The chart shows that after hitting a plateau in 2023, the number of heavyweight corporate holders began to accelerate late last year and has continued to rise.
Kuiper argued that, in addition to the increase in companies, the pattern of buying also showed a significant change.
In the first quarter, companies acquired just under 100,000 Bitcoins. One firm dominated that flow, leaving other slices of the pie chart thin.
By the second quarter, purchasing had climbed to more than 154,000 BTC, representing a 35% increase from the previous quarter. More importantly, the acquisitions were shared across a far broader set of treasuries.
The second pie chart bristles with new slices, signalling that Bitcoin is no longer the preserve of a handful of balance‑sheet pioneers.
Aside from the Bitcoin acquisition by heavyweights, broad corporate adoption also increased this year.
That haul is a 375 % leap from the 51,653 BTC corporates picked up in the comparable 2024 period, while exchange-traded fund (ETF) demand plunged 56 % year‑over‑year after last year’s launch‑driven burst.
Boards now purchase roughly 2.1 BTC for every ETF coin minted, framing Bitcoin less as a speculative punt and more as working capital or a reserve asset.
