A Second Engine of Bitcoin Demand Is Taking Shape

Since late 2024, public companies have joined ETFs in driving Bitcoin accumulation.

We know that ETF flows have a large impact on Bitcoin’s price trends. But ETFs aren’t the only entities regularly buying Bitcoin at scale.

Publicly traded companies are now starting to play in that space too.

But how relevant are they?

Let’s dig in.

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A Second Engine of Bitcoin Demand Is Taking Shape

The Takeaway

Public companies have become a second major source of Bitcoin demand alongside ETFs. Since late 2024, their consistent monthly accumulation marks a structural shift in the market.