KEY POINTS
- The report says businesses hold over 6% of all bitcoin, a 21-fold increase since January 2020.
- In a July 2025 survey of River business clients, the average share of net income put into bitcoin was 22%; the median was 10%.
- It says treasury companies account for 76% of business purchases since January 2024.
- It argues public perception, not technology or regulation, is the main remaining barrier.
This report from River looks at how businesses adopted bitcoin through 2025. It separates bitcoin treasury companies, which investors buy shares of, from conventional businesses that hold bitcoin directly.
For conventional businesses it draws on a survey of River's own business clients, covering how much they allocate, how long they plan to hold, and how they custody it. It also covers the barriers it sees, such as unclear accounting guidance and low public understanding, and closes with a view of businesses holding bitcoin alongside US dollars.
The figures are River's own, from its client base and public sources it cites. Read the original for the methods and data.
Summary written by @parachutesBTC. The original belongs to River; read it for the full text, data and sources.