A new report from Bitcoin financial services firm River reveals that Bitcoin adoption by institutions, banks, merchants, and nation-states has experienced a significant boom in 2025, even as the cryptocurrency's price remains approximately 50% below its all-time high. The report, published on Tuesday, February 25, 2026, emphatically states, "There is no bear market in Bitcoin adoption."
Institutional and Corporate Accumulation
River's analysis shows that institutions accumulated a massive 829,000 BTC in 2025. This includes purchases by businesses, governments, funds, and exchange-traded funds (ETFs). Registered investment advisors have been net buyers of Bitcoin for eight consecutive quarters, investing roughly $1.5 billion per quarter into Bitcoin ETFs over the past two years. This activity represents millions of individuals gaining exposure to Bitcoin for the first time through brokerage accounts and retirement plans.
Corporate adoption saw the most dramatic growth, with volumes increasing 2.5 times year-over-year, largely driven by crypto treasury companies. Furthermore, 60% of top U.S. banks are now building Bitcoin products, a development enabled by a more favorable regulatory environment that allows banks to custody Bitcoin.
Merchant and National Adoption Accelerates
Merchant adoption surged globally. The number of U.S. businesses accepting Bitcoin for payments tripled, while global usage grew by 74% in 2025. Payments on the Bitcoin Lightning Network grew by an astounding 300%, with River estimating the network now processes over $1.1 billion in monthly transaction volume.
On the sovereign level, five new nation-states became Bitcoin owners in 2025. These include sovereign wealth funds in Luxembourg and Saudi Arabia, the central bank of the Czech Republic, Brazil, and Taiwan. River estimates that 23 nation-states now hold Bitcoin through state-backed mining, seizures, or central bank exposure.
Declining Volatility and Long-Term Outlook
The report highlights a key maturation signal: Bitcoin's volatility is declining and nearing that of gold and the S&P 500. "As volatility falls, the hurdle for more risk-averse investors declines," River noted, adding that this "opens the door to larger pools of capital." River concludes that Bitcoin is increasingly viewed as a mature asset class and expects adoption to "meaningfully accelerate" in the coming years, built on its status as a "globally recognized store-of-value" and the world's "only scarce and incorruptible form of digital money."
