Wall Street’s New Gold Rush: Public Companies Hoard Bitcoin Faster Than ETFs

Forget spot ETFs—corporate balance sheets are now the biggest bull market for BTC. While retail investors queue up for fund approvals, blue-chip firms quietly stack sats at a record pace.

Who needs middlemen when you can custody your own digital gold? (Take notes, BlackRock.)

The trend exposes an open secret: institutions want crypto exposure—just not the 1% management fees. Cue the ‘hedge against inflation’ PowerPoint decks—this time with actual adoption.

Closing thought: When CFOs out-trade crypto funds, maybe ‘efficient markets’ need a software update.

Publicly traded companies are steadily becoming major players in Bitcoin accumulation, surpassing even spot ETFs in net additions over recent quarters. Unlike the highly reactive nature of ETF flows, these corporate purchases are long-term, often held on balance sheets as strategic assets.

Public Companies Are Buying More BTC Than ETFs

According to a post by respected crypto analyst Ecoinometrics, public companies have added more bitcoin to their balance sheets over the past three quarters than U.S. spot ETFs. These sustained purchases suggest a trend of structural demand, as corporate treasuries continue accumulating BTC with a long-term outlook.

How Much Bitcoin Do Public Companies Hold?

Data from Bitcoin Treasuries shows that public companies now hold, valued at approximately, representingof the total BTC supply.

• MicroStrategy: 580,250 BTC (~$60.25B)
• Marathon Digital Holdings: 48,237 BTC (~$5B)
• Riot Platforms: 19,211 BTC (~$1.99B)
• CleanSpark: 12,101 BTC (~$1.26B)
• Tesla: 11,509 BTC (~$1.19B)

remains the leader, purchasing an additionalthis year alone, withadded in just the last month. Other notable increases in 2025 include:

• Marathon: +7,802 BTC
• Riot: +2,483 BTC
• CleanSpark: +2,804 BTC
• Tesla: +1,789 BTC

These figures reflect growing institutional confidence in BTC as a strategic reserve asset.

Spot ETF Holdings: Bigger, But More Volatile

While public companies lead in new accumulation, U.S. spot Bitcoin ETFs still hold more overall BTC. The top 12 ETFs combined hold, valued at around, accounting forof total BTC supply.

• iShares Bitcoin Trust (IBIT): 664,954.7 BTC (~$69.05B)
• Fidelity Wise Origin (FBTC): 198,291 BTC (~$20.59B)
• Grayscale Bitcoin Trust (GBTC): 186,706.1 BTC (~$19.39B)
• ARK 21Shares (ARKB): 47,152.2 BTC (~$4.9B)
• Grayscale Bitcoin Mini Trust (BTC): 43,690.1 BTC (~$4.54B)

However, ETF flows have been more mixed this year:

• IBIT: +113,036.1 BTC
• FBTC: -2,872 BTC
• GBTC: -18,692.8 BTC
• ARKB: +545.1 BTC
• Mini Trust: +5,677.2 BTC

These fluctuations highlight the more reactive nature of ETFs compared to corporate treasury strategies.

Why Corporate BTC Accumulation Matters

Unlike ETFs that may adjust holdings based on short-term investor sentiment, corporations typically treat Bitcoin as a long-term strategic asset. This difference matters:

• ETFs = Liquidity-driven, reactive to market trends
• Public Companies = Sticky, long-term holders

The result: corporate accumulation gradually removes BTC from circulation, creating structural demand that can support long-term price growth.

Bitcoin Market Snapshot

Here’s how Bitcoin has performed recently:

Final Thoughts

As public companies continue to increase their BTC holdings quietly but consistently, their role in shaping Bitcoin’s long-term market structure is becoming more significant. These moves may not generate the daily headlines that ETF launches do—but they represent a foundational shift in Bitcoin’s role as a treasury asset.

The next time volatility strikes, it might be the public companies—not ETFs—that provide the bedrock of long-term support.