River, the Bitcoin-only U.S. exchange and financial services company, has publicly disclosed 437 BTC on its corporate balance sheet. The position places River at #9 among private companies tracked on BitcoinTreasuries.net.
Separately, the exchange custodies over 25,000 BTC for clients with a proven reserve ratio above 100%, ranking it #10 across all ETFs and exchanges we track.
Among its customers, River has over 3,000 businesses on its platform buying bitcoin.
The private company gap
Public companies dominate the Bitcoin treasury conversation partly because they have no choice. SEC filings, quarterly earnings calls, and mandatory disclosures make their holdings visible by default. The leaderboard updates itself.
Private companies are a different story. There are no SEC filings, no quarterly earnings calls, no mandatory disclosures. Private company Bitcoin holdings only become trackable when companies choose to report them. Most don't.
That makes this segment one of the most underreported parts of institutional Bitcoin adoption. The holdings we track represent only what has been voluntarily disclosed. The actual number of private companies holding Bitcoin is almost certainly larger than what appears on any leaderboard.
What the River numbers show
River publishes its financial statements voluntarily at river.com/financials. The 2025 year-end figures: $68.1 million corporate treasury, zero debt, profitable operations. The corporate treasury grew from $60.9 million at the end of 2024 to $68.1 million at the end of 2025.
There is no convertible note or preferred stock instrument funding these purchases. River is allocating to Bitcoin from operating revenue. That reflects a growing pattern among profitable private businesses that view Bitcoin as a long-term treasury asset rather than a capital markets strategy.
Bitcoin-only infrastructure
River has been Bitcoin-only since its founding in 2019. The company built its own multisig cold storage custody, its own Lightning Network infrastructure, and launched the first Bitcoin-only U.S. Proof of Reserves system. It publishes audited financials annually despite having no regulatory obligation to do so.
River’s product set reflects the same focus: zero-fee recurring Bitcoin purchases, Bitcoin Interest on Cash (interest on USD paid in Bitcoin), ForceField security for client holdings, and zero-fee accounts for open-source Bitcoin developers and nonprofits.
River also publishes research on adoption trends across individuals, businesses, and nation-states.
Track it
We now track River across two pages:
River (Private Company): bitcointreasuries.net/private-companies/river-financial
River (Exchange): bitcointreasuries.net/etfs-and-exchanges/river
If your company holds Bitcoin on its balance sheet and is not yet tracked on BitcoinTreasuries.net, reach out at press@bitcointreasuries.net.
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