Publicly listed companies have bought roughly 157,957 Bitcoin (BTC) as of May 1, accounting for 96% of the 164,250 BTC projected to be mined throughout the year.
Bitcoin Treasuries data shows that private companies added another 16,799 BTC to their holdings during the same period, while Bitcoin exchange-traded fund (ETF) issuers acquired 34,968 BTC.
Combined, these three groups purchased 192,925 BTC during the first four months of the year. This total surpasses the annual expected supply of newly mined Bitcoin by 17%, suggesting ongoing demand pressure from corporate and institutional entities.
Strategy continues to lead among public entities, acquiring 107,155 BTC so far this year. That alone represents nearly two-thirds of the public company supply and over 65% of the new supply.
The firm’s purchases continue to shape the corporate Bitcoin accumulation narrative, although the broader trend now includes a range of mining companies, financial firms, and treasury reserve managers.
Institutional demand surpasses issuance again
The current accumulation follows an even more aggressive purchasing cycle in 2024, when publicly listed companies acquired 331,141 BTC. Strategy was responsible for 257,250 BTC of the total.
Private companies reduced their exposure last year, selling 3,204 BTC, while ETF issuers accumulated 518,018 BTC. Collectively, these three categories acquired 845,955 BTC in 2024.
For context, roughly 217,518.75 BTC were mined throughout 2024, which means corporate and institutional demand was nearly 4x higher than the mined supply
The addition of balance-sheet-driven ownership is increasingly measurable. Publicly disclosed purchases alone now represent a meaningful share of the circulating supply, reducing the availability of liquid BTC in secondary markets.
Growing impact of absorption rates
While ETF activity has moderated compared to the previous year, the impact of sustained inflows remains material.
ETF issuers accounted for over 500,000 BTC acquired in 2024 but have added under 35,000 BTC so far in 2025. The slowdown may reflect stabilizing secondary market demand or the maturity of the initial post-approval inflow cycle.
Despite the slowdown, ETFs and corporate treasuries remain the dominant absorbers of newly mined coins. Additionally, the total amount of Bitcoin bought so far this year means institutional accumulation is absorbing the entire new supply and drawing from existing reserves.
The shift in BTC ownership structure is ongoing, with increasingly larger shares of supply being locked into long-term holdings by entities with multi-year horizons and lower liquidity turnover.
