Corporate Bitcoin Buying Spree: These Firms Went All-In During Q1 2025
While retail investors hesitated, institutional players doubled down—deploying capital into Bitcoin like never before. Here’s how the first quarter played out.
The big guns are loading up
Public companies—not crypto-native firms, but traditional strategy leaders—emerged as the most aggressive BTC accumulators this quarter. No timid dollar-cost averaging here: these were decisive, nine-figure bets.
Why the sudden conviction?
With spot ETFs now settling into their groove and regulatory clarity (finally) emerging, corporate treasuries are treating Bitcoin like a balance sheet staple—not just a speculative punt. Though let’s be real: some CFOs are probably just tired of explaining why they didn’t buy the dip.
The bottom line
When Fortune 500 balance sheets start mooning, you know we’ve entered a new phase of adoption. Just don’t expect these suits to HODL through the next 50% drawdown—those risk management committees love their stop-losses.
Strategy leads public firms in BTC acquisition during Q1 2025
CryptoQuant data revealed that Strategy (formerly known as MicroStrategy) added 81,785 BTC in Q1 2025, spending slightly above $8 billion. It also spent $1.4 billion to acquire 15,355 bitcoin from April 21 to April 28, bringing its total holdings to 553,555 BTC worth over $52 billion based on BTC’s price of over $95K at the time. Strategy bought 1,895 more BTC during the week of April 28 to May 4, 2025, at an average price of $95,167, bringing its total holdings to 555,450 BTCs valued at around $57.7 billion based on BTC price at the time.
Rumble made headlines with a 188 BTC buy in March, while another unexpected entrant, HK Asia Holdings Limited, bought just one Bitcoin in February, which doubled its share price in a single trading day. Japan’s Metaplanet also disclosed on April 14 that it had purchased an additional 319 BTC at an average price of about $82,770, bringing its total holdings to 4,525 BTC valued at around $383.2 million. Metaplanet’s $406 million BTC investment positioned it among the top corporate holders globally — currently ranked tenth, just behind Jack Dorsey’s Block Inc.
According to Arkham data, cryptoQuant data also showed that Tether added 8,888 BTC to its reserves in Q1 2025, pushing its holdings to over 100,000 BTC. Other notable companies that bought Bitcoin include the Blockchain Company, which added 605 BTC to its balance sheet, and Semler Scientific, which bought 1,108 BTC. $660 billion Susquehanna bought nearly $300 million more Bitcoin in Q1 and now owns $1.3 billion worth of BTC.
Public companies seek funds to stack more BTC
UPDATE 🚨 PUBLIC COMPANIES BOUGHT 95,000 #BITCOIN IN Q1 AND ARE RAISING BILLIONS TO BUY MORE
YOU ARE NOT BULLISH ENOUGH pic.twitter.com/nhexYqI2qW
— That Martini Guy ₿ (@MartiniGuyYT) May 31, 2025
Marathon Digital announced in April that it was preparing to raise $2 billion through a stock sale to boost its Bitcoin holdings. The Bitcoin mining firm already held 48,237 BTC as of April 30th.
Additionally, GameStop also plans to raise $1.3 billion via a 0.00% convertible note maturing in 2030. GameStop CEO Ryan Cohen considered Bitcoin a tool for hedging against currency depreciation, adding that its growth potential could be even greater than expected. Meanwhile, the company is holding $1.5 billion in newly raised funds under the codename Project Rocket to invest in Bitcoin, adding to its $4.75 billion cash reserves.
Brazilian public company Meliuz filed to raise $26.45 million to buy Bitcoin, while Sharplink Gaming is set to raise $1 billion to buy BTC. French company The Blockchain Group is also gearing up to raise €12.1 million to buy more Bitcoin.
Crypto analyst Econometrics also observed that public companies were starting to outpace ETFs in Bitcoin accumulation. According to his analysis, these companies added more BTC to their balance sheets than the spot ETFs over the past three quarters (including Q1 2025). Metaplanet announced plans to acquire 10,000 BTC by the end of 2025.
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