Public companies have consistently outpaced exchange-traded funds (ETFs) in Bitcoin acquisitions for the third consecutive quarter in 2025. Data from Bitcoin Treasuries indicates that in the second quarter alone, public companies purchased approximately 131,000 bitcoins, increasing their holdings by 18%, while ETFs acquired about 111,000 bitcoins, reflecting an 8% growth. Over the first half of 2025, public companies amassed a total of 245,510 bitcoins, more than double the 118,424 bitcoins bought by ETFs during the same period. This represents a 375% increase compared to the first half of 2024. The trend highlights growing institutional adoption, with 125 public companies now holding Bitcoin on their balance sheets, according to Bitwise Invest and Cointelegraph. This surge in corporate Bitcoin buying suggests a strong preference for direct Bitcoin ownership over ETF exposure among institutional investors in 2025.