Institutional curiosity in Bitcoin is altering. Public firms bought extra Bitcoin than Trade Commerce Funds (ETFs) within the third quarter, and proceed to embrace the methods pioneered by MicroStrategy.
In line with knowledge from Bitcoin Treasuries, the general public firm bought round 131,000 BTC within the second quarter of 2025, rising its whole belongings by 18%, whereas the ETF bought 111,000 BTC in the identical interval, rising by 8%.
In line with Nick Marie, analysis director at EcoInometrics, firms' motivations to purchase Bitcoin are fully completely different from ETF buyers. “These firms accumulate BTC with the aim of accelerating shareholder worth. They’re extra targeted on the quantity of BTC of their safes than their worth degree.”
Marie mentioned public firms elevated their Bitcoin holdings by 4% in April, however the ETF's enhance stays at 2% over the identical interval. Throughout this era, the market was risky as a consequence of President Donald Trump's first tariff announcement.
ETFs stay the biggest institutional Bitcoin buyers, totaling 1.4 million BTC (6.8% of most provide), whereas public firms have a complete of 855,000 BTC (4%).
This development coincides with the comfort of rules seen within the cryptocurrency sector throughout the Trump administration. The chief order, signed in March, introduced the institution of an official US Bitcoin Reserve. The final time the ETF purchased extra BTC from public firms was within the third quarter of 2024, earlier than Trump's reelection.
A number of notable firm actions within the second quarter additionally attracted consideration. With board approval, GameStop started to undertake Bitcoin as a reserve asset and buy it. Well being expertise firm KindlyMD has merged with Bitcoin Funding Firm Nakamoto. Procap, a well known investor, has launched its personal BTC buying program, whereas taking part in a course of that’s printed via a Particular Goal Acquisition Firm (SPAC).
Methods (previously micro-strategies) are the pioneer of this development and nonetheless the most important consultant. It’s adopted by Mara Holdings, a Bitcoin mining firm with round 50,000 BTC. Swan Bitcoin funding director Ben Werkman factors out that the size of the technique isn't straightforward to maintain up.
In distinction, Werkman mentioned small and medium-sized companies provide excessive potential for particular person buyers and small funds. These firms have the flexibility to build up Bitcoin on a scale that particular person buyers can’t do because of their entry to the general public capital market.
In the meantime, Nick Marie believes this development could not final lengthy. “In 10 years, the variety of firms following this technique could have decreased because the affect of particular person firms will dilute because the classes develop.
Investor curiosity continues to be sturdy. In line with Werkman, these firms provide enticing, leveraged funding autos for buyers who already imagine in Bitcoin. “These firms provide appreciation for Bitcoin help, not simply Bitcoin, but in addition Bitcoin help backed by working revenue, which is what makes them distinctive,” he says.
*This isn’t funding recommendation.
