River says Bitcoin adoption surged in 2025 throughout establishments, banks, retailers, public firms, and nation-states regardless of a steep value drawdown.
The agency wrote in its Tuesday report:
“There isn’t any bear market in Bitcoin adoption.”
Institutional demand and ETFs
River mentioned establishments gathered 829,000 BTC in 2025, counting purchases by companies, governments, funds, and exchange-traded funds.
It added that registered funding advisors have been internet patrons for eight straight quarters and have invested about $1.5 billion per quarter into Bitcoin ETFs over the previous two years.
That pattern has expanded publicity by means of brokerage accounts, retirement plans, sovereign funds, and company steadiness sheets, River mentioned.
Banks and company treasuries
River reported that 60% of the highest US banks are constructing Bitcoin merchandise.
The report mentioned a extra favorable US regulatory setting now permits banks to custody bitcoin and provide associated merchandise.
Companies have been the most important patrons in 2025, with purchases led by crypto treasury firms whose adoption grew 2.5 instances final 12 months.
Lightning and nation-state possession
River mentioned service provider adoption elevated, with the variety of US companies accepting bitcoin tripling and international utilization rising 74% in 2025.
It estimated Lightning Community funds grew 300% in 2025 and that the community is now processing over $1.1 billion in month-to-month quantity.
5 nation-states grew to become new homeowners of bitcoin in 2025, River mentioned, together with Luxembourg and Saudi Arabia by way of sovereign wealth funds, the Czech Republic by way of a central financial institution, plus Brazil and Taiwan.
River estimated 23 nation-states maintain bitcoin by means of state-backed mining, seizures, or central financial institution publicity.
Volatility traits
River mentioned bitcoin volatility has declined towards that of gold and the S&P 500.
The report added:
“As volatility falls, the hurdle for extra risk-averse traders declines.”
River additionally mentioned:
“We count on that within the coming years, Bitcoin adoption is not going to solely proceed its present pattern, however meaningfully speed up.”
Learn the complete report ->