Public companies purchased 245,510 Bitcoin (BTC) in the first half. It was more than twice as high as 118,424 BTC absorbed by exchange sales funds (ETFs) during the same period.
The annual figures show a 375% jump from 51,653 BTC companies acquired in the first half of 2024. In contrast, I bought 56% less BTC during the launch debut than when I added 267,878 BTC.
As the underlying assets support all ETF shares, the fund creation reflects demand from retail investors, hedge funds and registered investment advisors.
Corporate financial activities represent direct strategic decisions made by management teams. As a result, the widening gap shows an increase in the convictions of Bitcoin reserves in the boardroom, comparable to that of retailers and institutional investors.
The strategy accounts for 135,600 BTC this year, representing 55% of public enterprise purchases. Within the same 2024 window, the strategy represents 72% of corporate acquisitions.
The company's low share in 2025 indicates that demand is spreading beyond a single precursor.
meaning
The public company purchased approximately 2.1 BTC for all coins that had ETF absorbed between January 1st and June 30th. This shift suggests that companies now view Bitcoin as a speculative investment and as a working capital sanctuary or long-term financial asset.
The board cites inflation hedge, cross-border liquidity and brand integrity with digital finance as justification for purchases.
Some issuers highlight accounting benefits. Unlike cash, Bitcoin profits are not taxed until realised, but impairment costs reset the cost base of future articles when the coin is finally sold.
Corporate demand measured against market supply increased from about 19% of net ETF intake in early 2024 to 207% six months later.
That acceleration highlights structural changes in people absorbing newly mined coins. As the pace continues, public companies emerge as dominant progressive buyers of Bitcoin, tightening their floats and affecting price discoveries more than pass-through fund flows.
Leverage increases
Despite its sustained accumulation, analysts warn that many companies will fund their purchases with convertible memos or other leverages.
Citron Research, which revealed its strategy brief position in November, claimed that the company's $2.6 billion debt sale would leave capital “detached from the BTC foundations” and could put pressure on shareholders if prices fell.
Similar criticism highlights the potential balance sheet distortion and dilution risk if Bitcoin experiences a sharp drawdown. These concerns have not delayed previous purchases in 2025, but they remain part of the calculations as Bitcoin weighs a lot alongside traditional reserves.
