The renewed interest in bitcoin from public companies coincides with significant regulatory support under the Trump administration, including an executive order establishing a U.S. bitcoin reserve.

Despite the momentum, analysts express concerns about companies financing their bitcoin purchases through debt, which could lead to balance sheet risks if Bitcoin prices decline.

Experts suggest that while the current trend of corporate Bitcoin accumulation presents unique opportunities, it may be temporary and could normalize as more companies adopt this strategy.

Nick Marie, head of research at Ecoinometrics, highlights that public companies are accumulating Bitcoin primarily to enhance shareholder value, distinguishing their motivations from those of institutional buyers using ETFs.

Investors are increasingly drawn to bitcoin treasury companies for their ability to leverage capital markets to accumulate more bitcoin on behalf of shareholders, offering a unique investment opportunity.

For the third consecutive quarter, corporate treasuries have surpassed ETFs in bitcoin acquisitions, with public companies acquiring approximately 131,000 bitcoins in the second quarter of 2025, marking an 18% increase compared to an 8% increase of about 111,000 BTC by ETFs.

Currently, public companies hold around 855,000 BTC, which constitutes approximately 4% of the total bitcoin supply.

This trend reflects strategic management decisions among executives, indicating a growing confidence in Bitcoin as a reserve asset rather than a speculative investment.

Companies are citing various reasons for their Bitcoin purchases, including inflation hedging, cross-border liquidity, and alignment with digital finance branding, alongside potential accounting benefits.

Notable companies such as GameStop and KindlyMD are entering the bitcoin market, signaling a growing trend among corporations to adopt bitcoin as a treasury reserve asset.

Strategy, formerly known as MicroStrategy, is leading the BTC treasury movement with 597,000 BTC, influencing over 140 public companies to adopt similar strategies.

Corporate buyers are less swayed by market fluctuations, focusing on the long-term growth of their Bitcoin treasury regardless of short-term price changes.