Bitcoin adoption among institutions, banks, corporations, merchants and even sovereign entities accelerated throughout 2025 and 2026, even as the asset experienced a notable price correction, according to financial services firm River.

In a report released Tuesday, River stated, “There is no bear market in Bitcoin adoption,” emphasizing that although Bitcoin is trading roughly 50% below its all-time high, “adoption is compounding in ways that aren’t affecting the price, yet.”

“Trust in Bitcoin has grown faster than that of any asset in history,” the report said. “What began as an experiment is now a globally recognized store-of-value, with adoption patterns that rival the internet.”

River reported that institutions accumulated approximately 829,000 BTC during 2025, including acquisitions by corporations, governments, funds and exchange-traded products. Registered investment advisors have reportedly been net buyers for eight consecutive quarters, allocating around $1.5 billion per quarter into Bitcoin ETFs over the past two years.

According to the firm, these institutions provide exposure to “millions of underlying individuals” through brokerage accounts, retirement vehicles, sovereign wealth funds and corporate balance sheets. It also noted that 60% of the largest US banks are currently developing Bitcoin-related products, supported by a regulatory environment that now permits banks to custody Bitcoin and offer related services.

Corporate buyers led demand in 2025, with cryptocurrency treasury companies accounting for a significant portion of purchases and expanding adoption by roughly 2.5 times during the year.

Merchant growth and sovereign participation expand

Merchant acceptance also increased substantially. River reported that the number of US businesses accepting Bitcoin payments tripled, while global merchant usage rose 74% during 2025.

Activity on the Lightning Network grew significantly as well, with Bitcoin payments on the network increasing 300% in 2025. River estimates that Lightning is now processing more than $1.1 billion in monthly transaction volume.

At the sovereign level, five additional nation-states acquired Bitcoin during 2025. These included sovereign wealth funds in Luxembourg and Saudi Arabia, a central bank in the Czech Republic, as well as Brazil and Taiwan. River estimates that a total of 23 nation-states currently hold Bitcoin through mining operations, asset seizures or central bank exposure.

Volatility trends and asset maturation

The report also highlighted a decline in Bitcoin’s volatility, noting that it is approaching levels seen in gold and the S&P 500. River characterized this shift as evidence that Bitcoin is “increasingly viewed as a mature asset class.”

“As volatility falls, the hurdle for more risk-averse investors declines,” the report stated. “Over time, that opens the door to larger pools of capital.” River concluded that Bitcoin’s foundation rests on trust, describing it as the world’s “only scarce and incorruptible form of digital money.”

Sources:

https://cointelegraph.com/news/bitcoin-adoption-is-booming-even-if-its-price-isn-t-river

https://x.com/River/status/2026322299595432323

https://river.com/content/bitcoin-adoption-2026