The narrative around Wall Street and cryptocurrency is shifting from skepticism to what some CEOs call an “existential” priority. Recent data from Bitcoin financial services firm River reveals a massive pivot: 60% of the top 25 US banks are now actively involved in or planning Bitcoin-related services. This isn’t just a fringe movement anymore; it is a structural change in how the largest financial institutions in the world view digital assets.
This shift was underscored during the Davos World Economic Forum. Coinbase CEO Brian Armstrong noted a distinct change in the atmosphere, reporting that most banking leaders he met are now “pro-crypto.” According to Armstrong, several global banking leaders now view crypto integration as a top priority. One CEO of a top 10 global bank even described the technology as a primary focus, signaling that the era of banks ignoring Bitcoin is officially over.
The Big Four and the $7.3 Trillion Shift
The most significant movement is happening at the very top of the financial food chain. Three of the “Big Four” US banks—JPMorgan Chase, Wells Fargo, and Citigroup—have already signaled their entry into the space. JPMorgan Chase is currently exploring the addition of crypto trading for its massive client base, while Wells Fargo is already offering institutional clients specialized services like Bitcoin-backed loans. Meanwhile, Citigroup is developing institutional-grade crypto custody services to help big players store digital assets securely.
Together, these three institutions manage over $7.3 trillion in assets. Their move into Bitcoin isn’t just a trend; it’s a fundamental integration of digital assets into the plumbing of global finance. Interestingly, Bank of America remains the lone holdout among the Big Four, with no official Bitcoin services announced yet. Other major players like Capital One and Truist Bank also remain on the sidelines for now, holding a combined $1.2 trillion in assets that have yet to touch the crypto ecosystem.
Why Banks are Moving from “Chokepoint” to “On-Chain”
Only a few years ago, the industry was plagued by “Operation Chokepoint 2.0″—a perceived government effort to distance banks from crypto firms. Today, the conversation has shifted toward opportunity. Swiss giant UBS is the latest to join the fray, reportedly preparing Bitcoin and Ether trading for its wealthiest clients. This move by UBS shows that the demand for crypto isn’t just coming from retail investors, but from the highest net-worth individuals in the world.
However, the relationship isn’t without its friction. While banks are eager to facilitate Bitcoin trading and custody, they remain wary of yield-bearing stablecoins. Many bank CEOs argue these assets pose systemic risks, likely because they compete directly with traditional savings accounts and liquidity structures. As Bitcoin continues to mature, the holdouts will face increasing pressure to adapt. With a majority of their peers already “leaning in,” the question for the remaining 40% of banks is no longer if they will join the Bitcoin ecosystem, but how fast they can catch up.
