Private businesses in the United States are increasingly turning to bitcoin as a reserve asset, with River reporting that its business clients have reinvested an average of 22% of profits into bitcoin so far in 2025.
This trend has resulted in private firms quietly acquiring a cumulative 84,000 BTC, according to River research analyst Sam Baker.
Key sectors leading adoption
According to Baker, real estate firms have led the way, with nearly 15% of clients in the sector reinvesting profits into bitcoin.
Hospitality, finance, and software businesses are following closely, allocating between 8% and 10%.
Even fitness studios, painting companies, and religious nonprofits are among the adopters. Baker noted:
While Bitcoin treasury companies have captured most of the media spotlight, what is often overlooked is adoption by conventional businesses that use Bitcoin to complement their existing business models.
Smaller companies find fewer barriers
The majority of River’s business clients are small, with 75% having 50 or fewer employees.
These smaller firms face fewer bureaucratic hurdles, making it easier to add bitcoin to their balance sheets.
Larger companies, especially those in the S&P 500, tend to avoid bitcoin due to committee-based decision-making and adherence to established norms.
Modest allocations remain common
Despite the growing interest, River found that over 40% of businesses allocate just 1% to 10% of profits to bitcoin, and only 10% invest more than half of their net income.
Many transactions are small; for example, Western Main Self Storage in Rhode Island recently added just 0.088 BTC (about $9,830), bringing its total holdings to 0.43 BTC.
Limited awareness still a barrier
Baker cited widespread misunderstandings and low awareness as major obstacles to further adoption.
He referenced a Cornell University survey showing only 6% of Americans knew about bitcoin’s capped 21 million supply. As Baker stated:
In other words, Bitcoin is often dismissed not because it has been evaluated and rejected, but because most decision-makers don’t have the understanding to evaluate it in the first place.
For more data on how many bitcoin exist, see the BTC supply info page, and for a view of corporate bitcoin holdings, explore the bitcoin treasuries database.
