60% of Top US Banks Have Quietly Entered the Bitcoin Market, Data Shows

The Silent Majority

While public statements from Wall Street often waver between caution and skepticism, the back-office reality is decisive: 14 of the top 25 US banks are now actively building, selling, or advising on Bitcoin products. A new report released today by River reveals that 56% of the nation’s largest financial institutions have moved beyond the “exploration” phase and are integrating Bitcoin into their core wealth management stacks.

This institutional pivot comes as Bitcoin trades around $86,400, consolidating after its October all-time high of ~$126,000. While volatility has cooled, infrastructure development has accelerated.

The “White Label” Loophole

The primary vector for this adoption is not direct custody, but white-labeled partnerships that minimize balance sheet risk. The report highlights strategies like that of PNC Financial Services, which utilizes Coinbase’s “Crypto-as-a-Service” infrastructure. This allows the bank to offer execution and reporting to clients while a third party handles the technical liability of private key management.

This marks a distinct evolution from the ETF-only exposure seen in early 2024. Banks are no longer just facilitating passive access, they are engineering direct engagement channels for high-net-worth clients who demand spot exposure within their existing brokerage interfaces.

The question has shifted from whether to engage with Bitcoin to how quickly and comprehensively to do so.

Institutional Context: Why Now?

The timing of this infrastructure rollout, during a -30% price correction, suggests a long-term structural commitment rather than retail FOMO (Fear Of Missing Out). For risk committees, the SEC’s approval of spot ETFs provided the regulatory air cover needed to approve these internal projects. Now, the motive is defensive: preventing asset flight to crypto-native firms or more agile competitors like Fidelity.

Despite the data, public messaging remains muted. Many executives continue to downplay crypto involvement to avoid regulatory scrutiny, creating a “don’t ask, don’t tell” environment where banks aggressively hire blockchain talent while maintaining a neutral public stance.