Bitcoin Adoption Accelerates, River Report Finds
A new River report shows accelerating institutional, banking and nation-state adoption of Bitcoin in 2025, even as the asset trades roughly 50% below its all-time high.
Bitcoin’s price may be under pressure, but its global adoption story is telling a very different narrative.
A new report published on Feb. 24 by financial services firm River argues that while Bitcoin is down approximately 50% from its all-time high, underlying adoption metrics are accelerating across institutions, banks, corporations, merchants and even sovereign entities.
There is no bear market in Bitcoin adoption
River added that adoption is compounding in ways that are not yet reflected in price.
Institutional Demand Continues to Climb
One of the report’s most striking findings is the scale of institutional accumulation in 2025.
According to River, institutions collectively accumulated 829,000 BTC this year, including purchases by businesses, governments, funds and exchange-traded funds (ETFs). The buying activity spans corporate treasuries, sovereign wealth vehicles and traditional asset managers.
Registered investment advisors (RIAs) have now been net buyers of Bitcoin for eight consecutive quarters, investing roughly $1.5 billion per quarter into Bitcoin ETFs over the past two years, the report said.
River emphasized that this institutional activity represents far more than corporate speculation. It reflects millions of individual investors gaining exposure indirectly through:
- Brokerage accounts
- Retirement plans
- Sovereign funds
- Corporate balance sheets
“Trust in Bitcoin has grown faster than that of any asset in history,” the report noted. “What began as an experiment is now a globally recognized store-of-value, with adoption patterns that rival the internet.”
The firm’s assessment underscores a structural shift: Bitcoin exposure is increasingly embedded in traditional financial infrastructure rather than confined to crypto-native platforms.
US Banks Move Into Bitcoin Services
The banking sector is also leaning further into digital assets.
River reported that 60% of the top US banks are currently building Bitcoin-related products. With a more favorable regulatory environment in the United States, banks are now able to custody Bitcoin and offer related services directly to customers.
This development marks a critical turning point. For years, regulatory uncertainty limited banks’ ability to engage meaningfully with digital assets. Now, institutional-grade custody and product offerings are moving into the mainstream financial system.
The integration of Bitcoin into traditional banking channels could significantly expand access among more conservative or risk-averse investors who prefer regulated financial institutions.
Corporate Treasuries Lead BTC Buying
While institutions broadly increased exposure, businesses emerged as the largest buyers of Bitcoin in 2025.
River noted that corporate purchases were primarily driven by crypto treasury companies, with adoption in this segment growing 2.5 times over the past year.
This suggests that Bitcoin is increasingly viewed not just as a speculative asset but as a strategic reserve instrument. Corporate balance sheet adoption — once limited to a handful of early movers — now appears to be gaining broader traction.
The shift mirrors a growing perception of Bitcoin as a long-term store of value rather than a short-term trading vehicle.
Merchant Adoption and Lightning Growth
Beyond institutional corridors, retail usage metrics are also expanding.
River reported that the number of businesses in the United States accepting Bitcoin for payments tripled in 2025, while global merchant usage rose 74% year over year.
Companies such as Steak ‘n Shake demonstrated that accepting Bitcoin can reduce transaction costs and improve profit margins. The restaurant chain later went a step further, launching its own Bitcoin Treasury in November 2025.
At the infrastructure level, Bitcoin’s Lightning Network — a Layer-2 scaling solution designed to facilitate faster and cheaper transactions — recorded substantial growth.
According to River’s estimates:
- Lightning Network payments increased 300% in 2025
- The network now processes over $1.1 billion in monthly transaction volume
The data indicates that payment-layer adoption is maturing alongside investment demand, strengthening Bitcoin’s use case as both a store of value and medium of exchange.
Nation-States Expand Bitcoin Exposure
Government-level participation also increased.
River reported that five additional nation-states acquired Bitcoin in 2025, including:
- Two sovereign wealth funds in Luxembourg and Saudi Arabia
- One central bank in the Czech Republic
- Brazil
- Taiwan
In total, River estimates that 23 nation-states now hold Bitcoin, whether through direct central bank exposure, sovereign wealth funds, state-backed mining operations or asset seizures.
This gradual sovereign accumulation further reinforces Bitcoin’s positioning as a geopolitical reserve asset rather than a fringe technology experiment.
Volatility Trends Toward Maturity
While adoption rises, River also highlighted a structural change in Bitcoin’s market behavior.
The report noted that Bitcoin’s volatility is declining, approaching levels seen in Gold and the S&P 500. According to River, this signals that Bitcoin is “increasingly viewed as a mature asset class.”
“As volatility falls, the hurdle for more risk-averse investors declines,” the firm stated. “Over time, that opens the door to larger pools of capital.”
Lower volatility can have a compounding effect. As price swings moderate, institutional mandates that previously excluded highly volatile assets may begin to allow Bitcoin exposure, further deepening liquidity and market stability.
Adoption Outpaces Price Action
The central thesis of River’s report is that Bitcoin’s adoption trajectory is diverging from its short-term price performance.
Despite a significant drawdown from its peak, the network continues to attract capital, infrastructure investment and sovereign interest at a historically rapid pace.
River describes Bitcoin as the world’s “only scarce and incorruptible form of digital money,” arguing that trust in the asset continues to expand globally.
Looking ahead, the firm expects the trend to accelerate rather than plateau.
“We expect that in the coming years, Bitcoin adoption will not only continue its current trend, but meaningfully accelerate.”
If River’s assessment proves accurate, Bitcoin’s current market cycle may be remembered less for price volatility and more for the quiet but steady institutionalization of the asset class — a phase where adoption compounds beneath the surface before being fully reflected in valuation.
