Public companies have consistently outpaced exchange-traded funds (ETFs) in acquiring Bitcoin 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% increase or about 111,411 bitcoins acquired by ETFs during the same period. Over the first half of 2025, publicly traded firms accumulated a total of 245,510 bitcoins, more than double the 118,424 bitcoins bought by ETFs. This represents a 375% increase in corporate Bitcoin purchases compared to the same period in 2024. The trend reflects growing institutional conviction in Bitcoin, with the number of public companies holding at least 1,000 bitcoins rising to 35 in the third quarter from 24 in the first quarter. Corporate Bitcoin holdings are approaching 900,000 bitcoins in total, signaling accelerated adoption among publicly traded firms. According to a Fidelity report, these 35 companies each hold Bitcoin worth $100 million or more, underscoring a notable shift toward significant corporate exposure to the cryptocurrency.