Key facts
- Corporate treasuries hold a record 1,011,387 BTC.
- Demand for Bitcoin from corporate treasuries has slowed sharply.
- Companies are now buying Bitcoin in smaller, more cautious allocations.
- In H1 2025, public firms acquired over 245,000 BTC, nearly double the amount bought by ETFs.
- MicroStrategy's monthly Bitcoin purchases have significantly decreased.
Institutional demand for Bitcoin is facing headwinds from both spot exchange-traded funds (ETFs) and corporate treasury allocations. While corporate treasuries have reached a record 1,011,387 BTC, the pace of new acquisitions has slowed considerably.
Data indicates that companies are now adopting a more cautious approach, purchasing Bitcoin in smaller, measured tranches. For instance, MicroStrategy's monthly Bitcoin buys dramatically decreased from 134,000 BTC in November 2024 to just 3,700 BTC in August 2025. Despite this slowdown in purchase frequency, MicroStrategy, now known as Strategy, remains the largest corporate holder with 638,985 BTC, valued at over $47 billion.
Analysts suggest that macroeconomic uncertainty is a key driver behind this cautious stance. However, even with the reduced pace, institutions collectively added more Bitcoin in 2025 than all U.S. spot ETFs combined, signaling continued long-term conviction. In the first half of 2025, public companies acquired over 245,000 BTC, nearly doubling the amount purchased by ETFs during the same period, marking the third consecutive quarter where public firms outpaced ETF accumulation.
Several factors are contributing to this trend, including a mix of balance sheet strategies and a growing belief in Bitcoin's role in corporate finance. The political landscape has also seen shifts, with Donald Trump signing an executive order in March 2025 to establish a U.S. Bitcoin reserve, which has potentially opened doors for further institutional adoption. New players have entered the market, with GameStop adopting Bitcoin as a treasury reserve asset, KindlyMD merging with BTC-focused firm Nakamoto, and ProCap launching its own BTC acquisition program and planning to go public via SPAC.
Michael Saylor, a prominent figure in corporate Bitcoin adoption, believes that companies can scale their Bitcoin holdings rapidly by issuing equity or credit, stating that firms can raise billions overnight for massive Bitcoin purchases, a process he described as 1,000 times faster than a traditional business cycle.