Corporate Bitcoin Adoption Surges as Public Companies Outpace ETFs in BTC Accumulation

Publicly traded companies are steadily becoming major players in Bitcoin accumulation, surpassing even spot ETFs in net additions over recent quarters. Unlike the highly reactive nature of ETF flows, these corporate purchases are long-term, often held on balance sheets as strategic assets.

Public Companies Are Buying More BTC Than ETFs

According to a post by respected crypto analyst Ecoinometrics, public companies have added more Bitcoin to their balance sheets over the past three quarters than U.S. spot ETFs. These sustained purchases suggest a trend of structural demand, as corporate treasuries continue accumulating BTC with a long-term outlook.

How Much Bitcoin Do Public Companies Hold?

Data from Bitcoin Treasuries shows that public companies now hold 757,593 BTC, valued at approximately $78.67 billion, representing 3.6% of the total BTC supply.

Top 5 Public BTC Holders (by Market Cap):

• MicroStrategy: 580,250 BTC (~$60.25B)
• Marathon Digital Holdings: 48,237 BTC (~$5B)
• Riot Platforms: 19,211 BTC (~$1.99B)
• CleanSpark: 12,101 BTC (~$1.26B)
• Tesla: 11,509 BTC (~$1.19B)

MicroStrategy remains the leader, purchasing an additional 133,988 BTC this year alone, with 26,695 BTC added in just the last month. Other notable increases in 2025 include:

• Marathon: +7,802 BTC
• Riot: +2,483 BTC
• CleanSpark: +2,804 BTC
• Tesla: +1,789 BTC

These figures reflect growing institutional confidence in BTC as a strategic reserve asset.

Spot ETF Holdings: Bigger, But More Volatile

While public companies lead in new accumulation, U.S. spot Bitcoin ETFs still hold more overall BTC. The top 12 ETFs combined hold 1,211,938 BTC, valued at around $125.85 billion, accounting for 5.77% of total BTC supply.

Top 5 Spot Bitcoin ETFs:

• iShares Bitcoin Trust (IBIT): 664,954.7 BTC (~$69.05B)
• Fidelity Wise Origin (FBTC): 198,291 BTC (~$20.59B)
• Grayscale Bitcoin Trust (GBTC): 186,706.1 BTC (~$19.39B)
• ARK 21Shares (ARKB): 47,152.2 BTC (~$4.9B)
• Grayscale Bitcoin Mini Trust (BTC): 43,690.1 BTC (~$4.54B)

However, ETF flows have been more mixed this year:

• IBIT: +113,036.1 BTC
• FBTC: -2,872 BTC
• GBTC: -18,692.8 BTC
• ARKB: +545.1 BTC
• Mini Trust: +5,677.2 BTC

These fluctuations highlight the more reactive nature of ETFs compared to corporate treasury strategies.

Why Corporate BTC Accumulation Matters

Unlike ETFs that may adjust holdings based on short-term investor sentiment, corporations typically treat Bitcoin as a long-term strategic asset. This difference matters:

• ETFs = Liquidity-driven, reactive to market trends
• Public Companies = Sticky, long-term holders

The result: corporate accumulation gradually removes BTC from circulation, creating structural demand that can support long-term price growth.

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Bitcoin Market Snapshot

Here’s how Bitcoin has performed recently:

Final Thoughts

As public companies continue to increase their BTC holdings quietly but consistently, their role in shaping Bitcoin’s long-term market structure is becoming more significant. These moves may not generate the daily headlines that ETF launches do—but they represent a foundational shift in Bitcoin’s role as a treasury asset.

The next time volatility strikes, it might be the public companies—not ETFs—that provide the bedrock of long-term support.

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