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Public Companies Are Outpacing ETFs in Bitcoin Holdings But Don’t Expect Price Signals

Bitcoin Treasuries Report, August 2025

Ecoinometrics

Aug 13

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Public companies have been accumulating Bitcoin for about five years, and the pace picked up over the past year.

Today they hold a meaningful share of the supply. On that basis, it’s tempting to think their buying should move price much like ETF flows do.

But ETFs and public companies don’t behave the same way. In this report, we size their combined footprint, compare recent quarterly flows, and test whether public‑company flows predict monthly returns.

Let’s dig into the data.

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