Wall Street is having a moment, and Citigroup is making the most of it. The bank reported total markets revenue of $5.9B in the second quarter of 2025, a 16% jump from the same period last year, marking its strongest second quarter since 2020.

Net income came in at $4.0B on total revenues of $21.7B, clearing analyst estimates by enough to matter.

Where the money came from

Fixed Income Markets carried the heaviest load, generating $4.3B, up 20% year-over-year.

Equity Markets contributed $1.6B, a 6% increase from a year ago. The more interesting number buried inside that figure: prime balances grew roughly 27%, pointing to a surge in institutional client activity.

The results dropped on July 15, beating all estimates on the Street.

Citi’s crypto bet is quietly getting bigger

Citi is planning to launch crypto custody services in 2026, building on the infrastructure it has been quietly assembling. The bank’s Citi Token Services is already designed to facilitate around-the-clock liquidity movement and deepen blockchain connectivity across institutional clients.

Citi has also published research under the “Tokenization 2030” banner projecting that tokenized assets could reach trillions in value by the end of the decade.

What this means for digital asset markets

For crypto-native firms watching Citi’s results, the more relevant read is what the 2026 custody launch does to the competitive landscape. Companies like Coinbase, which has built custody into a core revenue line through its institutional products, will face a well-capitalized new entrant with existing prime brokerage relationships and a globally recognized balance sheet.

If Citi Token Services scales as designed, the bank could become a significant conduit for moving traditional assets onto blockchain rails. The practical question is how quickly institutional demand for tokenized treasuries, equities, and credit instruments actually materializes, and whether Citi builds fast enough to capture early-mover advantage against rivals like JPMorgan, which has been running its own blockchain settlement infrastructure for years.