Bitcoin’s price has dropped nearly 50% from its all-time high. But according to financial services firm River, adoption of Bitcoin is actually growing faster than ever.

In a report about Bitcoin adoption in 2025, River says that while prices look weak, more institutions, banks, companies, merchants, and even governments are buying and using bitcoin.

“There is no bear market in Bitcoin adoption,” River said. The company believes that although the price has fallen, real growth is happening behind the scenes.

One of the biggest stories of 2025 is how much bitcoin large institutions have bought.
River reports that institutions purchased about 829,000 BTC during the year. These buyers include companies, governments, investment funds, and exchange-traded funds (ETFs).

Registered investment advisors (RIAs) have also been steady buyers. For eight straight quarters, they have added bitcoin exposure for clients. Over the past two years, RIAs invested around $1.5 billion per quarter into bitcoin ETFs.

Today, 29 of the top 30 U.S. RIAs hold bitcoin in some form. However, the average allocation is still very small, only about 0.008% of their total assets. This suggests there is still a lot of room for growth.

River says this institutional activity gives “millions of underlying individuals” access to bitcoin through retirement accounts, brokerage platforms, and corporate investment plans.

Traditional banks are also getting more involved.

About 60% of the largest U.S. banks are working on bitcoin-related products. Thanks to clearer regulations, banks can now hold bitcoin for customers and offer related services.

River said:

Public companies are also increasing their bitcoin holdings. In 2025, the number of publicly traded companies holding bitcoin rose to 194. Businesses added around $54 billion worth of bitcoin to their balance sheets during the year.

Bitcoin treasury companies have been especially active. Together, they now hold about 866,000 BTC. Overall, businesses were the largest buyers of bitcoin in 2025, with corporate adoption growing 2.5 times compared to the previous year.

Bitcoin is not only being held as an investment, it is also being used more for payments.
In the United States, the number of businesses accepting bitcoin payments tripled in 2025. Globally, merchant adoption increased by 74%.

At the same time, usage of the Lightning Network grew quickly. The Lightning Network helps process Bitcoin payments faster and at a lower cost. Transactions on the network rose 300% in 2025.

River estimates that the Lightning Network now handles more than $1.1 billion in payments each month.

Much of this growth is happening among small and private businesses, many of which do not publicly announce their Bitcoin use.

Governments are also increasing their bitcoin exposure.

Five new countries became bitcoin holders in 2025. These include sovereign wealth funds in Luxembourg and Saudi Arabia, the Czech Republic’s central bank, and governments in Brazil and Taiwan.

River estimates that 23 nation-states now hold bitcoin in some form. Countries are gaining exposure through mining, direct purchases, ETFs, asset seizures, and other methods.

Related: Abu Dhabi Triples Its Investment in BlackRock’s Bitcoin ETF

This growing government participation adds to bitcoin’s credibility as a long-term asset.
Even though bitcoin’s price is currently around $67,000 and about 50% below its previous high, River says the asset is becoming more stable over time.

The company reports that bitcoin’s volatility is declining and getting closer to the volatility levels of gold and the S&P 500. Lower volatility can make bitcoin more attractive to cautious investors.

“As volatility falls, the hurdle for more risk-averse investors declines,” River explained.

The firm describes Bitcoin as the world’s “only scarce and incorruptible form of digital money.” It argues that the gap between price performance and adoption growth may not last forever.

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