River: Bitcoin Adoption Booms in 2025 Despite Price Drop
Bitcoin adoption accelerated in 2025 despite a sharp price pullback, according to a report published Tuesday by financial services firm River. The firm said uptake across institutions, banks, merchants, public companies, and governments strengthened even as Bitcoin (BTC) has fallen about 50% from its all-time high reached in October, positioning the asset as increasingly mature.
River stated there is “no bear market in Bitcoin adoption,” noting that while BTC is down 50% from its peak, adoption is compounding in ways not yet reflected in price.
The report added that trust in Bitcoin has expanded at an unprecedented pace, describing it as a globally recognized store of value with adoption trends comparable to the internet’s early growth.
Bitcoin is now mainstream on Wall Street. Source: River
Institutional, banking, and corporate uptake
River reported that institutions acquired 829,000 BTC in 2025, encompassing purchases by corporations, governments, investment funds, and exchange-traded funds.
Registered investment advisors have been net buyers of BTC for eight consecutive quarters and have directed roughly $1.5 billion per quarter into Bitcoin ETFs over the past two years, River said. These channels represent millions of underlying individuals gaining exposure through brokerage accounts, retirement plans, sovereign funds, and corporate balance sheets, it added.
Additionally, 60% of the largest U.S. banks are developing Bitcoin-related products. With a more favorable regulatory backdrop in the United States, banks can custody Bitcoin and offer related products to clients, the report noted.
Businesses were the largest buyers of BTC in 2025, with most purchases driven by crypto treasury firms, whose adoption expanded 2.5 times last year, according to River.
Public companies holding Bitcoin. Source: River
Merchant uptake and payments expand
Merchant acceptance also climbed, with the number of U.S. businesses taking Bitcoin for payments tripling, while global usage increased by 74% in 2025, River said.
Payments over the Lightning Network grew 300% in 2025, and River estimates the network now processes more than $1.1 billion in monthly transaction volume.
Five nation-states became new Bitcoin holders in 2025, including two sovereign wealth funds in Luxembourg and Saudi Arabia and one central bank in the Czech Republic, along with Brazil and Taiwan. River estimates 23 nation-states now hold Bitcoin through state-backed mining, seizures, or central bank exposure.
Bitcoin volatility continues to ease
River said Bitcoin’s volatility is declining and approaching levels seen in gold and the S&P 500, indicating it is increasingly viewed as a mature asset class.
The firm added that as volatility declines, the threshold for risk-averse investors is lowered, potentially unlocking access to larger capital pools over time.
River emphasized Bitcoin’s foundation on trust and described it as a scarce and incorruptible form of digital money, adding that it expects adoption to persist and potentially accelerate in the coming years.
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