Publicly traded companies accelerated their accumulation of Bitcoin in the first half of 2025, purchasing 245,510 coins—more than twice the 118,424 BTC absorbed by spot exchange-traded funds over the same period, according to aggregated regulatory filings and fund-flow data. The corporate tally is 375 percent higher than in the comparable period of 2024, underscoring a rapid shift in boardroom treasury strategies toward the digital asset. Strategy remained the single-largest corporate holder, adding 135,600 BTC, but its share of overall listed-company buying fell to 55 percent from 72 percent a year earlier, indicating that demand is broadening beyond one bellwether. Executives cite inflation hedging and cross-border liquidity as reasons for turning to Bitcoin, while analysts warn that some purchases are being financed with convertible debt that could add balance-sheet risk. Despite being outpaced by corporations in fresh demand, ETFs remain the biggest custodial channel, holding a record 1.43 million BTC worth roughly $150 billion, or about 7 percent of the circulating supply. Funds domiciled in the United States control 88.5 percent of that total after adding 42,431 BTC in June. The momentum cooled at the start of the new quarter. U.S. spot Bitcoin ETFs recorded $342.2 million of net outflows on 1 July, snapping a 15-day streak of inflows and trimming year-to-date net creations to $13.4 billion. Assets under management across the category now stand at approximately $133 billion. Ethereum-tracking ETFs moved in the opposite direction, attracting $40.7 million of inflows on the same day.