Bitcoin adoption surged in 2025 across institutions, banks, merchants, public companies, and nation-states despite a steep price drawdown. River stated in its Tuesday report that there is no bear market in Bitcoin adoption. The firm noted persistent demand across multiple sectors.
Institutions accumulated 829,000 BTC in 2025, including purchases by businesses, governments, funds, and exchange-traded funds. Registered investment advisers were net buyers for eight straight quarters and have invested about $1.5 billion per quarter into Bitcoin ETFs over the past two years. This momentum broadened exposure through brokerage accounts, retirement plans, sovereign funds, and corporate balance sheets.
About 60% of the top US banks are developing Bitcoin products, aided by a regulatory environment that now allows custody and related offerings. Crypto treasury buyers led 2025 purchases, with adoption rising 2.5× year over year.
Merchant adoption increased, with the number of US businesses accepting bitcoin tripling and global usage rising 74% in 2025. The Lightning Network payments grew 300% in 2025 and now process over $1.1 billion in monthly volume. Five nation-states became new owners of bitcoin in 2025, including Luxembourg and Saudi Arabia via sovereign wealth funds, the Czech Republic via a central bank, plus Brazil and Taiwan. River estimated 23 nation-states hold bitcoin through state-backed mining, seizures, or central bank exposure.
Bitcoin volatility has declined toward that of gold and the S&P 500. As volatility falls, the hurdle for more risk-averse investors declines. River expects that Bitcoin adoption will not only persist but meaningfully accelerate in the coming years.
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