BBVA is advising affluent clients to allocate up to 7% of their portfolios to crypto just months after it received permission to offer crypto trading.
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Spain’s second-largest bank, BBVA (Banco Bilbao Vizcaya Argentaria), has advised its affluent clients to allocate some of their investment portfolio to invest in crypto.
BBVA told its wealthy clients to invest between 3% to 7% of their portfolio into crypto and Bitcoin (BTC), depending on their desired risk exposure, Reuters reported on Tuesday, citing a company executive.
“With private customers, since September last year, we started advising on Bitcoin,” Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, said at a conference in London. He added that the portfolio allocation has now been increased for riskier profiles.
Meyer said clients had been receptive to the bank’s advice and dismissed concerns that the asset was too risky. “If you look at a balanced portfolio, if you introduce 3%, you already boost the performance. At 3%, you are not taking a huge risk,” he said.
BBVA’s move comes amid continued warnings from European Union regulators and the bloc’s central bank on crypto risks, and while 95% of EU banks are avoiding crypto activities according to the European Securities and Markets Authority (ESMA).
BBVA gets regulatory nod in Spain for crypto
BBVA has been executing crypto trades since 2021 and moved to active advisory in late 2024, positioning itself ahead of most traditional banks.
In March, Spain’s securities regulator allowed the bank to offer Bitcoin (BTC) and Ether (ETH) trading in the country.
BBVA’s crypto offerings were launched in a phased rollout to select clients first, and will enable users to buy, sell, and manage digital assets through its mobile app in the coming months.
Impact of MiCA
BBVA’s expansion into crypto came as the European Markets in Crypto-Assets Regulation (MiCA) reached full implementation at the end of 2024.
Related: Europe gears up to regulate DeFi in 2026 as MiCA leaves sector in limbo
EU crypto companies have until July 2026 to fully comply with its stringent requirements under an 18-month transitional phase.
Santander eyes stableoins
Other banks that are offering select crypto trading include Santander, which is mulling the issuance of its own stablecoin and expanding retail crypto services.
The bank is considering offering both dollar and euro-pegged stablecoins, according to a May report.
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