- Public treasury firms grew their BTC stability by 18% in Q2.
- ETFs expanded BTC holdings by 8% however nonetheless managed 40% of BTC treasuries.
Public firms, led by Michael Saylor’s Technique (previously MicroStrategy), surpassed U.S. spot ETFs (exchange-traded funds) in Bitcoin [BTC] accumulation throughout Q2 2025.
Based on Bitcoin Treasuries information compiled by CNBC, public firms acquired 131,000 BTC, rising their holdings by 18%. In distinction, ETFs purchased 110,000 BTC, a modest 8% improve over the identical interval.
This marked the third straight quarter the place public treasuries outperformed ETF patrons in web accumulation.
Supply: CNBC
Similar quarter, similar conviction?
The truth is, the Q2 progress mirrored Q1, the place public corporations grew BTC holdings by 17.6%.
Nevertheless, ETFs solely grew 0.5% in Q1, which coincided with heavy macro headwinds and soured market sentiment. Reacting to the divergence, Eric Marie, Head of Analysis at Ecoinmetrics, acknowledged,
“The institutional purchaser who’s getting publicity to bitcoin via the ETFs aren’t shopping for for a similar cause as these public firms who’re mainly making an attempt to build up bitcoin to extend shareholder worth on the finish of the day.”
He added that public firms aren’t tied to macro headlines or sentiment, like ETF patrons, therefore they will accumulate even throughout plunges.
That technique appears to be paying off.
ETFs and hedge funds dominated over 40% of the general BTC treasuries, with 1.4 million BTC. This interprets to about 7% of the entire BTC provide of 21 million.
Supply: Bitcoin Treasuries
In the meantime, public firms maintain 848,333 BTC or 4% of the entire BTC provide. Out of the 4%, the Strategy instructions nearly all of BTC treasuries, about 2.85% of the entire provide.
Merely put, public treasuries have been an important think about lowering BTC draw back threat or plunges.
Above $100K—However can the momentum maintain?
And the buildup development of those firms, whatever the prevailing macro headlines or sentiment, might assist the BTC value to remain above $100K.
That stated, Q3 has begun on a sluggish word, with the Bitcoin Bull Rating Index, an indicator monitoring on-chain and technical bullish indicators, dropping to a impartial stage.
The truth is, CryptoQuant’s Head of Analysis, Julio Moreno, warned {that a} sustained drop within the index under 60 might derail BTC rallies.
Supply: Julio Moreno/X
At press time, BTC traded at $107.7K, after bouncing from $105K assist. Nevertheless, the short-term momentum was nonetheless in a downtrend until it decisively breaks above $108K.
Supply: BTC/USDT, TradingView
