Public companies have consistently outpaced exchange-traded funds (ETFs) in Bitcoin acquisitions for the third consecutive quarter in 2025. In the second quarter alone, public companies purchased approximately 131,355 bitcoins, increasing their holdings by 18%, compared to an 8% rise or about 111,411 bitcoins acquired by ETFs during the same period. 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. This represents a 375% increase compared to the same period in 2024. Currently, 125 public companies hold Bitcoin on their balance sheets, collectively owning around 889,000 bitcoins valued at approximately $105 billion, which accounts for about 4.2% of Bitcoin's total fixed supply. The growing institutional adoption of Bitcoin by public companies has also correlated with notable outperformance of crypto-holding firms relative to non-crypto investment companies and the S&P 500 over the past year.