Latest data shows that in Q2 2024, the quarterly growth rate of Bitcoin purchases by global publicly traded companies exceeded that of Exchange-Traded Funds (ETFs) for the third consecutive quarter. This trend reflects increasingly favorable regulatory environments for cryptocurrencies, with more corporations adopting strategies similar to MicroStrategy’s approach—expanding their Bitcoin reserves.
According to Bitcoin Treasuries, public companies collectively purchased approximately 131,000 BTC last quarter, an 18% increase from Q1. Meanwhile, ETF holdings grew by 8% (111,000 BTC).
Why Corporations Prefer Direct Bitcoin Holdings
Nicolas Maré, Head of Research at Ecoinometrics, noted that despite April’s market volatility triggered by U.S. tariff policies, corporate BTC holdings still rose by 4%, outperforming ETFs’ 2% growth. "These firms aren’t fixated on price fluctuations—they’re strategically accumulating Bitcoin to enhance their appeal to potential acquirers," he explained.
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Maré emphasized that corporate motives differ from institutional ETF investors: "Public companies amass Bitcoin solely to maximize shareholder value."
Regulatory Shifts Fuel the Trend
The crypto industry has benefited from relaxed regulations under the current U.S. administration. A March executive order establishing a national Bitcoin reserve signaled long-term legitimacy for the asset class, once considered a reputational risk.
The last quarter ETFs outpaced corporate purchases was Q3 2024—prior to the administration’s policy shifts.
Key Corporate Moves in Q2 2024
- GameStop began buying BTC after board approval in March.
- KindlyMD merged with Nakamoto, a Bitcoin investment firm.
- ProCap launched a BTC acquisition program ahead of a SPAC listing.
Bitcoin Holdings Breakdown
| Entity | BTC Held | % of Total Supply (21M) |
|------------------|---------------|-------------------------|
| ETFs | 1.4M | 6.8% |
| Public Companies | 855K | 4% |
MicroStrategy (now "Strategy") remains the largest corporate holder with 597,000 BTC. Over 140 firms now emulate its strategy.
Long-Term Outlook
Maré predicts fewer companies will adopt this tactic in a decade:
- Market saturation may dilute individual impacts.
- Regulatory frameworks for direct BTC ownership could liberalize.
"Current trends reflect corporations capitalizing on arbitrage opportunities," he concluded.
FAQs
Why are companies buying Bitcoin directly instead of through ETFs?
Direct holdings offer strategic advantages, including balance sheet enhancement and acquisition appeal, unlike ETFs’ passive exposure.
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How does regulation impact corporate Bitcoin adoption?
Favorable policies, like the U.S. Bitcoin reserve initiative, reduce perceived risks and encourage institutional participation.
Which company holds the most Bitcoin?
MicroStrategy leads with 597,000 BTC, followed by Tesla and Square.