上市公司购入比特币数量在2025年H1超过两倍
In the first half of 2025, institutional adoption of Bitcoin reached an unprecedented milestone as public companies significantly ramped up their BTC acquisitions. Data reveals that listed firms purchased over 245,510 BTC during this period — a staggering 375% increase compared to the 51,653 BTC acquired in the same timeframe the previous year. This surge not only underscores a growing corporate confidence in Bitcoin as a long-term reserve asset but also signals a major shift in how businesses view digital assets on their balance sheets.
Corporate Bitcoin Demand Surges in 2025
The first half of 2025 marked a turning point for corporate treasury strategies, with more public companies integrating Bitcoin into their financial planning. The total of 245,510 BTC purchased by these entities far surpasses prior trends, highlighting a structural change in institutional investment behavior.
While Bitcoin spot ETFs have seen strong inflows — accumulating 118,424 BTC in H1 2025 — corporate buyers still outpaced them by more than double. Even though ETF inflows dropped by 56% compared to H1 2024 (which saw 267,878 BTC acquired), the continued corporate appetite for Bitcoin has sustained upward price pressure and reinforced market resilience.
This divergence suggests that while retail investors may rely on ETFs for exposure, forward-looking corporations are taking direct ownership, treating Bitcoin as a strategic hedge against inflation and currency devaluation.
Expanding Ecosystem of Bitcoin-Holding Companies
The landscape of Bitcoin-adopting companies is rapidly evolving. According to data from BitcoinTreasury.net, there are now 254 entities holding Bitcoin, with 141 being publicly traded companies. This represents a dramatic increase from just 67 listed firms at the beginning of the year and 79 by the end of Q1 — growth rates of 141% and 78%, respectively.
This accelerating trend reflects broader acceptance across industries, including technology, finance, gaming, and mining sectors. Firms like MicroStrategy, Metaplanet, GameStop, and Procap have emerged as key players, collectively driving demand and influencing market dynamics.
Notably, MicroStrategy — led by Michael Saylor — remains a dominant force, acquiring 135,600 BTC in H1 2025 alone. However, its share of total corporate purchases has declined from 72% in H1 2024 to 55% in the current year, indicating a more diversified and competitive landscape.
Saylor himself views this not as a threat but as a positive development for the Bitcoin ecosystem:
“More companies buying Bitcoin strengthens the network effect. It’s not competition — it’s validation.”
New Entrants Reshape Market Dynamics
The rise of new institutional buyers is transforming the corporate Bitcoin narrative. Previously dominated by a single major player, the market now features a growing cohort of large-cap firms making substantial BTC purchases.
Metaplanet, a Japanese tech firm, made headlines with its aggressive accumulation strategy, raising capital specifically to buy Bitcoin. Similarly, GameStop’s exploration of Bitcoin holdings sparked investor excitement, reflecting a generational shift in how legacy brands approach asset management.
These developments suggest that Bitcoin is no longer seen as a speculative gamble but as a viable treasury reserve asset — especially in an era of expansive monetary policy and low-yield environments.
👉 Learn how emerging financial strategies are leveraging Bitcoin for long-term value preservation.
Supply Shock Fears Grow Amid Rising Institutional Demand
With over 245,000 BTC absorbed by public companies in just six months — and limited new supply entering the market post-halving — analysts warn of an impending Bitcoin supply shock.
David Marcus, CEO of Lightspark, recently stated:
“From this point forward, Bitcoin is going to get crazy.”
He cited three key drivers:
- Increased institutional adoption
- Reduced block rewards following the 2024 halving
- Finite total supply (capped at 21 million BTC)
As more corporations and ETFs compete for a shrinking pool of available coins, the imbalance between demand and supply could trigger significant price appreciation.
Moreover, companies holding BTC on their balance sheets are increasingly adopting a "never sell" policy, effectively removing large volumes from circulation. This permanent withdrawal effect further tightens supply and enhances scarcity — one of Bitcoin’s core value propositions.
Why Companies Are Choosing Bitcoin
Several macroeconomic and strategic factors explain this surge in corporate Bitcoin adoption:
- Inflation Hedging: With persistent inflation concerns globally, Bitcoin offers a deflationary alternative to traditional fiat reserves.
- Balance Sheet Diversification: Companies seek non-correlated assets to reduce risk exposure.
- Shareholder Value Enhancement: Early adopters like MicroStrategy have demonstrated substantial gains, encouraging others to follow.
- Technological Conviction: Growing understanding of blockchain technology increases trust in digital assets.
Additionally, improvements in custody solutions, regulatory clarity (in certain jurisdictions), and accounting standards (such as clearer GAAP treatment) have lowered barriers to entry.
Frequently Asked Questions (FAQ)
Q: How much Bitcoin did public companies buy in H1 2025?
A: Publicly traded companies purchased approximately 245,510 BTC in the first half of 2025 — a 375% increase from the same period in 2024.
Q: Which company bought the most Bitcoin in 2025?
A: MicroStrategy remained the top buyer, acquiring 135,600 BTC in H1 2025. However, its market share among corporate buyers decreased due to increased participation from other firms.
Q: Are Bitcoin spot ETFs still influential?
A: Yes. ETF issuers bought 118,424 BTC in H1 2025. While lower than corporate totals, they remain critical for retail access and market liquidity.
Q: What is causing the potential Bitcoin supply shock?
A: A combination of rising institutional demand, post-halving reduced supply, and long-term holding strategies that remove BTC from circulation.
Q: How many companies now hold Bitcoin on their balance sheets?
A: As of mid-2025, 141 public companies hold Bitcoin directly or through subsidiaries, up from 67 at the start of the year.
Q: Is corporate Bitcoin buying sustainable?
A: Early results suggest yes. Strong performance metrics, growing financial infrastructure, and increasing executive confidence support continued adoption.
👉 Explore how institutional investors are preparing for the next phase of digital asset growth.
Conclusion
The first half of 2025 has solidified Bitcoin’s role as a legitimate treasury asset for public companies worldwide. With purchases exceeding 245,000 BTC — more than double the pace of previous years — and new entrants diversifying the buyer pool, the market is entering a new phase defined by scarcity, competition, and long-term conviction.
As ETFs and corporations alike vie for limited supply, and with fewer new coins being mined each day, the stage is set for transformative price movements. For businesses and investors alike, understanding this shift isn't optional — it's essential.
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