Businesses have become a driving force in Bitcoin’s 2025 bull market, with corporate holdings now accounting for more than 6% of its total supply, according to a new report from River Financial.
The report found that in the first eight months of 2025 alone, business inflows into Bitcoin surpassed last year’s total by $12.5 billion, pushing cumulative holdings to 1.3 million BTC.
That represents a 21x increase since 2020. By comparison, individuals still hold the majority of Bitcoin at 65.9% of the supply, while funds, governments, and other entities make up the remainder.
Treasury firms lead amid rising mainstream adoption
River’s data shows Bitcoin treasury companies, firms created primarily to hold large Bitcoin reserves, have accounted for 76% of purchases since January 2024. Collectively, they manage more than $100 billion in equity, bonds, and other securities tied to Bitcoin exposure.
Additionally, the report highlighted that conventional businesses, ranging from real estate and healthcare to construction and software, are increasingly adding Bitcoin to their treasuries.
According to the report:
“Bitcoin is no longer confined to miners or crypto-native firms.”
It highlighted that 3,000 U.S. businesses now use River’s services. The majority are small- to medium-sized enterprises with fewer than 50 employees, often allocating a significant portion of income to Bitcoin as a hedge against inflation and banking risks.
Shift in corporate strategy
Companies are allocating an average of 22% of net income to Bitcoin, with nearly one-third now holding more than half their treasury reserves in the asset.
River attributed the trend to Bitcoin’s fixed supply, 24/7 liquidity, and protection against counterparty risk, particularly after high-profile banking collapses in recent years.
Additionally, the report said that regulatory and accounting clarity has also cleared major barriers, particularly after the 2024 update of GAAP standards, which allowed businesses to report Bitcoin at fair market value, removing a key obstacle.
Meanwhile, the U.S. government’s creation of a Strategic Bitcoin Reserve earlier this year further reinforced its legitimacy in corporate circles. States like Texas and New Hampshire have also passed legislation to set up their own BTC reserves.
Adoption poised to accelerate
Despite the surge, fewer than 1% of businesses worldwide currently hold Bitcoin.
According to River, public perception remains the largest hurdle, with surveys showing that many executives still lack a basic understanding of the asset.
Still, River projects that Bitcoin will become a standard feature of corporate balance sheets as more firms openly share their treasury strategies.
The report said:
“We believe that every business will hold Bitcoin on its balance sheet, while continuing to spend in dollars for the time being.”
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