Despite Bitcoin’s price being down 50% from its all-time high, institutional adoption surged in 2025 according to a new report. Financial services firm River states that institutions accumulated 829,000 BTC last year, with adoption by businesses, banks, and nation-states booming. The report argues “there is no bear market in Bitcoin adoption,” noting that trust in the asset is growing faster than any in history while its volatility declines toward levels seen in gold and stocks.
Bitcoin adoption by institutions, banks, merchants, and nation-states has boomed in 2025 despite a recent price drawdown. “There is no bear market in Bitcoin adoption,” a report stated on Tuesday, noting adoption is compounding in ways not yet affecting price.
Institutions accumulated 829,000 BTC in 2025, including purchases by businesses, governments, and funds. Registered investment advisors have been net buyers for eight consecutive quarters, investing roughly $1.5 billion in Bitcoin ETFs per quarter over the past two years.
These institutions represent millions of individuals gaining exposure through retirement plans and corporate balance sheets. Additionally, 60% of top U.S. banks are now building Bitcoin products in a favorable regulatory environment.
Merchant adoption also surged, with U.S. businesses accepting Bitcoin tripling and global usage growing 74%. Payments on the Lightning Network grew 300%, now processing an estimated over $1.1 billion monthly.
Five nation-states became new Bitcoin owners in 2025, including sovereign wealth funds in Luxembourg and Saudi Arabia. In total, an estimated 23 nation-states now hold Bitcoin through various means.
Bitcoin volatility is declining, nearing that of gold and the S&P 500. “As volatility falls, the hurdle for more risk-averse investors declines,” the report explained.
The report claims Bitcoin is the world’s only scarce and incorruptible form of digital money. It concluded by expecting adoption to meaningfully accelerate in coming years.
