Bitwise has compiled a ranking of traditional banks with the broadest exposure to cryptocurrencies, but the names at the top look more like a Davos dinner guest list than a list of fintech disruptors. Together, BNY Mellon and JPMorgan Chase are two financial institutions at the center of global finance, leading the pack across categories such as trading, payments, ETFs, and tokenization.
The footprints of powerful people and their cryptocurrencies
BNY Mellon, the world’s largest custodian bank with about $59 trillion in assets under custody and management, has perhaps taken the most aggressive action. The bank announced plans to launch Bitcoin custody services in Abu Dhabi on May 7, 2026. Back in February 2024, the bank announced that it would hold, transfer, and issue digital currencies based on customer demand.
The crown jewel of BNY Mellon’s crypto story may be its role servicing the iShares Bitcoin ETP (ticker IB1T). The product reached approximately $100 billion in assets under management in the fourth quarter of 2025, making it the fastest growing ETP in history.
Meanwhile, JPMorgan Chase & Co. is taking a slightly different but equally ambitious path. The bank has built blockchain infrastructure through its Onyx division, explored the tokenization of traditional assets, and maintained one of the most active institutional trading desks for crypto-related products on Wall Street.
Why banks went from skeptics to builders
When Spot Bitcoin ETFs were launched in the US, there was an immediate need for institutional-grade custodial and settlement infrastructure. The crypto ETP market saw significant innovations throughout 2025, including new staking mechanisms and alternative coin index ETPs, all of which required traditional financial plumbing to function.
BNY Mellon’s expansion into Abu Dhabi represents a broader geographic expansion. The UAE has positioned itself as one of the world’s most crypto-friendly regulatory jurisdictions, and global banks are racing to gain a foothold there.
What this means for investors
BNY Mellon’s custody business charges fees based on the assets held. If iShares Bitcoin ETP grows to $100 billion, it will translate directly into custody revenue.
Bitwise’s ranking also reveals concentration risk. Given that the financial institutions with the most extensive crypto exposure are also those deemed “too big to fail,” the integration of cryptocurrencies into traditional finance creates new systemic linkages that regulators may not fully understand. The severe downturn in cryptocurrencies does not only affect digital asset prices. That will spill over into the custody, trading and ETP businesses of the world’s largest banks.
