Public companies took the lead off Bitcoin spot ETF issuers, stacking more than twice as many BTC as the funds did in the first half of the year.
The Bitcoin spot exchange-traded funds had better inflows in the first half of the year, rebounding from the lackluster performance toward the close of 2024. Yet Bitcoin-buying corporate firms trounced their cumulative stash by over twofold.
Red-Hot Corporate Firms Scooping Bitcoin’s Supply
For context, public firms purchased 245,510 BTC in the first half of the year, representing a 375% increase from the 51,653 BTC they acquired in the same period year-over-year. Meanwhile, Bitcoin spot ETF issuers bought 118,424 BTC in H1, over two times less than the amount purchased by corporate firms.
While ETFs’ Bitcoin accrual in the first half of this year falls 56% below the 267,878 BTC the funds bought in H1 2024, it does not undermine the increased corporate interest in Bitcoin. The over twofold increase in purchases compared to issuers signals their willingness to compete for a considerable share of BTC’s limited supply.
Meanwhile, this upsurge is in tandem with the growing number of Bitcoin-holding corporate firms. Data from BitcoinTreasuries shows that there are currently 254 entities holding BTC, of which 141 are public companies.
Past data shows that there were only 67 firms with Bitcoin on their balance sheet at the start of the year and 79 companies by the end of the first quarter. This indicates a 141% and 78% increase in the past six and three months, respectively.
New Participants Trim Strategy’s Share
Previously, Strategy (formerly MicroStrategy) accounted for a large number of bitcoins acquired by public firms. The current data highlights a changing tide as new participants step up to compete for who holds more.
In the first half of 2024, Strategy’s 37,190 BTC acquisition accounted for a staggering 72% of all corporate firm purchases. However, while the Michael Saylor-chaired business intelligence company purchased 135,600 BTC in H1, its contribution has dropped to 55% despite increasing its purchase figures.
This share trim follows the entrance of new heavyweights like Metaplanet, GameStop, and ProCap, who have acquired billions worth of Bitcoin. Remarkably, Saylor does not view this emergence as a competition but rather as a complement to the greater good of the Bitcoin ecosystem.
Moreover, market observers believe that these increased purchases, alongside the resurgence of Bitcoin spot ETFs, could trigger a supply shock. Lightspark CEO David Marcus asserted that things are going to get wild for Bitcoin from here, citing increased institutional adoption, dwindling supply due to halving events, and the limited amount of BTC left to be mined.
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