The sponsorship, which aims to help people travel around the UK capital more easily and lead healthier lives, was initially launched to members three weeks ago on 30 July by Barclays Group Chairman Marcus Agius and the Mayor of London Boris Johnson.
Nearly 60,000 people have signed up as members, making an average of 15,000 journeys each day.
Mayor of London Boris Johnson said: "In the past three weeks, we've seen the streets of central London transformed, as our bikes become a familiar and immensely popular sight on London's streets."
Nick Aldworth, Project Manager for Barclays Cycle Hire at Transport for London (TfL), added: "With 250,000 cycle journeys in, it is clear that Barclays Cycle Hire is already proving hugely popular with those who live and work in the capital."
The busiest day since the launch of the scheme was Thursday, 19 August, when more than 16,700 journeys were made.
Daily membership has proven to be the most popular option, with more than 34,000 people registered to use the scheme for £1 a day.
In addition, more than 21,000 people have signed up for annual membership at £45 per year.
A further 3,000 people have registered for weekly membership, at a cost of £5 for seven days.
A total of 20 docking stations have been added since the launch of the scheme, increasing the total number to 335 across central London.
When completed, the scheme will see 6,000 cycles and 400 docking points located across central London.