MicroStrategy — now called Strategy — published its first Bitcoin Banking Adoption Index on Sunday, grading 25 of the world's largest banks on how deeply they've embraced the asset. The initial overall score: 32%. Fidelity leads the pack at 71%, while JPMorgan Chase, Morgan Stanley, and Citigroup each sit at 43%. Bitcoin traded near $64,539 yesterday, up about 1% over 24 hours.
How the index works
The index scores banks across three categories: Bitcoin trading, custody services, and product depth — things like ETFs, derivatives, and lending. Fidelity's 71% reflects its Fidelity Digital Assets custody arm, which launched back in 2018. BNY Mellon follows at 46%, Goldman Sachs at 45%. The bottom half of the list is a lot of single digits and zeros.
Who's moving, who's not
Goldman, JPMorgan, Morgan Stanley, and Citi are each developing several Bitcoin and crypto initiatives expected to launch this year. That could reshuffle the rankings quickly. Vanguard, by contrast, has only recently begun planning its own crypto strategy — years after Fidelity built its custody business. MicroStrategy itself holds the largest corporate Bitcoin treasury, though the index doesn't grade its own bank.
What the score means
A 32% average across 25 top banks isn't great. It suggests most are still testing the waters rather than going all-in. But the fact that Strategy is publishing a public scorecard — and that several banks have launches planned for 2026 — signals the pressure is on. Banks that drag their feet risk looking like Vanguard: late to a party Fidelity started hosting eight years ago.
Strategy says it will update the index periodically. The real test comes later this year, when Goldman, JPMorgan, Morgan Stanley, and Citi are expected to roll out their new crypto products. If those launches materialize, the 43% cluster could break apart fast.
