Binance founder Changpeng Zhao (CZ) recently drew attention after saying that major US banks are quietly increasing their Bitcoin holdings as the broader market panics and sells off. Following his pardon by US President Donald Trump, CZ has become more open with the media and is actively promoting his vision of a “cryptocurrency revolution” during international visits.
According to CZ, a new trend is emerging in which leading US financial institutions are purchasing Bitcoin on a large scale, despite retail investors remaining cautious and continuing to sell. Some notable names reportedly investing directly include BNY Mellon, Goldman Sachs, BlackRock, Barclays, and Standard Chartered. Meanwhile, banks such as JPMorgan Chase, Citibank, Morgan Stanley, and Wells Fargo are said to be gaining exposure indirectly through Bitcoin exchange-traded funds (ETFs).
Specifically, Wells Fargo is reported to have acquired around USD 383 million worth of BTC; Morgan Stanley invested approximately USD 270 million in the Grayscale Bitcoin Trust (GBTC); and JPMorgan holds millions of dollars’ worth across multiple Bitcoin ETFs. Goldman Sachs is also said to own roughly USD 1.3 billion in BlackRock’s Bitcoin ETF and USD 300 million in Fidelity’s ETF.
Are US Banks Really on a Bitcoin Buying Spree?
Although CZ is actively emphasizing the recent purchases, analysts believe it is still too early to conclude that US banks are entering a large-scale Bitcoin accumulation phase. The leading cryptocurrency has experienced a volatile and largely bearish 2025, while traditional assets such as gold and silver have significantly outperformed it.
Current investments by US banks in Bitcoin amount to only several billion dollars—a figure that sounds large but remains tiny when compared with their combined assets, which total tens of trillions of dollars. BlackRock alone manages more than USD 10 trillion, meaning its Bitcoin exposure still represents only a very small fraction of its valuation.
However, the possibility that top financial institutions will increase their Bitcoin holdings in the near future is considered realistic. Many senior industry executives have publicly expressed support for cryptocurrencies. If major banks begin treating Bitcoin as a reserve asset, the trend could spread to other corporations, creating a snowball effect that drives strong growth across the crypto market.
Beyond private institutions, some governments are also looking to add Bitcoin to their strategic reserves. In the United States, states such as Texas and New Hampshire have announced BTC purchases for their treasuries, while the federal government is also reportedly exploring similar moves.
