In the first half of 2025, listed companies bought 245,510 bitcoins, more than double the number of ETFs purchased during the same period (118,424 BTC). The year-to-date figure represents a 375% increase compared to the 51,653 BTC bought by businesses in the first half of 2024. In contrast, ETF purchases have declined by 56%, with a high of 267,878 BTC purchased when ETFs were launched in early 2024.
Since every share of an ETF is backed by actual bitcoin, the number of ETFs created typically reflects demand from retail investors, hedge funds and registered investment advisers. Corporate finance purchases, on the other hand, reflect direct strategic decisions by management. The widening gap thus suggests that boards' confidence in bitcoin as a reserve asset is growing, rivaling the enthusiasm of retail and institutional investors.
Among them, the "Strategy" company alone bought 135,600 BTC, accounting for 55% of all public company purchases. In the same period in 2024, the company accounted for 72% of the total corporate bitcoin purchases. This shows that by 2025, corporate demand for bitcoin is no longer concentrated in a single bellwether company, but significantly diversified.
Listed companies bought 245,510 bitcoins in the first half of the year, more than double the amount of ETFs bought in the same period
2025-07-02 01:10:32
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