Corporates Buy 245,510 BTC in H1 — ETF Demand Trails Behind

From Strategy’s Dominance to Broad-based Adoption

In early 2024, Strategy (formerly MicroStrategy) dominated the corporate Bitcoin scene, accounting for 72% of all purchases. However, in H1 2025, its share dropped to 55%, even though it still acquired 135,600 BTC. This decrease suggests that more companies are stepping in, diversifying the corporate BTC landscape.

This broader adoption spans industries, with firms in technology, finance, and even hospitality reallocating cash reserves into Bitcoin. The reasons vary: from inflation hedging and diversification to gaining a competitive edge in innovation.

Why Boards Are Buying More Bitcoin—and ETFs Less

Several factors are driving this trend:

• Strategic reserve asset: Companies now treat Bitcoin as a treasury reserve, not just a speculative asset.
• Favorable accounting treatment: Holding Bitcoin offers advantages like deferred taxes and improved balance sheet flexibility.
• Brand and market positioning: Investing in Bitcoin sends a message of forward-thinking and adaptability.

Meanwhile, ETFs saw their inflows drop by over 50% compared to the first half of 2024. This reversal signals that direct Bitcoin ownership is becoming more attractive to companies than ETF exposure.