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According to a new report released by River Financial, companies have become the core driving force of the Bitcoin bull market in 2025.Currently, the proportion of corporate Bitcoin holdings accounts for more than 6% of their total supply has exceeded 6%..
The report found that in the first eight months of 2025 alone, corporate Bitcoin inflows exceeded US$12.5 billion more than last year’s full year, and the cumulative holdings reached 1.3 million BTC.
This scale has increased by 21 times compared with 2020.In contrast, individuals remain the main holders of Bitcoin, accounting for 65.9% of the total supply, with the rest held by funds, governments and other entities.
Data from River shows that since January 2024, Bitcoin Treasury companies (primarily established companies holding large amounts of Bitcoin reserves) have contributed 76% of Bitcoin purchases.Together, these companies manage more than $100 billion in stocks, bonds and other securities related to Bitcoin exposure.
In addition, the report emphasizes thatCompanies in traditional industries such as real estate, medical care, construction and software are also increasingly adding Bitcoin to their treasury assets..
“Bitcoin is no longer limited to miners or crypto-native enterprises,” the report states.
The report mentioned that 3,000 American companies have used River’s services, most of which are small and medium-sized enterprises with less than 50 employees. These companies often allocate a considerable portion of their revenue to Bitcoin to hedge inflation and banking risks.
Businesses allocate 22% of their net profits to Bitcoin on average, and nearly one-third of their businesses will now hold more than half of their treasury reserves in Bitcoin form.
River attributes this trend to Bitcoin’s fixed supply, all-weather liquidity, and its ability to resist counterparties’ risks, especially after many highly-watched bank failures in recent years, this advantage is even more prominent.
In addition, the report said that the improvement in regulatory and accounting clarity has also cleared major obstacles: especially after the 2024 GAAP standard update, companies can account for Bitcoin at fair market value, an adjustment removed previous key obstacles.
Meanwhile, the U.S. government established a strategic Bitcoin reserve earlier this year, further strengthening the legitimacy of Bitcoin in the business community.Texas, New Hampshire and other states have also passed legislation to plan to establish their respective Bitcoin reserves.
Despite the substantial increase in corporate Bitcoin investment,butCurrently, the proportion of companies holding Bitcoin in the world is still less than 1%.
River said public perception remains the biggest obstacle, and multiple surveys show that many corporate executives still lack basic understanding of Bitcoin.
However, River predicts that as more companies openly share their treasury strategies, Bitcoin will gradually become a standard component of the business’ balance sheet.
“We believe that all businesses will eventually hold Bitcoin on their balance sheets and will continue to use US dollars for payments,” the report said.
