Public companies went on a massive Bitcoin buying spree in the first half of 2025, dwarfing the purchases made by Bitcoin spot ETF issuers.
Corporate Bitcoin Hoarding
Data shows that public companies added a whopping 245,510 Bitcoin to their balance sheets between January and June 2025. That’s a huge 375% increase compared to the 51,653 Bitcoin they bought during the same period last year! Meanwhile, spot ETF issuers only managed to buy 118,424 Bitcoin – significantly less than the corporations.
In fact, companies bought more than four times the amount of Bitcoin than ETF issuers. This is a big shift, as ETF purchases were down 56% compared to the first half of 2024, despite increased investment flows into these funds. It seems companies are increasingly choosing to hold Bitcoin directly instead of relying on ETFs.
The Growing List of Bitcoin Holders
The number of companies holding Bitcoin also exploded. We’re now talking about 254 entities owning Bitcoin, with 141 of those being public companies. That’s a massive 140% increase in just six months and nearly 80% in three months! This shows a huge influx of new players into the Bitcoin market.
MicroStrategy’s Dominance Wanes
While MicroStrategy (now Strategy) remains the top corporate Bitcoin buyer, its share of the market is shrinking. In the first half of 2024, they bought 72% of all corporate Bitcoin. This year, they bought a massive 135,600 Bitcoin, but that only accounts for 55% of the total. Other companies like Metaplanet, GameStop, and ProCap are making significant purchases, too.
A Looming Bitcoin Shortage?
The combination of increased corporate buying and continued (though reduced) ETF purchases could lead to a serious Bitcoin shortage. With the next Bitcoin halving event reducing the number of new Bitcoins entering the market, this increased demand could have a significant impact on the price. Analysts are warning that this combination of high demand and low supply could cause a substantial price increase.
The competition for Bitcoin is heating up. While MicroStrategy’s purchases are still huge, the emergence of many new corporate buyers shows a broadening market. If this trend continues, and miners’ rewards decrease after the halving, the battle for Bitcoin could get even more intense. The second half of 2025 will be crucial to see how these factors affect the price.
