Bitcoin adoption surged in 2025, with institutions, banks, merchants, and state actors significantly increasing their involvement, according to a River report. Despite Bitcoin's price being down approximately 50% from its all-time high, the report highlights that adoption is growing at an unprecedented rate, with institutions accumulating 829,000 BTC throughout the year. Registered investment advisors have consistently been net buyers, contributing $1.5 billion per quarter to Bitcoin ETFs over the past two years. The report also notes a substantial increase in merchant adoption, with the number of U.S. merchants accepting Bitcoin tripling and global usage rising by 74% in 2025. The Lightning Network, facilitating faster transactions, saw a 300% increase in payments, processing over $1.1 billion monthly. Additionally, five new nation-states, including Luxembourg and Saudi Arabia, joined the ranks of Bitcoin holders, expanding state involvement to at least 23 countries. This widespread adoption underscores Bitcoin's evolution from a speculative asset to a recognized store of value and payment method.