Corporate treasuries double ETF Bitcoin buys in H1, signaling aggressive boardroom adoption

Public companies bought 245,510 Bitcoin (BTC) in the first half of the year, more than 2x higher than the 118,424 BTC absorbed by exchange-traded funds (ETFs) during the same period.

The year-to-date figure marks a 375% jump from the 51,653 BTC corporations acquired in the first half of 2024. ETFs, by contrast, purchased 56% less BTC than they did a year earlier, when funds added 267,878 BTC during their launch-driven debut. 

Since the underlying asset backs every ETF share, fund creations reflect demand from retail investors, hedge funds, and registered investment advisers. 

Corporate treasury activity represents direct strategic decisions made by management teams. As a result, the widening gap signals an increasing conviction in Bitcoin’s reserve role among boardrooms, rivaling that of retail and institutional investors.

Strategy accounted for 135,600 BTC of this year’s haul, equal to 55% of public-company buying. Within the same 2024 window, Strategy represented 72% of corporate acquisitions.

The firm’s lower share in 2025 indicates that demand has broadened beyond a single bellwether. 

Implications

Public companies purchased approximately 2.1 BTC for every coin that ETFs absorbed between January 1 and June 30. The shift suggests that corporations now view Bitcoin less as a speculative investment and more as a working capital reserve or long-term treasury asset. 

Boards have cited inflation hedging, cross-border liquidity, and brand alignment with digital finance as justifications for purchases. 

Some issuers also highlight accounting advantages: unlike cash, Bitcoin gains are not taxed until realized, while impairment charges reset the cost basis for future write-ups when coins are eventually sold.

Measured against market supply, corporate demand has grown from roughly 19% of ETF net intake in early 2024 to 207% six months later. 

That acceleration highlights a structural change in who absorbs newly mined coins. If the pace continues, public companies could emerge as Bitcoin’s dominant incremental buyer, tightening float and influencing price discovery more than pass-through fund flows.

Rise in leverage

Despite the sustained accumulation, analysts have warned that many companies finance purchases with convertible notes or other leverage. 

Citron Research, which disclosed a short position in Strategy in November, argued that the firm’s $2.6 billion debt sale had left its equity “detached from BTC fundamentals” and could pressure shareholders if prices fell. 

Similar critiques have highlighted the potential for balance sheet strain and dilution risk if Bitcoin experiences a sharp drawdown. While those concerns have not slowed buying so far in 2025, they remain part of the calculus as more treasuries weigh Bitcoin alongside traditional reserves.

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