Last updated on March 6th, 2026 at 01:47 pm
Bitcoin may be down nearly 50% from its all-time high, but adoption is telling a very different story.
According to a new report from financial services firm River, 2025 has marked a breakout year for Bitcoin’s institutional and sovereign uptake, even as the asset’s price action remains subdued.
— River (@River) February 24, 2026
“There is no bear market in Bitcoin adoption,”
the firm stated, arguing that growth in ownership and infrastructure is compounding quietly beneath the surface. While market sentiment has wavered, River says trust in Bitcoin has expanded at a pace comparable to early internet adoption, positioning the asset as a globally recognized store of value.
Institutions and banks deepen exposure
River estimates that institutions accumulated roughly 829,000 BTC in 2025 alone, spanning corporate treasuries, exchange-traded funds, sovereign funds and government entities.
Registered investment advisors have reportedly posted eight consecutive quarters of net Bitcoin buying, allocating an average of $1.5 billion per quarter into Bitcoin ETFs over the past two years. Behind those allocations are millions of individuals gaining indirect exposure through brokerage accounts and retirement plans.
The report also highlights a structural shift in traditional finance: 60% of the largest U.S. banks are now building Bitcoin-related products. A more favorable regulatory climate has enabled banks to custody Bitcoin and roll out new offerings to clients.
Merchant growth, lightning expansion and nation-state adoption
Corporate buyers led accumulation in 2025, particularly crypto treasury firms, whose adoption rate grew 2.5 times year-over-year. Merchant adoption also accelerated, with the number of U.S. businesses accepting Bitcoin tripling and global payment usage climbing 74%.
Activity on the Lightning Network surged as well, with payment volume rising 300% and monthly throughput surpassing $1.1 billion, according to River’s estimates.
Five new nation-states added Bitcoin exposure this year, including sovereign wealth funds in Luxembourg and Saudi Arabia, a central bank purchase in the Czech Republic, and holdings linked to Brazil and Taiwan. River estimates that 23 nation-states now hold Bitcoin through mining, seizures or reserve allocations.
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