Public companies and exchange-traded funds (ETFs) have acquired Bitcoin (BTC) worth tens of billions of dollars in just three months, according to the founder of The Kobeissi Letter, Adam Kobeissi.
The macro analyst tells the 938,700 followers of The Kobeissi Letter on the social media platform X that the corporate demand for Bitcoin is “incredibly strong.”
According to Kobeissi, public companies and ETFs acquired a combined 242,766 BTC in the quarter that ended on June 30th.
“Public companies purchased 131,355 Bitcoins in Q2 2025, growing holdings by +18%, according to Bitcoin Treasuries data.
Furthermore, ETFs acquired 111,411 BTC, posting an +8% rise during the same period.
This marks the third consecutive quarter in which companies have bought more Bitcoin than ETFs.
Year-to-date, public companies have purchased 237,664 Bitcoin…
Now, public companies hold ~855,000 Bitcoin, or ~4% of the total supply.
Corporate demand for Bitcoin is incredibly strong.”
As companies and ETFs gobble up Bitcoin at a rapid pace, the pseudonymous crypto analyst and trader, DonAlt, is warning investors that he doesn’t see the accumulation ending well for BTC.
But for now, he notes that it might be a good idea to be cautiously bullish on Bitcoin.
“To me this is very clear, right? Like this is a clear kind of Ponzi/bubble forming. And it’s really hard to be bullish into that, right? Because you know like, ‘Hey, this is going to implode.’ Like you know how this is going to end. Everyone knows how it’s going to end. That has been around for a little bit.
The thing is that in the time that I have been in crypto, whenever a bubble has formed, this is when you actually start having a lot of fun, right? This is when stuff goes up infinitely in a very short amount of time. But then you also have to get out really quickly.”
Bitcoin is trading at $108,773 at time of writing.
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