In a major milestone for institutional adoption, major US banks have begun offering credit lines backed by Bitcoin (BTC) or BTC-linked products like spot ETFs.
This shift, highlighted by MicroStrategy Executive Chairman Michael Saylor at Binance Blockchain Week in Dubai on December 9, 2025, marks a rapid evolution from zero BTC lending programs among the top 10 US banks in Q4 2024 to active facilities today.
Saylor noted that eight of the top 10 banks are now involved, driven by Basel III reforms classifying BTC as a Tier 1 asset, surging demand for BTC-backed loans, and $50 billion in new credit lines issued since September 2025 per PwC and Kaiko Research.
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The banks explicitly named by Saylor include; Citi: Preparing US-based BTC custody and credit offerings for 2026 rollout.
JPMorgan: Allowing institutional clients to borrow against BTC holdings by end-2025; expanded blockchain tests for tokenized BTC deposits.
Wells Fargo: Joined in Q4 2025, offering loans against BTC ETFs and direct holdings post-Basel III.
BNY Mellon: Expanded BTC custody to include lending in Q4 2025, holding assets for ETFs.
Charles Schwab: Plans BTC custody and credit against crypto in 2026.
Bank of America: Actively discussing and initiating BTC collateral programs.
This trend aligns with broader regulatory green lights: The OCC’s Interpretive Letter 1184 in March 2025, which allows banks to custody and execute BTC trades, while Letter 1186 in November 2025 permits holding small BTC amounts for network fees.
PNC Bank, partnering with Coinbase, became the first major US bank to offer direct spot BTC trading to private clients in December 2025. Saylor emphasized this as “digital capital creating digital credit,” urging Middle Eastern nations to build BTC-backed financial hubs.
These programs typically offer low-rate USD loans around % APR against BTC collateral at 50-70% loan-to-value ratios, enabling holders to access liquidity without selling. However, risks like volatility-triggered margin calls remain, as seen in past crypto winters. This integrates BTC deeper into traditional finance, potentially unlocking trillions in collateralized lending.
Jack Mallers’ Twenty One Capital Begins Trading on the NYSE
Twenty One Capital—co-founded by Strike CEO Jack Mallers—debuted on the New York Stock Exchange (NYSE) under ticker XXI following a SPAC merger with Cantor Equity Partners.
Backed by Tether (majority owner), Bitfinex, SoftBank ~$330B AUM, and Cantor Fitzgerald a Fed Primary Dealer, the firm launched with a $3.9 billion BTC treasury 43,514 BTC at ~$91,350/BTC, instantly ranking as the world’s third-largest public corporate BTC holder behind MicroStrategy (Strategy) and MARA Holdings.
Mallers, in a CNBC interview, positioned XXI as more than a “Bitcoin HODLer”: “Bitcoin is honest money… We’re going to buy as much Bitcoin as we possibly can” using cash flows, convertible bonds, and raised capital. The firm aims to become the largest public BTC holder while building a “Bitcoin-native” ecosystem, including: Brokerage, exchange, and lending services.
Shares debuted at $10.76 near the $10 PIPE price, dipped ~25% to $10.50 intraday amid broader crypto pressure BTC down 28% from its $126K October peak, and closed at $11.43. This reflects typical SPAC debut jitters but underscores growing corporate BTC treasuries like Strive raised $500M for more BTC buys.
Twenty One’s launch coincides with the banking surge, amplifying BTC’s role as “digital gold.” Mallers’ family ties to finance and Strike’s payment tech position XXI to bridge TradFi and crypto, potentially rivaling MicroStrategy’s model. As Saylor noted, this “killer app” of digital credit on BTC could redefine global markets.