Earlier this year, US spot Bitcoin ETFs controlled nearly $120 billion in assets, almost double the $65.8 billion held by public companies. However, corporate treasuries have since ramped up their Bitcoin purchases, narrowing the gap significantly.
Data from CEX.IO shows a 96% increase in corporate BTC holdings so far this year, compared to a 44% rise among ETFs. In dollar terms, public firms added $47.3 billion worth of Bitcoin to their reserves in 2025, surpassing the $31.7 billion in net inflows recorded by ETFs.
The rising influence of corporate treasuries in the Bitcoin market signals more than just portfolio diversification. Unlike ETFs, which offer liquid, custodial exposure, balance sheet holdings reflect a direct and less flexible commitment, often tied to long-term strategic views.
