Public companies added 131K BTC in Q2 2025-marking their third straight quarter beating ETFs in Bitcoin accumulation.
Trump’s Bitcoin reserve order sparked corporate confidence, fueling treasury adoption by firms like GameStop and KindlyMD.
Strategy’s $63.3B BTC stack sets the benchmark, while smaller firms race to mirror its playbook for investor upside.
Public companies acquired 131,000 BTC in Q2 2025, surpassing ETF purchases for the third straight quarter. This sharp 18% increase contrasts with the 8% gain in ETF-held Bitcoin over the same period.
Strategy Pushes Corporate Bitcoin Growth
According to a post by Michael Saylor, public companies added 131,000 BTC in Q2, a notable jump that has outpaced ETFs for three quarters. Data from Bitcoin Treasuries shows these companies now hold around 855,000 BTC in total. That compares to ETFs, which added about 111,000 BTC and now manage over 1.4 million coins.
https://twitter.com/saylor/status/1940152047443014115
This consistent lead shows that more companies follow Strategy (formerly MicroStrategy), the largest holder among corporates with 597,325 BTC. GameStop, KindlyMD, and ProCap also joined the trend during Q2, revealing new treasury strategies aimed at long-term value growth.
Trump-Era Relief Boosts Institutional Confidence
Recent movements in the sector have reshaped priorities for corporate treasuries. In March 2025, President Trump signed an executive order calling for a U.S. Bitcoin reserve. According to a report by CNBC, this political signal helped reduce reputational risk and increased corporate confidence.
The regulatory tone has allowed companies like GameStop to adopt Bitcoin as a treasury asset, while healthcare firm KindlyMD merged with a Bitcoin investment firm. SPAC-backed ProCap also began building a crypto treasury, reinforcing confidence across sectors.
Shift Toward Long-Term Corporate Stacking
Strategy remains the benchmark player, having pioneered this approach and holding nearly $63.3 billion in Bitcoin. Swan Bitcoin CIO Ben Werkman said the firm’s liquidity and reputation make it the top pick for major institutional capital.
Meanwhile, smaller public firms are seen as high-upside bets by retail and smaller institutions. "They’re chasing the early-stage growth Strategy already capitalized on," Werkman explained, referring to companies adopting the playbook more recently.
Institutional vs Corporate Bitcoin Goals Diverge
Simultaneously, other market indicators suggest a different trend among ETF buyers. Nick Marie of Ecoinometrics noted ETF-driven institutions seek exposure, not balance sheet growth. "They don’t care about price swings as much-they’re buying for shareholder optics," Marie explained.
That intent differs from companies aggressively stacking Bitcoin regardless of market sentiment. With public firms gaining access to capital markets, they can convert cash or raise funds to accumulate BTC, something individual investors can’t replicate directly.
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