194 Public Companies Now Hold Bitcoin as Adoption Expands
Bitcoin may be trading roughly 50% below its October 2025 all-time high, but according to a February 24, 2026 report from River, adoption across institutions, corporations and nation-states continued to accelerate throughout 2025 and into early 2026.
Key Takeaways
- Bitcoin adoption accelerated in 2025 despite a roughly 50% price drop, showing a divergence between price and fundamentals.
- Institutions accumulated 829,000 BTC, while public companies holding Bitcoin grew 2.5x to 194 firms.
- Around 60% of top U.S. banks are building Bitcoin products, and more than half of leading hedge funds now have exposure.
- Merchant adoption surged, Lightning volume jumped 300% to over $1.1B monthly, and at least 23 nation-states now hold Bitcoin.
- Volatility continues to decline, signaling Bitcoin’s transition toward a more mature asset class.
The firm argues that while price cycles remain volatile, the structural integration of Bitcoin into the global financial system is moving in the opposite direction.
Institutional Accumulation Remains Strong
In 2025 alone, institutions – including businesses, funds, ETFs and governments – accumulated approximately 829,000 BTC. Much of that supply came from long-term holders and early whales distributing into a deeper and more liquid market.
Individuals still control roughly two-thirds of Bitcoin’s total supply, but institutional ownership is steadily expanding. Registered investment advisors have now been net buyers for eight consecutive quarters, increasing exposure through ETFs even though allocations remain relatively small. The consistency of inflows suggests Bitcoin is being positioned as a long-term portfolio component rather than a speculative trade.
Corporate Treasuries and Banks Expand Exposure
Corporate adoption accelerated sharply last year. The number of publicly listed companies holding Bitcoin grew 2.5x in 2025, reaching 194 firms. Businesses were the largest buyer category, led by treasury-focused companies, but conventional corporations are increasingly adding modest allocations as well.
Traditional finance is also integrating Bitcoin more deeply. Around 60% of the top 25 U.S. banks are developing or offering Bitcoin-related services, while 52% of leading U.S. hedge funds now maintain some exposure. This shift reflects improving regulatory clarity and growing institutional comfort with the asset.
Merchant Growth and Lightning Acceleration
Commercial adoption expanded rapidly. The number of U.S. merchants accepting Bitcoin tripled in 2025, while global merchant adoption rose by 74%. Adoption is particularly strong among small and private businesses across sectors such as real estate, consulting and software, indicating that usage is spreading beyond crypto-native firms.
At the same time, the Lightning Network recorded one of the fastest growth rates across all metrics. Monthly transaction volume increased by about 300% in 2025, surpassing $1.1 billion per month by early 2026. Rising transaction counts suggest that Bitcoin’s payment layer is gaining meaningful traction alongside its store-of-value role.
Nation-States and Regulation
Sovereign participation also expanded. At least 23 nation-states now officially hold Bitcoin, with five new countries joining in 2025, including Luxembourg, Saudi Arabia and the Czech Republic. Governments have accumulated exposure through mining, direct purchases, ETF allocations and asset seizures.
Regulatory momentum has generally moved toward formalization rather than restriction. Since 2020, far more countries have increased access to Bitcoin – through ETF approvals, mining legalization or bank custody permissions – than have reduced it.
Volatility Declines as Capital Inflows Grow
River also highlights Bitcoin’s declining volatility. Average daily price swings in 2025 began approaching levels seen in gold and, at times, the S&P 500. Lower volatility reduces barriers for risk-averse investors and signals deeper liquidity and broader ownership.
Capital inflow data reinforces this maturation. The current cycle has attracted more aggregate capital than previous cycles, even if price appreciation has been less explosive. This suggests a shift from retail-driven speculation toward steadier institutional allocation.
Adoption Tells a Different Story
While Bitcoin’s price has underperformed over the past year, adoption metrics across institutions, corporations, banks, merchants and governments have reached record levels.
River’s conclusion is that there is no bear market in Bitcoin adoption. Instead, the data points to a gradual but sustained transition into a more mature phase, where long-term integration into financial infrastructure matters more than short-term price swings.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
