Wall Street’s crypto U-turn: Five big names that flipped

For years, Wall Street titans dismissed crypto as a fad. Now, they're leading its next evolution.

From Citadel Securities to BlackRock and UBS, financial powerhouses that once questioned crypto’s legitimacy are pivoting toward adoption, recognizing its growing role in global finance. This shift isn’t just about dabbling in digital assets—it’s about reshaping the future of finance itself.

As traditional firms enter the space, they’re not just following trends. They’re setting the rules, legitimizing digital assets, and driving regulatory change.

1. Citadel Securities

Ken Griffin, Citadel Securities’ CEO, has long been a crypto skeptic. Just last year, he questioned its value, asking in an interview with Fortune, “What problem does [crypto] solve for our economy?”

Yet, the $503-billion firm is now taking steps into the crypto market. At the 2025 UBS Financial Services Conference in February, Citadel revealed its intention to become a market maker on Binance, Coinbase, and Crypto.com, according to Bloomberg.

Citadel isn’t just reacting to market trends—it’s actively pushing regulators to set clear rules for institutional involvement. If the US establishes a regulatory framework, Citadel wants to dominate liquidity provision, trading digital assets just as it does equities and fixed income.

This move isn't sudden. Since at least 2022, Citadel and Virtu Financial have been quietly building a cryptocurrency trading ecosystem backed by Sequoia Capital and Paradigm.

Citadel Securities’ move into crypto marks a sharp turn, given its CEO’s past skepticism—but it’s not the first major firm to make such a shift.

2. BlackRock

Larry Fink, the CEO of trillion-dollar BlackRock, once said in 2017 that Bitcoin is an “index of money laundering.” However, Fink and the Wall Street giant’s stance changed remarkably.

This became clear last year when BlackRock launched its iShares Bitcoin Trust (IBIT) ETF following SEC approval. Like mutual funds, ETFs track asset prices—IBIT follows Bitcoin—and can be traded on traditional exchanges like stocks.

IBIT made its mark among ETFs. In less than a year, its assets exceeded $50 billion—making it the fastest crypto ETF to reach that milestone. Fink has also vocally supported the industry, even boldly predicting that Bitcoin could reach $700,000. 

BlackRock’s iShares Bitcoin Trust (IBIT) ETF wasn’t just successful—it was instrumental in influencing the SEC to approve spot Bitcoin ETFs, a long-awaited milestone in crypto regulation.

3. DBS Bank

Singapore’s DBS Bank was once skeptical, with CEO Piyush Gupta calling Bitcoin a “Ponzi scheme” in 2017. But today, it’s leading institutional crypto adoption in Asia.

In 2020, DBS launched the DBS Digital Exchange (DDEx), offering trading and crypto custody services for institutional clients. By 2024, it expanded access across Asia and introduced over-the-counter (OTC) options trading and structured notes tied to Bitcoin.

This shift aligns with Singapore’s goal of becoming a global hub for regulated digital finance. A DBS executive summed it up: "Professional investors are increasingly allocating to digital assets in their portfolios. Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies.”

4. UBS 

UBS, Switzerland’s largest bank, has undergone a quiet but strategic shift.

Once a vocal Bitcoin critic, former chairman Axel Weber warned in 2017 that crypto was unsustainable. Yet in 2021, UBS changed course, offering crypto exposure to high-net-worth clients.

The bank has since doubled down. In 2023, it launched the Ethereum-based UBS USDT Money Market Investment Fund Token (uMINT), tapping into the growing appetite for tokenized assets. UBS also introduced UBS Digital Cash, a blockchain-powered solution for cross-border transactions.

UBS’s pivot is part of a broader Swiss movement toward crypto finance. Switzerland’s “Crypto Valley” in Zug is home to leading blockchain firms, and UBS’s adoption signals deeper institutional involvement.

5. Strategy (formerly MicroStrategy)

Founder Michael Saylor once dismissed Bitcoin, tweeting in 2013: “Bitcoin days are numbered.” Today, his firm holds more Bitcoin than any public company—recently surpassing 499,000 BTC after a $2 billion purchase.

In a symbolic shift, MicroStrategy even rebranded as “Strategy” with a Bitcoin logo in its name, doubling down on its identity as a corporate Bitcoin holder.

#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.

— Michael Saylor⚡️ (@saylor) December 19, 2013

Strategy is now the largest corporate holder of Bitcoin, surpassing Tesla and other public companies. Strategy just recently bought U.S. $2 billion worth of Bitcoin, making its treasury holdings reach over 499k BTC. The firm also underwent a rebrand—from “MicroStrategy” to “Strategy” with a small Bitcoin sign in the logo.