According to on-chain data, listed public companies purchased a total of 245,510 Bitcoin in the first half of 2025, more than twice the amount absorbed by ETFs in the same period. This figure represents an increase of 375% over the same period in 2024, jumping from 51,653 BTC. Among them, Strategy’s purchase volume was 135,600, and the proportion dropped to 55%, a significant drop from 72% in the same period last year.
Meanwhile, ETFs acquired 56% less BTC than they did in 2024, when they added approximately 267,800 BTC during launch. Since an underlying asset backs every ETF share, the amount of inflow reflects demand from retail investors, hedge funds, and registered investment advisers.
What Growing Corporate Treasuries Means
The current statistics reflect increasing corporate treasury activity, which represents direct strategic investment decisions made by management teams. Therefore, the increase in corporate treasuries indicates that public companies are becoming more convinced about the role of Bitcoin as a long-term treasury asset.
The shift also indicates changing perspectives about Bitcoin’s speculative nature. Before now, BTC was considered a volatile asset driven by speculation and less demand. Now, corporate boards view Bitcoin as a working capital reserve that serves as a hedge against inflation. With federal debt on the rise and inflation biting hard, companies view Bitcoin as an alternative hedge against currency weakness and rising commodity prices.
Some public companies also highlight the accounting factor as one of the reasons for the purchases. Unlike cash, Bitcoin gains aren’t taxed until sold. This reduces the cumbersomeness of dealing with tax filing, associated with fiat accounts. If the pace of Bitcoin absorption continues, publicly traded companies could become dominant BTC holders and have massive influence over pricing.
Critics Warn Companies Over Balance Sheet Strain
Establishing Bitcoin reserves may have its potential upsides, but analysts have warned that it may also affect the company’s growth. Experts warn that companies that finance acquisitions with convertible notes or other leverage risk more debt.
Citron Research, a publishing firm that looks at overvalued companies, once disclosed a short position in Strategy (formerly MicroStrategy) in November. The research firm argued that Strategy’s $2.6 billion debt sale had detached its equity from BTC fundamentals and could pressure shareholders if prices fell. High-profile figures, such as Dylan LeChair, also warn about the permanence of potential equity vulnerability if prices fall.
Critics believe that a sharp fall in Bitcoin could cause balance sheet strain and increase dilution risks. These concerns are part of the reasons some companies have yet to delve into the Bitcoin reserves trend. However, the concerns haven’t stopped companies from accumulating BTC so far in 2025.
Should Corporate Companies Watch Their Backs?
A Bitcoin diversification strategy is the new trend that most companies are adopting, as they believe it will help their balance sheet. Given that Bitcoin is uncorrelated with traditional asset classes and even Fiat, corporate companies believe that aggressively investing in the asset will provide some protection in economic downturns.
However, Bitcoin’s volatility raises serious concerns. As mentioned, a fall could affect the balance sheet and even force the company to sell part of its holdings at a loss to recover some money. Therefore, companies should be more strategic and pragmatic when issuing debt to purchase Bitcoin.
Meanwhile, Strategy plans to add more Bitcoin to its portfolio. The company already laid out plans to raise nearly $1 billion through a preferred stock offering. The move marks a major increase from its previous $250 million target. Strategy is the largest BTC corporate holder currently.
