserves.
