Fidelity, BNY, Goldman Sachs, JPMorgan, Morgan Stanley, Citi Lead Strategy's Bitcoin Banking Adoption Index
Strategy’s new Bitcoin Banking Adoption Index assessed 25 major global institutions across trading, custody, digital-asset products, financing, and corporate participation, finding an overall adoption rate of 32%. Fidelity led with 71%, followed by BNY at 46% and Goldman Sachs at 45%, while JPMorgan, Morgan Stanley, and Citigroup each scored 43%.
Fidelity’s lead reflects one of the broadest bitcoin service offerings, including direct crypto trading, institutional custody and execution through Fidelity Digital Assets, and the Fidelity Wise Origin Bitcoin Fund (FBTC), a spot bitcoin ETF. It also serves as custodian for the fund. BNY’s second-place finish emphasizes institutional digital-asset infrastructure, offering crypto custody, settlement, accounting, and asset-servicing functions, along with tokenized asset services. Goldman Sachs’ third-place ranking follows its filing for the Goldman Sachs Bitcoin Premium Income ETF and expansion of its digital-asset platform.
JPMorgan focuses on institutional payments and tokenization through Kinexys, offering programmable payments and asset-tokenization services. Morgan Stanley emphasizes regulated investment products like the Morgan Stanley Bitcoin Trust (MSBT) and access to bitcoin ETPs through E*TRADE. Citigroup centers on institutional payments and digital-asset infrastructure through Citi Token Services and its Integrated Digital Assets Platform.
Among the remaining 19 institutions, Wells Fargo scored 38%, Banco Santander and Société Générale 35%, Charles Schwab and TD Bank 32%, and BNP Paribas, HSBC, Crédit Agricole, and UBS each 30%. Bank of America, Barclays, and Standard Chartered scored 28%, State Street 27%, Mizuho and Deutsche Bank 22%, MUFG 18%, Lloyd’s 17%, and SMBC and Royal Bank of Canada 13%.
The index measures whether capabilities are publicly visible but not customer numbers, transaction volumes, assets, revenue, or profitability. Services may be limited to institutional or wealth-management clients or restricted geographically. Future launches or disclosures could change rankings. Strategy unveiled the index on July 13.