Key Takeaways:
- Institutional crypto adoption is booming, with giants like JPMorgan, BlackRock, and Fidelity now involved across multiple verticals: trading, custody, tokenization, and crypto funds.
- Wealth platforms are still gatekeeping Bitcoin access, with 15 major firms prohibiting exposure to spot ETFs, despite surging demand.
- Bitwise’s viral chart signals a shift, surfacing just as regulators ease up and Wall Street quietly piles into crypto at record scale.
In a subtle yet pointed move, Bitwise published a now-viral image on X asking: “Remember when banks were scared of crypto?” paired with a chart that leaves little room for doubt. The institutional floodgates are open. But retail investors? They’re still being held at arm’s length.
Let’s unpack the data and the timing.
Read More: Wall Street Goes Crypto? BNY & Goldman Sachs Unlock $55T Market with Tokenized Funds
Institutional Crypto Adoption Hits New Highs
Bitwise’s chart titled “Crypto Adoption by Institutions” paints a striking picture of how deeply traditional finance is now entrenched in crypto. As of June 30, 2025, over 20 of the world’s largest financial institutions are active in one or more crypto verticals. Here’s where they’re focusing:
- Crypto Trading & Custody: BlackRock, JPMorgan, CBOE, Goldman Sachs, and Morgan Stanley are among the 17 institutions now offering trading, custody, or both.
- Private Crypto Funds: Firms like Franklin Templeton, Fidelity, and BNY Mellon are running private crypto vehicles for high-net-worth clients.
- Tokenization: This area is rapidly gaining steam. 14 institutions, including Mastercard, Citi, Deutsche Bank, and Société Générale, are exploring or actively issuing tokenized assets.
Notably, even legacy players like Bank of America and Wells Fargo have ticked multiple boxes, a clear departure from their historically cautious stance.
This massive shift underscores a growing consensus: crypto is now core infrastructure, not fringe experimentation.
So Why Did Bitwise Drop This Chart Now?
The timing of Bitwise’s chart post wasn’t random, it coincides with a flurry of Q2 2025 crypto developments that have dramatically reshaped the institutional landscape:
- The U.S. Senate passed the GENIUS Act, providing legal clarity for stablecoin issuance and sending a strong regulatory green light.
- The SEC, under new Chair Paul Atkins, reversed years of anti-crypto policy, easing restrictions on staking, custody, and stablecoins.
- The OCC reaffirmed banks’ authority to trade and custody crypto, enabling full institutional execution.
- FINRA dropped the 2019 broker-dealer custody rule, removing one of the final blockers for banks.
In short: the biggest regulatory hurdles are falling and the world’s largest asset managers are sprinting through the opening.
Coinbase joining the S&P 500 and Circle’s record-breaking IPO are just icing on the cake.
Institutions are no longer “testing the waters”, they’re all-in.
Read More: SEC Pauses Bitwise Crypto ETF Just After Approval; What’s Behind the Shock Decision?
But Retail Investors Still Face Roadblocks
While Wall Street dives deeper into digital assets, the “Bitcoin ETP Access at Top U.S. Wealth Platforms” chart tells a different story for retail. Despite the launch of spot Bitcoin ETFs in early 2024, access is still throttled across key advisor platforms.
Here’s what the data shows:
- 15 firms still prohibit access entirely, including Citi, Edward Jones, Raymond James, and Neuberger Berman.
- Another 10 platforms impose heavy restrictions, including JPMorgan, Goldman Sachs, and Wells Fargo.
- Only 4 firms offer unrestricted access: Fidelity, Charles Schwab, UBS Americas, and Wells Fargo (ironically).
This is particularly notable because these platforms collectively manage trillions in assets and control the investment choices of millions of Americans via advisors and retirement plans.
In a market where Bitcoin outperformed gold and stocks by 3–5x in Q2, this disconnect is glaring.
Bitwise didn’t just post a chart. It dropped a signal. One that says institutional crypto adoption is no longer a headline, it’s happening now. And if history is any guide, retail access will follow fast.
Expect the next wave of adoption to hit just as the old guard finally opens the gates.
