Bitcoin adoption by institutions, banks, merchants, public companies and nation-states has boomed in 2025, despite recent price declines, according to financial services firm River.

“There is no bear market for Bitcoin adoption,” River said in a report published Tuesday, which noted that while Bitcoin (BTC) is down 50% from its all-time high, “adoption is worsening in ways that are not impacting the price, yet.”

“Trust in Bitcoin has grown faster than any other asset in history,” she said. “What started as an experiment is now a globally recognized store of value, with adoption patterns that rival the Internet.”

Accreditation of banking institutions and public companies

Institutions raised 829,000 Bitcoin in 2025, including purchases by companies, governments, funds and exchange-traded funds, River reported.

Registered investment advisors have purchased bitcoin for eight consecutive quarters and invested approximately $1.5 billion in bitcoin ETFs per quarter over the past two years, River said.

She noted that these institutions represent “millions of core individuals” who first gained exposure to Bitcoin through brokerage accounts, retirement plans, sovereign funds and corporate balance sheets.

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Additionally, 60% of the largest US banks build Bitcoin products. “With a favorable regulatory environment in the US, banks can now sponsor Bitcoin and offer Bitcoin products to their customers.”

Corporations were the biggest buyers of Bitcoin in 2025, with the majority of purchases driven by cryptocurrency treasury companies, whose adoption increased 2.5-fold in the past year.

Merchant adoption and payments are accelerating

Merchant adoption has also risen with the number of businesses in the US accepting Bitcoin for payments tripling, while global usage grows by 74% in 2025.

Bitcoin payments on the Lightning Network grew by 300% in 2025, and according to River’s estimates, the network now processes over $1.1 billion in monthly transaction volume.

Five nation-states became new owners of Bitcoin in 2025, including purchases from two sovereign wealth funds in Luxembourg and Saudi Arabia, and from one central bank in the Czech Republic. The other two are Brazil and Taiwan.

River estimates that 23 countries own Bitcoin through state-backed mining, seizures, or central bank exposure.

Bitcoin volatility is declining

Bitcoin’s volatility is also declining, approaching that of gold and the S&P 500, suggesting that it is “increasingly viewed as a mature asset class,” River said.

“As volatility decreases, the hurdle for more risk-averse investors decreases,” she said. “Over time, this opens the door to larger pools of capital.”

River added that Bitcoin is built on trust and claimed that it is “the only rare and incorruptible form of digital money in the world.”

“We expect that in the coming years, Bitcoin adoption will not only continue on its current trend, but will accelerate significantly.”

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