Publicly available companies have purchased around 157,957 Bitcoin (BTC) as of May 1, accounting for 96% of the 164,250 BTC expected to be mined throughout the year.
Bitcoin Treasures Data shows that private companies added another 16,799 BTC to their holdings over the same period, and that the Bitcoin Exchange Sales Fund (ETF) issuer acquired 34,968 BTC.
Together, these three groups purchased 192,925 BTC in the first four months of the year. This total exceeds the annual expected supply of newly mined Bitcoin by 17%, suggesting continued demand pressure from corporate and institutional entities.
The strategy continues to lead among public institutions, earning 107,155 BTC so far this year. That alone represents almost two-thirds of the supply of public companies and over 65% of new supply.
While corporate purchases continue to shape the narrative of corporate Bitcoin accumulation, the broader trends include a variety of mining companies, financial companies, and reserve managers of the Department of Finance.
Institutional demand will again surpass issuance
The current accumulation follows an even more aggressive purchasing cycle in 2024, when publicly listed companies acquired 331,141 BTC. The strategy was responsible for a total of 257,250 BTC.
Private companies reduced exposure last year, selling 3,204 BTC, and ETF publishers accumulated 518,018 BTC. Collectively, these three categories acquired 845,955 BTC in 2024.
For context, approximately 217,518.75 BTC was mined throughout 2024. Demand for businesses and institutions was nearly four times higher than mined supply
The addition of balance sheet-driven ownership will become increasingly measurable. Publicly available purchases alone represent a meaningful share of circulation supply, reducing the availability of liquid BTC in the secondary market.
Increased effect of absorption rate
ETF activity has been mitigated compared to the previous year, but the impact of sustained inflows remains material.
ETF publishers accounted for over 500,000 BTC acquired in 2024, but added less than 35,000 BTC so far in 2025. The slowdown may reflect the maturity of the inflow cycle after stabilization of the secondary market or initial approval.
Despite the slowdown, ETFs and corporate treasury remain the dominant absorber of newly mined coins. Furthermore, the total amount of Bitcoin purchased so far this year means that institutional accumulation absorbs new supply and drawings from existing reserves.
Changes in BTC’s ownership structure are ongoing, with stocks in supply increasingly increasingly locked in long-term holdings by entities with multi-year horizons and low-liquidity turnover.
