BNY Mellon dropped $3.8 billion on technology in 2025, nearly a fifth of its total revenue, signaling a sharp focus on long-term growth rather than AI token usage stats. CFO Dermot McDonogh dismissed tracking token burn as a vanity metric, emphasizing real AI results over flashy consumption numbers.
The oldest American bank isn’t chasing Silicon Valley’s AI token leaderboards. Instead, it’s quietly expanding its crypto custody business, having launched a digital asset custody platform in October 2022 that holds Bitcoin and Ether for institutional clients. This move positions BNY Mellon as a frontrunner among traditional banks entering the crypto space.
Looking ahead, BNY plans to roll out its Digital Asset Data Insights platform in April 2025, already landing BlackRock’s tokenized fund as its first client. Alongside this, the bank will start offering Bitcoin and Ether custody services in the UAE next year through new partnerships, expanding its global crypto footprint.
This shift matters because institutional investors like pension and sovereign wealth funds require trusted, regulated custodians rather than crypto exchanges. Tokenized funds are rapidly growing, and BNY providing infrastructure for BlackRock’s fund shows the bank’s commitment to tokenization’s lasting role in finance.
This content is for informational purposes and does not constitute financial advice.
