Banking Giants Shift Toward Bitcoin Services After Years of Pushback
- 60% of top U.S. banks now offer or plan Bitcoin trading, custody, or crypto lending.
- Bank CEOs now see crypto as strategic, one top bank executive calls it existential.
- Adoption stays uneven as BTC use grows, while others criticize yield-bearing stablecoins.
More U.S. banks are moving toward Bitcoin-related services, marking a clear shift in how major institutions position themselves around digital assets.
Bitcoin financial services firm River said 60% of the top 25 institutions operating in the United States now offer, or plan to offer, Bitcoin-related products. River shared the claim Monday in a post on X, stating that “60% of the top US banks are into Bitcoin.”
Major U.S. banks widen Bitcoin access via trading and lending
River said its review covered the top 25 banking institutions operating in the U.S. market. The firm said more than half have launched or announced plans for Bitcoin-related products. The services River referenced include Bitcoin trading and crypto custody. It also pointed to related offerings such as crypto-backed lending, depending on the bank.
In addition, the trend is a meaningful change after years of friction between traditional finance and the crypto sector. Some banks had faced accusations of resisting crypto adoption and limiting access to services.
That tension often centered on whether banks should serve crypto firms. Critics in the industry have also cited “Operation Chokepoint 2.0” as an alleged effort to debank crypto companies.
Meanwhile, River’s 60% figure also implies that a significant minority remains outside the trend. The bank-by-bank split shows momentum, but it also shows that adoption is not universal.
Davos meetings suggest a friendlier tone from banking CEOs
Coinbase Chief Executive Officer (CEO) Brian Armstrong said his meetings at the World Economic Forum (WEF) in Davos reflected a shift in sentiment. The WEF conference ran from Jan. 19 to Jan. 23 in Switzerland.
Armstrong said most of the banking CEOs he met were “very pro crypto” and viewed digital assets as an opportunity. However, he added that some executives were still not fully aligned.
Furthermore, Armstrong said one CEO of a top 10 global bank called crypto the bank’s “number one priority.” He added that the executive viewed crypto as “existential,” based on his post on X.
The comments highlight how bank leaders now discuss crypto in strategic terms. Armstrong’s takeaway contrasts with earlier years of industry disputes and public skepticism from parts of the banking sector.
Related: U.S. Market Structure Reform Pulls Crypto Into Banking
Big Four banks take selective steps toward Bitcoin exposure
River’s list highlighted activity from three of the “Big Four” U.S. banks. The group commonly refers to JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup.
JPMorgan Chase has announced it is considering adding crypto trading, according to River. Wells Fargo offers Bitcoin-backed loans to institutional clients, River said.
Citigroup is exploring institutional crypto custody services, River said. These routes differ, but they each expand how clients can access Bitcoin through a bank.
According to Forbes, JPMorgan Chase, Wells Fargo, and Citigroup together hold more than $7.3 trillion in assets. That combined footprint underscores why incremental product moves can matter at scale.
Meanwhile, River said Bank of America, the second-largest U.S. bank with over $2.67 trillion in assets, has not announced any plans for Bitcoin services. This suggests that some banks have advanced plans, while others have not made public commitments.
UBS joins the list as stablecoin concerns and holdouts remain
River’s latest addition to its list was UBS, the Swiss banking giant that also operates in the U.S. market. Bloomberg reported Friday that UBS is exploring offering Bitcoin (BTC) and Ether (ETH) trading to its wealthiest clients.
The UBS consideration adds another large institution and points to high-net-worth demand as a key channel for early adoption.
Still, banks have not embraced all parts of crypto finance. Large banks have criticized yield-bearing stablecoins and warned they could pose risks to the financial system.
In addition, Circle Chief Executive Officer Jeremy Allaire has argued that interest payments on stablecoins do not threaten the banking system. His comments highlight an ongoing debate over how yield-bearing stablecoins fit into regulated finance.
River also pointed to major institutions that remain on the sidelines. Capital One holds about $694 billion in assets, and Truist Bank holds about $536 billion, according to Forbes estimates.
Consequently, U.S. banks’ Bitcoin services appear to be expanding in trading, custody, and crypto-backed lending, while some major banks continue to hold back and banks maintain caution around yield-bearing stablecoins.
