MicroStrategy's Bitcoin Banking Adoption Index shows Fidelity leading at 71% while Goldman, JPMorgan, Morgan Stanley, Citi cluster within 3 points. CEO Phong Le sees more crypto products closing the gap by year-end.
Phong Le, chief executive of MicroStrategy, said Wall Street's largest banks are locked in a tight race for second place on the company's Bitcoin Banking Adoption Index. Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Citigroup each scored within three points of one another. Fidelity held a commanding lead at 71%.
The index grades 25 major banks on Bitcoin trading and custody. It also accounts for product depth. MicroStrategy published the initial 32% overall score, drawing on public data through July 10. Fidelity topped the list, built on Fidelity Digital Assets, the custody arm it launched in 2018. BNY followed at 46%. Goldman Sachs scored 45%. JPMorgan, Morgan Stanley, and Citigroup each landed at 43%.
Record bank earnings this quarter show JPMorgan and Goldman trading desks already profiting from crypto-adjacent activity. Several rivals are chasing tokenization efforts underway across the sector, where more than 15 banks compete to move assets on-chain. That shift sidesteps Bitcoin entirely and could reshape future index gains.
Vanguard illustrates the gap further. The asset manager only recently started planning its own crypto strategy, years after Fidelity built out its custody business. Smaller regional lenders have barely started.
Major-bank Bitcoin adoption is accelerating, yet remains early: 32% overall as measured by the index. Michael Saylor, MicroStrategy's executive chairman, posted that assessment on X alongside the index's July 13 debut.
Goldman Sachs and JPMorgan are each developing several crypto initiatives slated for release within the current year. These include new exchange-traded products and custody expansions. Le expects these launches to bring more clarity to the sector by year-end.
MicroStrategy, holder of the largest corporate Bitcoin treasury, has a stake in that outcome. The company's Alpha Score sits at 26 out of 100, reflecting weak momentum relative to peers. Goldman Sachs holds a 53. JPMorgan scores 56 with a Moderate label and a current price of $341.10, down 0.60% today.
Le said he sees the bank race narrowing as more products ship before December.
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