Bitcoin’s adoption across various sectors has seen significant growth in 2025, with institutions, banks, public companies, and even nation-states embracing the cryptocurrency despite a notable drop in its market price, according to a report by financial services company River. The firm asserts that there is “no bear market in Bitcoin adoption,” pointing out that while Bitcoin (BTC) has fallen by 50% from its all-time high, the levels of adoption are expanding rapidly and are not yet reflected in price fluctuations.
River highlighted the accelerated trust in Bitcoin, stating that it has grown faster than any asset in history. It emphasized that what initially started as an experimental currency has now transitioned into a globally recognized store of value with adoption rates that compare favorably to those of the early internet.
In terms of institutional and corporate engagement, River’s findings noted that institutions acquired a staggering 829,000 BTC in 2025, with contributions coming from businesses, governments, and numerous investment funds. Notably, registered investment advisors have been net purchasers of Bitcoin for eight consecutive quarters, channeling approximately $1.5 billion into Bitcoin exchange-traded funds (ETFs) each quarter over the past two years. These institutional players represent vast numbers of individuals gaining access to Bitcoin through various financial instruments, including brokerage accounts, retirement plans, sovereign wealth funds, and corporate balance sheets.
Banks are also stepping up their involvement, with around 60% of premier US banks developing Bitcoin products. The favorable regulatory framework in the US has enabled these financial institutions to safely custody Bitcoin and offer related products to their customer base. Businesses emerged as the largest Bitcoin buyers in 2025, with a significant portion of acquisitions led by crypto treasury firms, whose adoption has surged by 2.5 times over the previous year.
On the merchant front, acceptance of Bitcoin for payments has exploded, with the number of US businesses accepting the cryptocurrency tripling. Global adoption also witnessed a 74% increase in 2025. The Lightning Network, which facilitates faster Bitcoin transactions, reported a staggering 300% growth, processing over $1.1 billion in monthly transactions.
The report also highlighted that five nation-states have become Bitcoin holders in 2025. Notable acquisitions include purchases from two sovereign wealth funds in Luxembourg and Saudi Arabia, along with acquisitions by a central bank in the Czech Republic and additional purchases from Brazil and Taiwan. An estimated 23 nation-states now hold Bitcoin via various means, including state-backed mining and seizures.
Additionally, River observed a decline in Bitcoin volatility, which is approaching levels seen in gold and the S&P 500, indicating that Bitcoin is being increasingly recognized as a mature asset class. As volatility decreases, the barriers for more risk-averse investors also lessen, paving the way for larger capital influxes into Bitcoin.
River concludes that Bitcoin is fundamentally rooted in trust, describing it as the world’s “only scarce and incorruptible form of digital money.” The company anticipates that Bitcoin adoption will not only sustain its current trajectory but will also see significant acceleration in the forthcoming years.
