More than half of the largest US banks have either begun offering—or have announced plans to offer—Bitcoin-related services such as trading and custody, according to Bitcoin financial services firm River.
In a post on X on Monday, River shared a list of the top 25 banks operating in the US, stating that “60% of the top US banks are into Bitcoin.”
Crypto exchange Coinbase CEO Brian Armstrong echoed the trend over the weekend, saying that one of his key takeaways from the World Economic Forum in Davos, held from Jan. 19 to Jan. 23, was that banking executives are becoming increasingly receptive to crypto.
Armstrong said that among the banking CEOs he met, “most of them are actually very pro-crypto and are leaning into it as an opportunity,” though some remain cautious. He added that the CEO of a top 10 global bank told him crypto is the institution’s “number one priority” and is viewed as “existential.”
Some US banks were previously accused of being hostile to crypto, with critics alleging they were complicit in efforts such as so-called “Operation Chokepoint 2.0,” a purported government initiative aimed at debanking crypto-related businesses.
Three of the Big Four banks show crypto traction
The latest addition to River’s list is Swiss banking giant UBS, which also operates in the US and is reportedly exploring Bitcoin and Ether trading for its wealthiest clients, Bloomberg reported on Friday.
Among the US “Big Four” banks, JPMorgan Chase has said it is considering adding crypto trading services, Wells Fargo already offers products such as Bitcoin-backed loans to institutional clients, and Citigroup is exploring crypto custody services for institutional investors.
Together, these three banks manage more than $7.3 trillion in assets, according to Forbes.
Despite the growing interest, banks remain cautious about certain areas of crypto. Many have emerged as vocal critics of yield-bearing stablecoins, warning they could pose systemic risks to the broader financial system.
Ten major banks still on the sidelines
Bank of America—the remaining member of the Big Four and the second-largest US bank overall—has yet to announce plans to offer Bitcoin-related services, according to River. Forbes estimates the bank holds more than $2.67 trillion in assets.
Similarly, the next two largest banks on the Forbes list have not disclosed any interest in Bitcoin offerings. Capital One manages approximately $694 billion in assets, while Truist Bank holds around $536 billion.
