Bitcoin Magazine

Public Companies Are Buying More Bitcoin Than ETFs for Third Quarter in a Row  Corporate treasuries have surpassed exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter, according to new data from Bitcoin Treasuries. Public companies acquired approximately 131,000 BTC in Q2 2025—an 18% increase from the previous quarter—compared to an 8% uptick, or 111,000 BTC, among ETFs.  “The institutional buyer who is getting exposure to Bitcoin through the ETFs are not buying for the same reason as those public companies who are basically trying to accumulate Bitcoin to increase shareholder value at the end of the day,” said Nick Marie, head of research at Ecoinometrics.  In April alone, public company holdings rose 4% while ETFs increased just 2%. “They don’t really care if the price is high or low, they care about growing their Bitcoin treasury so they look more attractive to the proxy buyers,” Marie said. “It’s not so much driven by the macro trend or the sentiment, it’s for different reasons. So it becomes a different kind of mechanism that can push Bitcoin forward.”   Despite the surge in corporate adoption, ETFs remain the largest entity holders of Bitcoin, controlling more than 1.4 million BTC—about 6.8% of the fixed supply cap. Public companies now hold around 855,000 BTC, or 4%.   Some analysts have linked the surge in corporate participation to the favorable policy shift under the Trump administration. In March, Trump signed an executive order for a U.S. Bitcoin reserve, signaling strong federal support for Bitcoin. The last quarter where ETFs led in BTC accumulation was Q3 2024, prior to Trump’s reelection.  BREAKING: President Trump signs executive order officially creating a #Bitcoin Strategic Reserve.
pic.twitter.com/MiyTAbRkE2— Bitcoin Magazine (@BitcoinMagazine) March 7, 2025 Recent moves include GameStop’s entry into Bitcoin holdings, KindlyMD’s merger with David Bailey’s Bitcoin treasury company, Nakamoto, and ProCap’s launch of a Bitcoin treasury strategy ahead of its public debut via SPAC.  Still leading the pack is Strategy (formerly MicroStrategy), which holds 597,000 BTC. “It’s going to be very hard to catch Strategy’s scale,” said Ben Werkman, CIO at Swan Bitcoin. “They’re going to be the preferred landing spot for institutional capital.”  Looking ahead, Marie believes the current pace of corporate Bitcoin adoption may not last forever, suggesting this could be a temporary opportunity. “You can think about this wave as a bunch of companies that are trying to benefit from this arbitrage,” he said.  Still, Werkman sees long-term value in the model. “What people really like about these companies is that they can do something spot Bitcoin holders can’t: go out and accumulate more Bitcoin on your behalf,” he explained.  Disclosure: Nakamoto is in partnership with Bitcoin Magazine’s parent company BTC Inc to build the first global network of Bitcoin treasury companies, where BTC Inc provides certain marketing services to Nakamoto. More information on this can be found here.  This post Public Companies Are Buying More Bitcoin Than ETFs for Third Quarter in a Row  first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

Bitcoin Magazine

GameStop Raising $450 Million From Convertible Senior Notes To Make Investments Today, GameStop Corp. (NYSE: GME) filed a Form 8-K with the SEC, following the full exercise of a $450 million Greenshoe option on its recent private offering of convertible senior notes, which could see the company potentially use the proceeds to purchase more Bitcoin. The move brings the total value of GameStop’s zero percent convertible senior notes due 2032 to $2.7 billion. JUST IN: GameStop $GME raised $450 million to make "investments in a manner consistent with GameStop’s Investment Policy"

Buying Bitcoin is official GameStop Investment Policy pic.twitter.com/3DQgnrHCVL— Bitcoin Magazine (@BitcoinMagazine) June 25, 2025 The company added Bitcoin to its investment policy earlier this year, identifying it as a treasury reserve asset. According to the company, the proceeds will be used for investments that align with their company investment policy. So with the newly raised capital, Bitcoin is now an asset that the company is officially allowed to purchase and hold. “In connection with the Greenshoe Exercise, the Company received gross proceeds of $450 million and net proceeds, after deducting the initial purchaser’s discount but before deducting estimated fees and expenses, of approximately $446.6 million,” the filing stated. “The Company intends to use the net proceeds from the Greenshoe Exercise for general corporate purposes, including making investments in a manner consistent with the Company’s Investment Policy and potential acquisitions.” The additional $450 million in notes follows a previously announced $2.25 billion offering that closed on June 17. The strong demand from institutional investors prompted GameStop to exercise the Greenshoe option in full on June 23, with the new notes issued the following day. The notes, maturing on June 15, 2032, are convertible into Class A shares at $28.91 each, a 32.5 percent premium over the June 12 average. Full conversion could result in up to 20.3 million new shares, expanding GameStop’s equity base. “A maximum of 20,325,195 shares of Common Stock may be issued upon conversion of the Additional Notes based on the initial maximum conversion rate of 45.1671 shares of Common Stock per $1,000 principal amount of the Notes, which is subject to customary anti-dilution adjustment provisions,” the filing said. This post GameStop Raising $450 Million From Convertible Senior Notes To Make Investments first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.