River Financial said Bitcoin adoption accelerated across institutions, banks, merchants and nation-states in 2025 despite the cryptocurrency trading about 50% below its all-time high.
“There is no bear market in Bitcoin adoption,”
River said in its report, adding that:
“Trust in Bitcoin has grown faster than that of any asset in history” even as price declines have not reflected the underlying growth.
River reported that institutions accumulated 829,000 BTC in 2025, with registered investment advisers net buying for eight consecutive quarters and allocating roughly $1.5 billion per quarter into Bitcoin exchange-traded funds over the past two years.
The firm said businesses were the largest buyers, led by crypto treasury companies whose adoption grew 2.5 times last year, while 60% of the top US banks are now building Bitcoin products amid a more favourable regulatory backdrop.
Merchant adoption in the United States tripled and global usage rose 74% in 2025, with Lightning Network payments increasing 300% and monthly transaction volumes estimated at more than $1.1 billion.
River also estimated that 23 nation-states now hold Bitcoin through mining, seizures or central bank exposure, and said declining volatility toward levels seen in gold and the S&P 500 suggests the asset is increasingly viewed as a mature store of value.
At the time of reporting, Bitcoin price was $64,836.79.