Bitcoin is gaining ground inside the U.S. banking system. In an update posted on X, River said 60% of the top 25 U.S. banks now support Bitcoin in some form, either through live offerings or planned services, including trading, custody, and Bitcoin-backed products. The shift points to changing priorities on Wall Street as client demand rises and competitive pressure builds across the sector.
The change is also showing up in executive conversations. Coinbase CEO Brian Armstrong said senior banking leaders are increasingly viewing crypto as a business opportunity, and one CEO at a top 10 global bank reportedly described it as an existential priority. The language has changed. Banks are no longer speaking about crypto only from a distance.
Large banks focus on trading, custody, and Bitcoin-backed lending
Among the biggest U.S. institutions, River’s list includes three members of the country’s Big Four banks. JPMorgan Chase is considering crypto trading services. Wells Fargo already offers Bitcoin-backed loans to institutional clients. Citigroup is exploring crypto custody solutions aimed at large investors. The products differ, but the target audience is similar: institutions and clients with large pools of capital.
Major international players are moving as well. UBS has emerged as the latest large institution exploring Bitcoin services, with the Swiss bank assessing Bitcoin and Ether trading for its wealthiest U.S. clients. Bloomberg said the move reflects how global banks are responding to stronger interest from clients who want digital asset exposure through established financial firms.
Banks are warming up, but risk limits remain in place
Even with this shift, banks are still drawing hard boundaries around what they will support. Many institutions oppose yield-bearing stablecoins, arguing that such products could create risks for financial stability. That keeps the current focus on institutional and high-net-worth offerings rather than broad retail access.
This repositioning follows years of tension between banks and crypto firms. Several U.S. banks had previously faced accusations of restricting banking access for crypto companies in what critics called “Operation Chokepoint 2.0.” Against that backdrop, the current move into Bitcoin services looks less like a sudden embrace and more like a strategic recalculation.
Some major banks still have no Bitcoin plans on record
Adoption remains uneven. According to River, Bank of America, which holds more than $2.67 trillion in assets, has not announced plans for Bitcoin services. Capital One, with $694 billion in assets, has also disclosed no crypto initiatives. Truist Bank, which manages $536 billion in assets, remains inactive in the Bitcoin segment as well.
Still, the actions of peer institutions are increasing pressure across the industry. Clients now expect digital asset access through trusted banking channels, and banks that stay on the sidelines risk losing relevance with those customers. Bitcoin is moving closer to the core of U.S. banking, even if the pace of adoption remains uneven from one institution to another.