Strategy’s Bitcoin Banking Adoption Index: Fidelity Tops Goldman Sachs, JPMorgan and Citi

Strategy CEO Phong Le has highlighted the growing competition among Wall Street’s largest financial institutions for leadership in Bitcoin and digital asset adoption.

Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup posted nearly identical results in Strategy’s Bitcoin Banking Adoption Index, with only a few points separating them. Fidelity, however, remains the clear leader by a significant margin.

Fidelity Leads Bitcoin Banking Adoption

The Bitcoin Banking Adoption Index evaluates 25 of the world’s largest financial institutions across three main categories: Bitcoin spot trading, crypto custody, and the availability of digital asset products.

Based on publicly available information as of July 10, Strategy estimated the average adoption rate across the institutions at 32%.

Fidelity ranked first with a score of 71%. The company has maintained a substantial lead over traditional banks after launching Fidelity Digital Assets in 2018 and gradually expanding its custody, trading, and institutional crypto services.

BNY Mellon placed second with 46%, while Goldman Sachs followed closely at 45%. Only a limited number of major banks have developed crypto custody infrastructure comparable to Fidelity’s broader digital asset offering.

The index is designed to measure long-term institutional adoption rather than short-term changes in Bitcoin’s price.

Goldman, JPMorgan, Morgan Stanley, and Citi Remain Closely Matched

JPMorgan Chase, Morgan Stanley, and Citigroup each received a score of 43%, placing them just two points behind Goldman Sachs.

The narrow gap illustrates how closely matched the largest Wall Street banks have become as they expand their exposure to crypto-related trading, investment products, and blockchain infrastructure.

Recent quarterly reports have also shown that trading divisions at JPMorgan and Goldman Sachs are generating revenue from digital asset-related activity.

However, direct Bitcoin services are only one part of the competition. Many financial institutions are also investing heavily in asset tokenization, with more than 15 major banks reportedly working on projects designed to move traditional financial instruments onto blockchain networks.

These initiatives may allow banks to increase their digital asset exposure without focusing exclusively on Bitcoin and could eventually reshape the ranking.

Tokenization Could Reshape the Index

The contrast between Fidelity and slower-moving competitors remains significant.

While Fidelity began building its digital asset division several years ago, firms such as Vanguard have only recently started developing a broader crypto strategy. Regional banks are even further behind and are largely still exploring how digital assets could fit into their existing businesses.

The rankings could change as more institutions introduce new products. Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup are reportedly preparing additional crypto initiatives, including new investment instruments, expanded custody services, and tokenization platforms.

Phong Le said the launch of these products could bring greater transparency to the sector and provide a clearer picture of how deeply traditional finance is integrating digital assets.

Strategy Has a Direct Interest in Banking Adoption

Strategy remains the world’s largest corporate holder of Bitcoin and has a direct interest in accelerating institutional adoption.

Executive Chairman Michael Saylor has repeatedly encouraged corporations, financial institutions, and governments to integrate Bitcoin into their balance sheets and financial infrastructure.

Greater participation from major banks could make Bitcoin-related products more accessible to institutional investors while strengthening the connection between traditional finance and the broader digital asset market.