River says Bitcoin adoption surged in 2025 across institutions, banks, merchants, public companies, and nation-states despite a steep price drawdown.
The firm wrote in its Tuesday report:
“There is no bear market in Bitcoin adoption.”
Institutional demand and ETFs
River said institutions accumulated 829,000 BTC in 2025, counting purchases by businesses, governments, funds, and exchange-traded funds.
It added that registered investment advisors have been net buyers for eight straight quarters and have invested about $1.5 billion per quarter into Bitcoin ETFs over the past two years.
That trend has expanded exposure through brokerage accounts, retirement plans, sovereign funds, and corporate balance sheets, River said.
Banks and corporate treasuries
River reported that 60% of the top US banks are building Bitcoin products.
The report said a more favorable US regulatory environment now allows banks to custody bitcoin and offer related products.
Businesses were the largest buyers in 2025, with purchases led by crypto treasury companies whose adoption grew 2.5 times last year.
Lightning and nation-state ownership
River said merchant adoption increased, with the number of US businesses accepting bitcoin tripling and global usage rising 74% in 2025.
It estimated Lightning Network payments grew 300% in 2025 and that the network is now processing over $1.1 billion in monthly volume.
Five nation-states became new owners of bitcoin in 2025, River said, 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.
Volatility trends
River said bitcoin volatility has declined toward that of gold and the S&P 500.
The report added:
“As volatility falls, the hurdle for more risk-averse investors declines.”
River also said:
“We expect that in the coming years, Bitcoin adoption will not only continue its current trend, but meaningfully accelerate.”
