Bitcoin is steadily gaining traction within the U.S. banking system, as major financial institutions respond to rising client demand for exposure to digital assets.
Nearly six in ten of the country’s largest banks are either already offering Bitcoin-related services or plan to enter the market soon, according to new research from Bitcoin financial services firm River.
The findings highlight a gradual shift as traditional banks move from passive observation to active participation.
Key Points
- Nearly six in ten of the largest U.S. banks currently provide or intend to provide Bitcoin-related services.
- JPMorgan Chase plans to introduce Bitcoin trading.
- BNY Mellon and U.S. Bank provide Bitcoin custody services for select clients.
- PNC Group has launched both Bitcoin trading and custody services.
- American Express offers Bitcoin exposure through a rewards card.
- Nine major U.S. banks, including Bank of America and Capital One, have not announced Bitcoin products.
Major Banks Expand Bitcoin Offerings
River’s research reviewed Bitcoin custody, trading, and related services across the top 25 U.S. banks by assets. The analysis shows that many banks have progressed beyond observation, with several now offering products or publicly outlining plans.
JPMorgan Chase has announced plans to introduce Bitcoin trading. At the same time, Wells Fargo, Citigroup, Morgan Stanley, and Goldman Sachs provide opportunities for Bitcoin exposure. However, such access is mostly limited to high-net-worth clients.
Custody services are also gaining momentum. BNY Mellon and U.S. Bank now offer Bitcoin safekeeping for select customers, marking some of the earliest crypto custody efforts by systemically important U.S. banks.
Other institutions are moving even faster. PNC Group stands out for already launching both Bitcoin trading and custody services, positioning itself ahead of many competitors.
Meanwhile, HSBC and State Street have announced plans to expand Bitcoin custody within their U.S. operations. UBS’s U.S. arm and Charles Schwab have unveiled Bitcoin trading initiatives, while several additional banks remain in the evaluation phase.
In addition, a few institutions are offering indirect access. American Express provides Bitcoin exposure through a rewards card, and USAA connects customers to Bitcoin via exchange integrations, River reported.
Large Banks Remain Cautious Despite Growing Acceptance
Despite the accelerating trend, not all major banks have embraced Bitcoin. River has identified nine major U.S. banks that have yet to announce any Bitcoin-related products or formal strategies. Notable among them are Bank of America, Capital One, Truist Financial, TD Bank (U.S.), and Barclays (U.S.).
Even so, sentiment among holdouts appears to be evolving. Bank of America recently advised clients to consider limited cryptocurrency exposure, suggesting allocations of up to 4% depending on individual risk tolerance.
The bank also announced plans to begin coverage of four U.S.-listed spot Bitcoin exchange-traded funds from Fidelity, Bitwise, BlackRock, and Grayscale. These ETFs, approved by regulators last year, provide direct exposure to Bitcoin.
Taken together, River’s research suggests that while adoption paths differ, Bitcoin is becoming an increasingly common consideration across the U.S. banking industry.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
