上市公司上半年购入245,510枚比特币,远超ETF两倍
上市公司上半年购入245,510枚比特币，远超ETF两倍
In the first half of 2025, publicly traded companies collectively purchased 245,510 bitcoins (BTC) — more than double the 118,424 BTC acquired by spot Bitcoin exchange-traded funds (ETFs) during the same period. This surge marks a pivotal shift in institutional adoption, highlighting a growing corporate confidence in Bitcoin as a long-term reserve asset. Compared to the first half of 2024, when companies bought only 51,653 BTC, this year’s figure represents a staggering 375% year-over-year increase. In stark contrast, ETF inflows declined by 56%, down from 267,878 BTC in early 2024 when the U.S. spot Bitcoin ETF market launched with strong momentum.
Corporate Bitcoin Accumulation vs. ETF Demand
The divergence between corporate treasury activity and ETF flows reveals two distinct investment philosophies. ETF purchases largely reflect retail investor sentiment and short-to-medium-term institutional positioning through vehicles like hedge funds and registered investment advisors. These flows can be volatile, often influenced by macroeconomic trends, regulatory news, and market cycles.
On the other hand, corporate bitcoin acquisitions are strategic balance sheet decisions made at the executive and board levels. When a public company allocates capital to Bitcoin, it signals a long-term belief in its value proposition — particularly as an inflation-resistant, non-sovereign digital store of value.
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This widening gap suggests that corporate leadership is increasingly viewing Bitcoin not just as a speculative asset, but as a viable alternative to traditional cash holdings or gold — especially amid rising concerns over fiscal sustainability, currency devaluation, and monetary policy uncertainty.
Strategic Diversification Beyond a Single Leader
One notable development in 2025 is the decentralization of corporate Bitcoin demand. In previous years, a single company — referred to here as “Strategy” — dominated enterprise-level accumulation. In the first half of 2024, “Strategy” accounted for 72% of all corporate BTC purchases. By mid-2025, while still the largest buyer with 135,600 BTC acquired, its share dropped to 55% of total corporate holdings.
This reduction indicates broader participation across the corporate sector. More companies are now independently evaluating Bitcoin’s role in treasury management, reducing reliance on any one market mover. Industries ranging from technology and finance to manufacturing and energy are exploring or implementing Bitcoin balance sheet strategies.
Such diversification strengthens the overall resilience of institutional demand. It also reduces market vulnerability to sudden sell-offs should one major holder change strategy.
Why Are Companies Buying More Bitcoin?
Several macro and micro factors are driving this accelerated adoption:
1. Monetary Policy Uncertainty
With interest rates fluctuating and inflation persistently above target in many economies, traditional cash equivalents offer low real returns. Bitcoin’s fixed supply of 21 million coins makes it an attractive hedge against currency debasement.
2. Improved Regulatory Clarity
While regulatory frameworks continue evolving, clearer accounting standards (such as those from the U.S. Financial Accounting Standards Board) have made it easier for CFOs and auditors to justify Bitcoin on balance sheets.
3. Technological Maturity
Custody solutions, cold storage infrastructure, and insurance products for digital assets have matured significantly. Executives now have greater confidence in securely managing large BTC holdings.
4. Shareholder Pressure & ESG Alignment
Some investors view Bitcoin mining powered by renewable energy as compatible with environmental, social, and governance (ESG) goals. Additionally, activist shareholders are increasingly advocating for treasury diversification into high-potential assets like Bitcoin.
ETF Inflows Slow Amid Market Rotation
While corporate buying surged, spot Bitcoin ETFs saw net outflows or muted inflows throughout early 2025. The initial frenzy following their January 2024 approval has cooled, partly due to shifting investor focus toward other asset classes amid macro volatility — including rising gold prices and weakening dollar performance.
However, the decline in ETF flows doesn’t necessarily signal waning interest. Instead, it may reflect market saturation after the initial launch phase and a rotation into direct corporate ownership models that offer more control and potentially lower fees over time.
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Implications for the Broader Crypto Market
The rise in corporate Bitcoin adoption has several ripple effects:
- Price Stability: Large, long-term holders reduce circulating supply, potentially supporting price stability during volatile periods.
- Market Legitimization: High-profile companies adopting Bitcoin improves public perception and encourages further institutional involvement.
- Innovation Incentive: Increased demand fuels investment in blockchain infrastructure, security protocols, and financial products tied to digital assets.
Moreover, this trend could inspire mid-sized firms and private enterprises to follow suit — especially if early adopters report positive financial outcomes or improved investor confidence.
Frequently Asked Questions
What is driving the surge in corporate Bitcoin purchases in 2025?
A combination of macroeconomic uncertainty, improved custody solutions, favorable tax treatments in some jurisdictions, and growing recognition of Bitcoin as a credible reserve asset is fueling corporate adoption.
Why are ETF inflows declining while corporate buying increases?
ETF flows are more sensitive to short-term market sentiment and investor behavior. Corporate purchases reflect long-term strategy. The slowdown in ETFs may stem from post-launch normalization rather than loss of faith in Bitcoin.
Is Bitcoin safe for corporate treasuries?
For companies with robust cybersecurity practices and diversified risk management, holding Bitcoin can be secure. Many use third-party audited custodians and multi-signature wallets to protect assets.
How does corporate Bitcoin accumulation affect supply?
When large entities buy and hold BTC long-term, they effectively remove coins from liquid circulation, which can contribute to upward price pressure over time.
Can small businesses follow this trend?
Yes. While large corporations lead the way, smaller firms can also allocate small percentages of their treasury to Bitcoin using regulated custodial services designed for enterprise clients.
What risks should companies consider before buying Bitcoin?
Volatility, regulatory changes, cybersecurity threats, and reputational risks are key considerations. Companies should conduct thorough due diligence and consult financial and legal experts.
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Conclusion
The first half of 2025 has cemented a new chapter in Bitcoin’s institutional journey. With corporate buyers outpacing ETFs by more than 2:1, the narrative is shifting from speculation to strategic reserve allocation. As more companies embrace Bitcoin as a core component of financial resilience, the asset’s role in global capital markets continues to evolve — not just as a technology innovation, but as a foundational store of value for the digital age.
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