Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Bitcoin financial services firm River reports that private businesses are significantly re-investing profits into the leading cryptocurrency, with an average of 22% of earnings being allocated to Bitcoin. This trend has led to the accumulation of an estimated 84,000 Bitcoin by these entities in 2025, a year characterized by increased regulatory clarity and a robust bull market, signaling a notable expansion of grassroots adoption.
Growing Business Adoption Across Sectors
According to a report released Wednesday by River research analyst Sam Baker, real estate firms lead this adoption among River’s client base, with nearly 15% of their profits being reinvested into Bitcoin. Other sectors, including hospitality, finance, and software, are also actively participating, allocating between 8% and 10% of their profits.
The report highlights that this adoption isn’t limited to traditional finance-adjacent industries. Even diverse businesses such as fitness studios, painting and roofing companies, and religious nonprofits are among those incorporating Bitcoin into their financial strategies.
Significant Accumulation and Market Impact
Baker noted that the 84,000 Bitcoin acquired by these conventional businesses in 2025 represent a substantial holding. This figure accounts for approximately a quarter of the Bitcoin accumulated by institutional fund managers and corporate Bitcoin treasuries, which have traditionally garnered more media attention.
This surge in business and institutional Bitcoin adoption has been identified as a key catalyst for Bitcoin’s recent bull run, which saw the cryptocurrency reach $124,450 this cycle. There have been periods where spot Bitcoin exchange-traded fund issuers acquired significantly more Bitcoin than miners were able to produce, contributing to price appreciation.
The current cycle contrasts sharply with the 2020-2021 bull market, when Bitcoin topped $69,000 primarily driven by retail enthusiasm, with businesses largely remaining on the sidelines.
Drivers and Barriers to Adoption
Baker attributes the current widespread adoption to several factors, including improvements in Bitcoin’s accounting standards, enhanced regulatory clarity, increasing institutional acceptance, and the strong bull market. These conditions have collectively created what he describes as “ideal conditions” for the current trend.
River’s research indicates that smaller companies, defined as those with 50 or fewer employees, constitute 75% of the businesses they serve that are adopting Bitcoin. Baker suggests that these smaller entities find it easier to integrate Bitcoin due to fewer internal hurdles and a more agile decision-making process.
Conversely, larger corporations, particularly those within the S&P 500, are more inclined to adhere to established norms and avoid controversy, making them slower to adopt Bitcoin. Baker explained that even if a CEO or CFO recognizes Bitcoin’s long-term value, they are unlikely to champion its adoption unless peer companies have already set a precedent.
While adoption is growing, River found that over 40% of businesses allocate between 1% to 10% of their profits to Bitcoin, with only 10% investing more than half of their net income. For many smaller companies, individual Bitcoin purchases can be modest, often less than $10,000.
Persistent Misunderstandings Limit Broader Reach
Despite the observed increase in adoption, Baker highlighted that most businesses are still not considering Bitcoin due to “widespread misunderstandings and limited awareness.” He pointed to a Cornell University survey that revealed only 6% of Americans were aware of Bitcoin’s fixed supply cap of 21 million.
Furthermore, another survey indicated that 60% of Americans admitted to not knowing much about the cryptocurrency. Baker concluded that Bitcoin is often dismissed not because it has been thoroughly evaluated and rejected, but because many decision-makers lack the foundational understanding necessary to assess its value.
In summary, River’s report underscores a significant, albeit often overlooked, trend of private businesses actively integrating Bitcoin into their financial strategies, driven by favorable market conditions and regulatory advancements. While small and medium-sized enterprises are leading this charge, a persistent lack of awareness and understanding among a broader audience continues to pose a challenge for more widespread adoption.
