Governments are no longer just watching from the sidelines. Based on reports from River, five new nation-states became Bitcoin holders in 2025, including sovereign wealth funds in Luxembourg and Saudi Arabia, a central bank in the Czech Republic, and purchases by Brazil and Taiwan.
River estimates that 23 nation-states now hold Bitcoin in some form, whether through state-backed mining operations, asset seizures, or direct central bank exposure. That is a category of ownership that did not meaningfully exist just a few years ago.
On the banking side, 60% of the top US banks are now actively building Bitcoin-related products for their customers. A more favorable regulatory climate in the US has made it possible for banks to hold Bitcoin in custody and offer related services — something that was effectively off the table for most regulated financial institutions not long ago.
Money Flowing InInstitutional investors have been piling in as well. Reports say registered investment advisors have been net buyers of Bitcoin for eight consecutive quarters, putting roughly $1.5 billion into Bitcoin exchange-traded funds every quarter over the past two years.
Featured image from Creative Fabrica, chart from TradingView
