Fidelity, BNY, Goldman Sachs, JPMorgan, Morgan Stanley, Citi Lead Strategy's Bitcoin Banking Adoption
Fidelity, BNY, Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup topped the newly launched Strategy Bitcoin Banking Adoption Index, which assessed 25 major global institutions across trading, custody,. . .
Fidelity, BNY, Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup topped the newly launched Strategy Bitcoin Banking Adoption Index, which assessed 25 major global institutions across trading, custody, digital-asset products, financing, and corporate participation. Key TakeawaysFidelity led with 71%, followed by BNY at 46% and Goldman Sachs at 45% in Strategy’s new Bitcoin Banking Adoption Index. JPMorgan, Morgan Stanley and Citigroup each scored 43%, despite relying on different combinations of bitcoin-related services. The other listed institutions scored between 13% and 38%, showing uneven adoption across global banking markets. How the Six Leaders Separated From the FieldStrategy’s newBitcoin Banking Adoption Indexput overall adoption at 32%, underscoring how unevenly major financial institutions have integrated bitcoin-related services. Fidelity led with 71%, followed by BNY at 46% and Goldman Sachs at 45%, while JPMorgan, Morgan Stanley, and Citigroup each recorded 43%. Fidelity’s lead reflected one of the broadest bitcoin-related service offerings among the institutions assessed. The company provides directcryptotrading through FidelityCrypto, institutional custody and execution through Fidelity Digital Assets, and the Fidelity Wise OriginBitcoinFund (FBTC), a spotbitcoinexchange-traded fund (ETF). It also serves as custodian for the fund’sbitcoinholdings. Those offerings align with the firm’s leading scores across trading, custody,stablecoins, exchange-traded products, and related categories in Strategy’s index. BNY’s second-place finish reflected its emphasis on institutional digital-asset infrastructure. The bank offerscryptocustodythrough its digital asset platform, enabling institutional clients to holdbitcoinand ether alongside traditional assets. The platform also integrates settlement, accounting, and asset-servicing functions. BNY has expanded it to support tokenized assets and on-chain data services, whilecollaboratingwith Goldman Sachs to tokenize money market fund records. Those initiatives align with its strong scores in custody, tokens, and executive leadership. Goldman Sachs’ third-place ranking reflected its growing push into institutionalbitcoininvestment products. In April, Goldman Sachs Asset Managementfiledwith the U. S. Securities and Exchange Commission (SEC) to launch the Goldman SachsBitcoinPremium Income ETF, its firstbitcoin ETF. The proposed fund would seekbitcoinexposure while generating income through an options-based strategy. The bank has also expanded its digital-asset platform for tokenized securities and remained active in institutional digital-asset markets, supporting its strong showing in Strategy’s index. Three Equal Scores Hide Different Banking StrategiesJPMorgan, Morgan Stanley, and Citigroup each scored 43%, though they reached that level through different digital-asset strategies. JPMorgan has focused on institutional payments and tokenization throughKinexys, which offers programmable payments, near-real-time settlement and asset-tokenization services. JPM Coinenables institutional clients to transfer tokenized bank deposits around the clock, while Kinexys Digital Assets supports tokenized money market funds and other financial assets. Morgan Stanley has emphasized regulated investment products, offering theMorgan Stanley Bitcoin Trust(MSBT), a spotbitcoin ETF, and providing access tobitcoinETPs through E*TRADE. The firm has also filed with the SEC tolaunchthe Morgan Stanley Ethereum Trust (MSSE) and the Morgan StanleySolanaTrust, both of which remain subject to regulatory approval. Those initiatives align with its strengths inbitcointrading, exchange-traded products, and institutional investment access identified in Strategy’s index. Citigroup has centered its strategy on institutional payments and digital-asset infrastructure through Citi Token Services, which usestokenizedcommercial bank deposits andsmart contractsfor 24/7 cross-border payments,liquiditytransfers, and trade finance. The bank has also developed digital-asset custody capabilities and the Citi Integrated Digital Assets Platform. That platform connects its work across digital money, securities, custody, asset servicing, and collateral mobility. How the Remaining 19 Institutions RankedWells Fargo led the rest of the field at 38%, followed by Banco Santander and Société Générale at 35%. Charles Schwab and TD Bank scored 32%, while BNP Paribas, HSBC, Crédit Agricole, and UBS each received 30%. Their profiles generally concentrated on selected trading,blockchain, token, underwriting, or leadership categories. Bank of America, Barclays, and Standard Chartered each scored 28%, with State Street at 27%. Mizuho and Deutsche Bank recorded 22%, MUFG scored 18%, and Lloyd’s reached 17%. SMBC and Royal Bank of Canada shared the lowest score at 13%. What the Index Still Cannot ShowThe rankings indicate whether capabilities are publicly visible, but they do not measure customer numbers, transaction volumes, assets, revenue or profitability. A service may also be limited to institutional or wealth-management clients, or restricted to particular geographic markets. A high adoption score therefore does not necessarily show how widely each product is available or how extensively customers use it. Future custody launches, lending products, customer-access disclosures, and corporatebitcoinallocations could change the order of the ranking. For now, Fidelity holds a substantial lead, while BNY, Goldman Sachs, JPMorgan, Morgan Stanley and Citigroup are separated by only three percentage points. Further disclosures could clarify whether those banks are moving toward Fidelity’s broader model or maintaining more specialized digital-asset strategies.