River reports record surge in bitcoin adoption

River reports a record surge in bitcoin adoption across banks, corporates and states in 2025.

Adoption of the first cryptocurrency by institutional banks, public companies and governments “exploded” in 2025, according to River analysts.

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— River (@River) February 24, 2026

They said there is “no bear phase” in bitcoin’s adoption cycle. Despite a near-50% drop from the all-time high, adoption is accelerating—though prices have yet to reflect it.

“Trust in bitcoin is growing faster than in any other asset in history. The experiment has turned into a globally recognised store of value, and its adoption dynamics are comparable to the internet,” the experts stressed.

The big buyers

According to River, institutional investors amassed 829,000 BTC last year. They include businesses, governments, funds and ETFs.

Registered investment advisers had been buying bitcoin for two years, allocating about $1.5bn per quarter to spot crypto-based structures. This gave millions of retail clients access to the asset via brokerage accounts and retirement plans.

Roughly 60% of leading US banks also joined efforts to develop products geared to digital gold.

“Thanks to a favourable regulatory environment in the United States, banks can now custody cryptocurrency and offer bitcoin products to their clients,” River said.

Corporations were the prime buyers of the crypto market’s flagship in 2025. Demand was led by DAT companies: their number rose 2.5-fold over the year.

Payments

The number of US firms accepting bitcoin payments tripled. Global usage jumped 74%. Firms such as Steak ‘n Shake proved in practice that crypto payments cut transaction costs and improve financial performance.

Transactions over the Lightning Network rose 300% year-on-year. River estimates the network now processes more than $1.1bn a month.

States

In 2025 another five countries became bitcoin holders. They include:

• two sovereign funds from Luxembourg and Saudi Arabia;
• the Czech central bank;
• Brazil;
• Taiwan.

“These states accumulate bitcoin in various ways: through state mining, purchases of bitcoin and ETFs, donations, confiscations and even hacks,” River explained.

Falling volatility

Bitcoin’s volatility has approached that of gold and the S&P 500, analysts say. That signals a maturing asset and lowers the bar for conservative investors.

“The latest bull market is the best proof: in three years the first cryptocurrency attracted more investment than in all its prior history,” they emphasised.

Last year the asset showed weak price action, but the adoption trend says otherwise. This is not about “tenfold overnight” jumps—the current wave of adoption is far deeper and more consequential, River noted.

“With each passing year, confidence in bitcoin from individuals, businesses, institutional investors and states only strengthens. […] In the coming years we expect not just continuation but a real acceleration of this trend,” the specialists concluded.

In January 2025, BlackRock said that since bitcoin’s launch in 2009, its pace of adoption has outstripped that of the internet and mobile phones.