Public companies bought more bitcoin than ETFs did for the third quarter in a row.

Corporate treasuries have surpassed ETFs in bitcoin
buying for a third consecutive quarter as more companies try to benefit from the MicroStrategy playbook in a more crypto-friendly regulatory environment.
Public companies acquired about 131,000 coins in the second quarter, growing their bitcoin balance 18%, according to data provider Bitcoin Treasuries. ETFs showed an 8% increase or about 111,000 BTC in the same period.
https://www.cnbc.com/2025/07/01/public-companies-bought-more-bitcoin-than-etfs-did-for-the-third-quarter-in-a-row.html