- Nearly 60% of top U.S. banks now offer or plan Bitcoin services, signaling a shift in finance.
- Big banks like JPMorgan, Citi, and Wells Fargo now provide Bitcoin trading, custody, or loans.
- Some large banks remain cautious, but attitudes soften as executives call crypto a top priority.
Bitcoin services are gaining traction across major U.S. banks as institutions expand into digital assets. New research from Bitcoin financial services firm River shows a sharp industry shift. More than half of the largest U.S. banks now offer Bitcoin services or plan to do so. River reported that nearly 60% of the top 25 U.S. banks engage with Bitcoin.
The services include trading, custody, lending, and indirect exposure products. The research reviewed Bitcoin activity among banks ranked by total assets. It tracked custody services, trading access, and related client offerings.
The findings show a clear move toward Bitcoin after years of hesitation. Banks previously limited crypto exposure due to regulatory and reputational concerns.
Major Banks Expand Bitcoin Access
Several systemically important banks now offer Bitcoin-related services to select clients. JPMorgan Chase announced plans to add Bitcoin trading services. Wells Fargo provides Bitcoin-backed loans to institutional clients. Citigroup is exploring Bitcoin custody services for its customers. These three banks manage more than $7.3 trillion in combined assets.
Goldman Sachs and Morgan Stanley offer Bitcoin exposure to wealthy clients. Their services focus on high-net-worth and institutional investors. U.S. Bank and BNY Mellon provide Bitcoin custody to select customers. They rank among the earliest large banks to enter crypto safekeeping.
PNC Group launched both Bitcoin trading and custody services. This move sets PNC apart from many peers. State Street and HSBC’s U.S. units announced custody plans. Charles Schwab and UBS confirmed Bitcoin trading initiatives.
Swiss banking giant UBS also operates in the U.S. market. Bloomberg reported UBS plans Bitcoin and Ethereum trading for wealthy clients. This move marked the latest addition to River’s tracking list.
Momentum Grows Despite Holdouts
Several banks remain in early research or assessment stages. Citigroup and Fifth Third continue to study custody and trading models. Some institutions offer indirect Bitcoin exposure instead. American Express supports a Bitcoin rewards credit card.
USAA allows crypto access through exchange integrations. These steps expand access without direct custody involvement. Despite growing momentum, some major banks still stay on the sidelines. River identified nine banks without announced Bitcoin plans.
These include Bank of America, Capital One, and Truist Financial. TD Bank U.S., BMO Financial U.S., and First Citizens also appear. Citizens Financial, M&T Bank, and Huntington Bank round out the list. Barclays U.S. also has not disclosed Bitcoin service plans.
Bank of America holds $2.67 trillion in assets. Capital One manages $694 billion, while Truist controls $536 billion.
Related: U.S. Market Structure Reform Pulls Crypto Into Banking
Still, even cautious banks show softer attitudes toward Bitcoin. Bank of America recently advised limited crypto exposure. The bank suggested clients allocate up to 4% of portfolios to cryptocurrencies. It also plans coverage of several spot Bitcoin exchange-traded funds. These ETFs include products from BlackRock, Fidelity, Grayscale, and Bitwise.
Industry leaders echoed this shift during the Davos forum. Coinbase CEO Brian Armstrong spoke with banking executives at the event. Armstrong said most executives now see crypto as a business opportunity. One global bank CEO described crypto as an existential issue.
The Davos World Economic Forum ran from January 19 to January 23. Discussions highlighted growing competition between banks and crypto firms. Banks previously faced criticism during Operation Chokepoint 2.0 claims. That period involved alleged limits on crypto firm banking access.
The current expansion marks a clear reversal from that stance. However, banks remain cautious about yield-bearing stablecoins. They cite concerns about financial stability and systemic risk. Bitcoin adoption continues to advance despite those reservations.
