Strategy leads public firms in BTC acquisition during Q1 2025

Public companies purchased 95,431 BTC worth approximately $8.14B in Q1 2025 and were now raising billions to invest in more Bitcoin. Strategy led the list of corporate BTC accumulators, but more public companies followed the same playbook at smaller scales.

A Bitwise report revealed that publicly traded companies held roughly 688K BTC by the end of March, representing a 16.1% quarter-on-quarter surge. Total corporate BTC holdings represented a 2.15% increase in total value from the previous quarter and 3.28% of the 21M BTC supply. The increase in holdings pushed the total value of Bitcoin held by public firms to approximately $56.7B, based on an average BTC price of $82,445.

The report also revealed that 12 new companies added Bitcoin to their treasuries for the first time during Q1 2025, increasing the total number of publicly traded firms accumulating BTC to 79. Hong Kong-based Ming Shing was the largest new buyer. Its subsidiary, Lead Benefit, acquired 833 BTC in two separate purchases in January and February.

Strategy leads public firms in BTC acquisition during Q1 2025

CryptoQuant data revealed that Strategy (formerly known as MicroStrategy) added 81,785 BTC in Q1 2025, spending slightly above $8 billion. It also spent $1.4 billion to acquire 15,355 Bitcoin from April 21 to April 28, bringing its total holdings to 553,555 BTC worth over $52 billion based on BTC’s price of over $95K at the time. Strategy bought 1,895 more BTC during the week of April 28 to May 4, 2025, at an average price of $95,167, bringing its total holdings to 555,450 BTCs valued at around $57.7 billion based on BTC price at the time.

Rumble made headlines with a 188 BTC buy in March, while another unexpected entrant, HK Asia Holdings Limited, bought just one Bitcoin in February, which doubled its share price in a single trading day. Japan’s Metaplanet also disclosed on April 14 that it had purchased an additional 319 BTC at an average price of about $82,770, bringing its total holdings to 4,525 BTC valued at around $383.2 million. Metaplanet’s $406 million BTC investment positioned it among the top corporate holders globally — currently ranked tenth, just behind Jack Dorsey’s Block Inc.

According to Arkham data, cryptoQuant data also showed that Tether added 8,888 BTC to its reserves in Q1 2025, pushing its holdings to over 100,000 BTC. Other notable companies that bought Bitcoin include the Blockchain Company, which added 605 BTC to its balance sheet, and Semler Scientific, which bought 1,108 BTC. $660 billion Susquehanna bought nearly $300 million more Bitcoin in Q1 and now owns $1.3 billion worth of BTC.

Public companies seek funds to stack more BTC 

UPDATE 🚨 PUBLIC COMPANIES BOUGHT 95,000 #BITCOIN IN Q1 AND ARE RAISING BILLIONS TO BUY MORE

YOU ARE NOT BULLISH ENOUGH pic.twitter.com/nhexYqI2qW

— That Martini Guy ₿ (@MartiniGuyYT) May 31, 2025

Marathon Digital announced in April that it was preparing to raise $2 billion through a stock sale to boost its Bitcoin holdings. The Bitcoin mining firm already held 48,237 BTC as of April 30th. 

Additionally, GameStop also plans to raise $1.3 billion via a 0.00% convertible note maturing in 2030. GameStop CEO Ryan Cohen considered Bitcoin a tool for hedging against currency depreciation, adding that its growth potential could be even greater than expected. Meanwhile, the company is holding $1.5 billion in newly raised funds under the codename Project Rocket to invest in Bitcoin, adding to its $4.75 billion cash reserves. 

Brazilian public company Meliuz filed to raise $26.45 million to buy Bitcoin, while Sharplink Gaming is set to raise $1 billion to buy BTC. French company The Blockchain Group is also gearing up to raise €12.1 million to buy more Bitcoin.

Crypto analyst Econometrics also observed that public companies were starting to outpace ETFs in Bitcoin accumulation. According to his analysis, these companies added more BTC to their balance sheets than the spot ETFs over the past three quarters (including Q1 2025). Metaplanet announced plans to acquire 10,000 BTC by the end of 2025.

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