Institutional and corporate uptake of Bitcoin has accelerated in 2025 despite the asset’s recent price pullback, according to financial services firm River.
In a report published Tuesday, River said there is “no bear market in Bitcoin adoption,” noting that although BTC is trading roughly 50% below its all-time high, usage and integration continue to expand in ways not yet reflected in price action.
“Trust in Bitcoin has grown faster than that of any asset in history,” the firm wrote, adding that what started as a niche experiment has evolved into a globally recognized store of value, with adoption trends comparable to the early growth of the internet.
Institutional, banking and corporate adoption accelerates
River reported that institutions accumulated 829,000 Bitcoin in 2025, including purchases by corporations, governments, investment funds and exchange-traded funds.
According to the firm, registered investment advisors have been net buyers of BTC for eight consecutive quarters, allocating roughly $1.5 billion per quarter into Bitcoin ETFs over the past two years.
River added that these institutional flows represent “millions of underlying individuals” who are gaining Bitcoin exposure for the first time through brokerage accounts, retirement portfolios, sovereign wealth funds and corporate balance sheets.
The report also found that 60% of the largest US banks are developing Bitcoin-related products. With what it described as a more favorable regulatory climate, banks are now able to custody Bitcoin and provide related services to clients.
Businesses were the biggest net buyers of BTC in 2025, with much of the demand coming from crypto treasury companies. River said adoption among such firms grew 2.5 times over the past year.
Merchant adoption and payments expand
River said merchant adoption of Bitcoin accelerated sharply in 2025. The number of US businesses accepting Bitcoin reportedly tripled, while global usage rose 74% over the year.
Bitcoin payments conducted via the Lightning Network surged 300% in 2025. River estimates the network is now handling more than $1.1 billion in monthly transaction volume.
The report also noted that five nation-states became new Bitcoin holders in 2025. These included acquisitions by two sovereign wealth funds in Luxembourg and Saudi Arabia, as well as a central bank purchase in Czech Republic. Brazil and Taiwan were also listed among new state-level buyers.
River estimates that 23 nation-states now hold Bitcoin through mechanisms such as state-backed mining operations, asset seizures or central bank exposure.
Bitcoin volatility trends lower
According to River, Bitcoin’s volatility has continued to decline and is approaching levels seen in gold and the S&P 500 — a shift the firm says reflects its growing status as a more mature asset class.
“As volatility falls, the hurdle for more risk-averse investors declines,” the report stated, adding that over time this dynamic could unlock access to larger pools of institutional capital.
River added that Bitcoin is built on trust and claimed it is the world’s “only scarce and incorruptible form of digital money.”
“We expect that in the coming years, Bitcoin adoption will not only continue its current trend, but meaningfully accelerate.”
