Overall, Bitcoin ETFs strengthened institutional participation in 2025, improving market access and supporting price rallies during periods of strong inflows, while potentially dampening volatility over the long term. Despite Q4 setbacks, the outlook remains constructive, as adoption is expected to continue into 2026.
Corporations' demand for Bitcoin
On the corporate side, demand is shifting from niche to mainstream, with public companies outpacing ETFs in adoption in 2025.
Strategy (MSTR), an AI-powered cloud analytics company, solidified its position as the largest corporate holder of Bitcoin, increasing its holdings from 446,000 BTC at the start of 2025 to 671,000 BTC (3.19% of the total supply of 21 million BTC) at the time of writing.
BTC holdings by mining companies. Source: Bitcoin Treasuries
Corporate Bitcoin holdings are increasingly global, with US companies still dominating the top 20, with over 2.88 million BTC held across roughly 125 public and private firms, surpassing those in Canada and the United Kingdom. Meanwhile, countries like Japan, China, and Europe are also expanding BTC adoption.#china