The five largest banking conglomerates in the United States have just published their second-quarter financial results, with combined profits reaching a staggering $49 billion. This figure is an all-time high and is directly linked to assets that could be fully replaced by cryptocurrency and blockchain solutions in the coming years.
The absolute leader was JPMorgan Chase, which posted a profit of $21.2 billion. The bank's trading revenue surged by 86%, reaching $6.03 billion, while total trading income hit a record $12.1 billion. Investment banking fees, including commissions for arranging stock placements and handling M&A transactions, rose by 30% to $3.3 billion — the best result since 2021. Notably, even its stake in the Visa payment system brought JPMorgan $4.6 billion in profit for the quarter.
Goldman Sachs' Gold Standard
Goldman Sachs also reported record results: earnings per share stood at $20.98 on revenue of $20.34 billion. The bank's net profit reached $6.63 billion, with a return on equity of 23.5%. The key driver was underwriting: fees from stock placements jumped by 130%, and income from organizing debt issuances rose by 75%. Overall, the bank's investment fees increased by 55% to $3.40 billion.
The other members of the "Big Five" also exceeded expectations. Bank of America's net profit grew by 27% to $9.1 billion. Wells Fargo earned $6.4 billion, and Citigroup posted $5.8 billion, compared to $4 billion a year earlier.
Owning Infrastructure Is More Profitable Than Selling Products
The modern financial system can be compared to a toll highway for money. Trading terminals, custodial vaults, clearing services, and settlement hubs consistently charge fees for any transactions. In the past quarter, it was these technical service providers that claimed the lion's share of total revenue.
Traditional lending, where banks earn on the spread between rates, remained stable but contributed almost no growth. The difference is important: infrastructure revenues increase with activity, while lending profits only grow when interest rates change.
The example of JPMorgan's profit from its stake in Visa clearly confirms this rule. The well-known payment system originated back in 1958 within Bank of America. It became a fully independent international network only after its IPO in 2008. Banks that retained control over these transaction rails have been extracting rents for decades.
Meanwhile, IBM presents the opposite situation. The company reported that preliminary second-quarter revenue was about $17.2 billion, falling short of expectations. IBM's shares dropped by 22% in pre-market trading. Corporate budgets are shifting toward chips, energy-intensive solutions, and data center capacity — a technological version of new infrastructure — rather than old software.
Why Record Bank Profits Matter for the Crypto Market
For digital asset holders, the key benchmark is overall liquidity. This indicator reflects the freedom of movement of monetary capital between markets. High revenues from investment divisions confirm excellent platform capacity and investors' willingness to take risks. Historically, it is precisely such phases of the monetary cycle that support the price of Bitcoin and other cryptocurrencies.
Following the approval of spot Bitcoin ETFs in the U.S., the crypto sphere has begun to develop in sync with the traditional stock market. The very idea of creating efficient transaction pathways is closely tied to the development of decentralized systems. Stablecoins are designed to replace the traditional settlement environment, providing round-the-clock processing of transfers anywhere on the planet. Digital dollar issuers earn income from placing reserves in government bonds while offering users instant service.
Major Banks Are Already Building Digital Infrastructure
More than 15 banks are competing for leadership in tokenizing finance on their own closed networks. JPMorgan's blockchain division, called Kinexys, has already processed transactions worth over $4 trillion since its launch, with an average daily volume exceeding $7 billion. The JPMD deposit token now operates on Base, a public Ethereum network.
Statements from the institutional level confirm the same trend. BlackRock and HSBC recently joined a British initiative for asset tokenization, which, according to government estimates, could add $44 billion to the country's annual GDP by 2035.
My analysis: Wall Street has clearly shown where the main financial flows are concentrated. The key intrigue remains who exactly will build the settlement system of the future: traditional banks, stablecoin issuers, or open blockchain networks. The current profit records are not just numbers; they are a powerful signal that control over transaction infrastructure remains the most profitable business in the world, and the crypto industry is targeting precisely this sector.