Public Companies Acquire 96% of All Bitcoin Mined in 2025

Public firms, private companies, and ETF issuers collectively acquired over 192,000 BTC in 2025 — surpassing the expected annual mining output and intensifying institutional demand pressure on Bitcoin’s supply.

Public and Institutional Demand Exceeds New Supply

As of May 1, publicly listed firms had purchased 157,957 BTC — roughly 96% of the 164,250 BTC projected to be mined in 2025. Private companies added 16,799 BTC, while ETF issuers bought 34,968 BTC.

Together, these entities acquired 192,925 BTC in the first four months of the year. That figure exceeds the total annual new supply by 17%.

Strategy Leads Corporate Bitcoin Accumulation

Strategy remains the largest acquirer among public firms, holding 107,155 BTC so far in 2025. This accounts for over 65% of the new Bitcoin supply and nearly two-thirds of public company purchases.

Their ongoing accumulation reflects a broader trend in corporate Bitcoin adoption — now extending beyond miners and tech firms to treasury-focused institutions.

Demand Trends Mirror 2024 Accumulation Cycle

In 2024, public firms acquired 331,141 BTC, with Strategy alone accounting for 257,250 BTC. ETF issuers added 518,018 BTC that year, pushing total demand to nearly four times the newly mined supply.

While ETF inflows have slowed in 2025, their role remains dominant. ETF issuers have added less than 35,000 BTC this year, signaling a shift toward stabilized secondary market interest.

More Bitcoin Locked in Long-Term Holdings

Institutional accumulation continues to absorb all new supply while drawing from liquid reserves. The shift toward long-term holding by corporate treasuries reduces circulating supply and alters market dynamics.