Nearly 60% of the largest banks in the United States are either currently offering Bitcoin-related services or planning to introduce them, according to new research from Bitcoin financial services firm River. The analysis examined Bitcoin custody, trading, and related offerings among the top 25 U.S. banks by assets, revealing a significant shift in institutional attitudes toward cryptocurrency services.
River’s research indicates that a growing number of major financial institutions have launched Bitcoin products, announced imminent plans, or are actively exploring ways to serve clients seeking cryptocurrency exposure. The findings suggest that Bitcoin adoption is accelerating across the U.S. banking sector, though some institutions remain cautious about entering the market.
Major Banks Leading Bitcoin Adoption
Several prominent U.S. banks have already taken concrete steps to offer Bitcoin services to their clients. JPMorgan Chase has announced Bitcoin trading services, while Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley provide Bitcoin exposure primarily to high-net-worth clients, according to River’s analysis.
Additionally, U.S. Bank and BNY Mellon have introduced custody services to select clients, representing some of the earliest moves by systemically important banks into cryptocurrency safekeeping. These custody services allow institutions to securely hold digital assets on behalf of their clients.
PNC Group stands out as one of the few banks to have launched both Bitcoin custody and trading services, offering comprehensive cryptocurrency solutions. Meanwhile, State Street and HSBC’s U.S. operations have announced custody plans, while Charles Schwab and UBS (U.S.) have revealed Bitcoin trading initiatives.
Banks in Exploratory Stages
Other financial institutions remain in exploratory phases regarding cryptocurrency services. Citigroup and Fifth Third are assessing both custody and trading offerings, while several banks are integrating Bitcoin access indirectly through alternative methods.
American Express has introduced a Bitcoin rewards card, and USAA has implemented exchange integrations, allowing customers to access cryptocurrency services through partnerships. These indirect approaches enable banks to offer Bitcoin exposure without directly managing custody or trading operations.
Significant Minority Remains on Sidelines
Despite the growing momentum toward Bitcoin adoption, nine of the top 25 U.S. banks have not yet announced cryptocurrency-related products or plans. According to River’s research, institutions remaining on the sidelines include Truist Finance, Bank of America, TD Bank (U.S.), Capital One, BMO Financial (U.S.), First Citizens, Citizens Financial, M&T Bank, Huntington Bank, and Barclays (U.S.).
However, even banks without direct Bitcoin products are beginning to soften their stance on cryptocurrency. Bank of America recently recommended that clients allocate up to 4% of their portfolios to cryptocurrencies, signaling a notable shift in perspective from one of the institutions without announced Bitcoin services.
ETF Coverage and Regulatory Environment
In contrast to its lack of direct Bitcoin offerings, Bank of America announced plans to initiate coverage of four U.S.-listed spot Bitcoin exchange-traded funds. The coverage will include products from Bitwise, Fidelity, Grayscale, and BlackRock, providing clients with indirect exposure to cryptocurrency markets.
The ETFs provide direct exposure to Bitcoin and were approved by U.S. regulators last year, opening new pathways for traditional financial institutions to offer cryptocurrency access. This regulatory approval has contributed to increased institutional interest in Bitcoin-related services.
As the cryptocurrency market continues to mature and regulatory clarity improves, additional banks are expected to announce their Bitcoin strategies in the coming months. The timeline for remaining institutions to enter the market remains uncertain, though industry observers anticipate continued expansion of cryptocurrency services across the U.S. banking sector.
