Public companies have secured 96% of all Bitcoin projected to be mined by 2025.

Public companies have accumulated approximately 157,957 Bitcoin (BTC) as of May 1, representing 96% of the anticipated 164,250 BTC to be mined within the year.

Data from Bitcoin Treasuries indicates that private firms increased their holdings by an additional 16,799 BTC during the same timeframe, while Bitcoin exchange-traded fund (ETF) issuers secured 34,968 BTC.

Altogether, these three categories purchased a total of 192,925 BTC in just the first four months, exceeding the expected annual output of newly mined Bitcoin by 17%, highlighting continued interest from corporate and institutional entities.

Strategy remains at the forefront among publicly traded companies, acquiring 107,155 BTC this year alone. This figure accounts for nearly two-thirds of the total held by public firms and over 65% of the new supply.

The activities of this firm continue to influence the corporate Bitcoin accumulation narrative, although the trend is now inclusive of various mining operations, financial institutions, and treasury reserve managers.

The current accumulation trend follows an even more intense purchasing period in 2024, during which publicly listed companies sourced 331,141 BTC, with Strategy contributing 257,250 BTC to that total.

In contrast, private companies decreased their exposure last year, offloading 3,204 BTC, while ETF issuers accumulated 518,018 BTC. Together, these groups accumulated 845,955 BTC throughout 2024.

For perspective, about 217,518.75 BTC were mined in 2024, indicating that corporate and institutional demand far exceeded the mined supply by nearly four-fold.

The recorded on-chain ownership driven by balance sheets is becoming increasingly significant. Disclosed public purchases now constitute a considerable portion of the circulating supply, thereby diminishing the availability of liquid BTC in secondary markets.

While ETF activity has slowed compared to the previous year, the impact of persistent inflows remains substantial.

ETF issuers were responsible for sourcing over 500,000 BTC in 2024 but have procured fewer than 35,000 BTC thus far in 2025. This decrease may indicate stabilizing demand in secondary markets or the culmination of the initial post-approval inflow period.

Despite the slowdown, ETFs and corporate treasuries continue to be the primary recipients of newly mined Bitcoin. Furthermore, the total Bitcoin acquired this year suggests that institutional accumulation is consuming the entire new supply while also tapping into existing reserves.

The ongoing shift in BTC ownership patterns is noteworthy, with larger portions of the supply being retained as long-term holdings by entities with multi-year investment strategies and lower turnover rates in liquidity.