Which US banks have not gone in on Bitcoin yet? | Credit: Gemini.
Share
Key Takeaways
Bitcoin adoption is accelerating across U.S. banking.
However, some banks are still holding back.
Bank of America recently recommended that clients allocate up to 4% of their portfolios.
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.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
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.
Almost 60% of top U.S. banks are in on Bitcoin. | Source: River
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:
Truist Finance
Bank of America
TD Bank (U.S.)
Capital One
BMO Financial (U.S.)
First Citizens
Citizens Financial
M&T Bank
Huntington Bank
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.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
