Nearly 60% of the largest banks in the U.S. are either already offering Bitcoin-related services or expect to do so, according to new research from Bitcoin financial services firm River.
The analysis, which reviewed Bitcoin custody, trading and related offerings among the top 25 U.S. banks by assets, found that a growing number of institutions have launched products, announced plans, or are actively exploring ways to serve clients seeking exposure to Bitcoin.
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Banks In On BTC
Several major U.S. banks have already launched BTC-related services, announced imminent plans, or restricted access to select client segments, River’s research shows.
JPMorgan Chase has announced Bitcoin trading services, while Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley offer Bitcoin exposure primarily to high-net-worth clients.
U.S. Bank and BNY Mellon provide custody services to select clients, marking some of the earliest moves by systemically important banks into crypto safekeeping.
PNC Group stands out as one of the few banks to have launched both Bitcoin custody and trading services.
State Street and HSBC’s U.S. operations have announced custody plans, while Charles Schwab and UBS (U.S.) have announced Bitcoin trading initiatives.
Other institutions remain in exploratory stages.
Citigroup and Fifth Third are assessing both custody and trading offerings, while several banks are integrating Bitcoin access indirectly, such as American Express through a Bitcoin rewards card and USAA via exchange integrations.
Banks Yet To Enter BTC Market
Despite the growing momentum, a significant minority of large U.S. banks have not yet announced Bitcoin-related products or plans.
River reported that nine banks remained on the sidelines, including:
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Truist Finance
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Bank of America
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TD Bank (U.S.)
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Capital One
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BMO Financial (U.S.)
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First Citizens
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Citizens Financial
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M&T Bank
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Huntington Bank
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Barclays (U.S.)
Bank of America Recommends Bitcoin
Even banks without direct Bitcoin products are softening their stance, as shown by Bank of America’s recent recommendation that clients allocate up to 4% of portfolios to cryptocurrencies.
Also, as part of the shift, Bank of America announced plans to initiate coverage of four U.S.-listed spot Bitcoin exchange-traded funds, including products from Bitwise, Fidelity, Grayscale and BlackRock.
The ETFs provide direct exposure to Bitcoin and were approved by U.S. regulators last year.
“For investors with a strong interest in thematic innovation and comfort with elevated volatility, a modest allocation of 1% to 4% in digital assets could be appropriate,” Chris Hyzy, chief investment officer at Bank of America Private Bank, said.
Hyzy added that more conservative investors may prefer allocations at the lower end of the range, while higher exposure could suit clients with greater risk tolerance.
