Listed companies have been increasing their exposure to Bitcoin faster than ETFs for three quarters, according to Bitcoin Treasuries. This trend is driven by the strategy initiated by Strategy, as regulations become more favorable to cryptocurrencies under Donald Trump’s administration.
Listed companies lead Bitcoin buyers
For the third consecutive quarter, listed companies have bought more Bitcoin than ETFs, according to data from Bitcoin Treasuries. In the second quarter of 2025, they added approximately 131,000 BTC to their balance sheets, an increase of 18%. ETFs, meanwhile, recorded an 8% increase, with approximately 111,000 BTC acquired over the same period. This represents a net difference of 20 BTC, or more than $2.14 million at the current price of Bitcoin.
It must be said that since Donald Trump returned to the US presidency at the end of 2024, Bitcoin has become an increasingly legitimate entity. The president signed an executive order establishing a national bitcoin reserve last March — and companies affiliated with his family continue to raise funds to create Bitcoin reserves.
All of this reinforces the asset’s credibility in the eyes of institutional investors, even if the general public seems to remain cautious. As a result, companies such as GameStop, KindlyMD (through its merger with Nakamoto) and Anthony Pompliano’s ProCap have joined the movement. In London, nine companies, including Tao Alpha and Bluebird Mining Ventures, have recently added Bitcoin to their balance sheets.
The motivations of listed companies differ from those of ETFs, as Nick Marie, director of research at Ecoinometrics, explains:
Companies buying Bitcoin are not looking for mere exposure. They are accumulating BTC to create value for their shareholders.
These players are not waiting for a macroeconomic signal to invest: they are following a strategy of continuous accumulation, regardless of the market price.
A unique strategy inspired by MicroStrategy
Strategy (formerly MicroStrategy), which was the first company to adopt Bitcoin as cash, remains the benchmark and even the example for others to follow. With nearly 597,000 BTC in reserves, it is well ahead of companies that are just getting started with Bitcoin Treasury. Ben Werkman, chief investment officer at Swan Bitcoin, believes that “it will be difficult to match Strategy’s size.”
But small caps offer an attractive risk/return profile for investors looking to beat Bitcoin’s performance.
If this wave continues, it could lead to a clear segmentation between traditional ETFs, which are mostly passive and useful for investing with the DCA strategy, and listed companies with high exposure to Bitcoin, playing a hybrid role between investment and speculation.
But Bitcoin Treasuries operate through debt. Their strategy is to sell stocks and debt to buy Bitcoin. In the short term, this contributes to higher stock prices for companies, while cryptocurrency prices remain high — but in the long term, this is cause for concern.
Some analysts warn against excessive debt: Nic Carter (Castle Island) cites the risk of a “catastrophic forest fire” if Bitcoin reverses course.
