Emirates NBD Eyes Bitcoin Allocation, Calling BTC "Digital Gold"

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Emirates NBD's comments highlight how regulated UAE players are inching closer to on-balance-sheet Bitcoin exposure.

Emirates NBD Group CIO Maurice Gravier stated on 24 February 2026 that the bank is actively reviewing Bitcoin as a portfolio allocation, describing it as "digital gold."
An initial Bitcoin position of 0.5% to 1% of selected portfolios is reportedly being evaluated as a prudent starting point.
Emirates NBD already offers retail crypto trading via its Liv X app and institutional custody through Zodia Custody, backed by Standard Chartered and Northern Trust.
The bank has separately endorsed tokenisation as a major structural shift in global finance, making Bitcoin allocation part of a broader digital asset strategy.
UAE crypto ownership rates of 25% to 30% among residents reflect strong client-driven demand behind the bank's review.
Regulatory and risk considerations - including capital treatment, custody segregation, and AML/CTF compliance - remain central to how any allocation would be structured.

UAE Regulatory Frameworks Set the Stage for Institutional Bitcoin Adoption

Emirates NBD's public discussion of Bitcoin portfolio exposure reflects a wider shift in how UAE-regulated financial institutions are approaching digital assets. The Virtual Assets Regulatory Authority (VARA), Dubai's specialist licensing body for crypto service providers, has spent the past two years building a framework that gives banks and investment managers clearer parameters for engaging with virtual assets, including Bitcoin. Alongside VARA, UAE Central Bank digital asset guidance has addressed virtual asset risk management and anti-money laundering and counter-terrorist financing (AML/CTF) compliance - lowering the barrier for established lenders to consider on-balance-sheet crypto exposure.

Emirates NBD's review is therefore not an isolated development. It reflects a broader institutional shift playing out across UAE banking and wealth management, where the combination of regulatory clarity, rising client demand, and improved custody infrastructure - exemplified by partnerships such as the one with Zodia Custody - has made Bitcoin institutional allocation a genuinely discussable strategic option for major lenders.

What Emirates NBD Has Said - and What Remains Undecided

Emirates NBD Group Chief Investment Officer Maurice Gravier stated on 24 February 2026 that the bank is "reviewing the possibility of adding Bitcoin to its portfolio." Speaking in a televised interview on CNBC's Squawk Box, Gravier described Bitcoin as "digital gold" - a long-term store of value rather than a speculative trading instrument. He pointed to Bitcoin's fixed supply and proof-of-work security model as features that distinguish it from fiat currencies and underpin its appeal as a macro hedge within diversified portfolios.

No firm timeline, allocation size, or final structure has been announced. However, reports citing people familiar with the discussions suggest an initial position of 0.5% to 1% of selected portfolios is being considered as a starting point. According to these accounts, Emirates NBD's investment team is focused on sizing any exposure to be strategically meaningful while remaining modest enough to absorb Bitcoin's historically high volatility within established risk limits.

Gravier acknowledged that recent market swings make it difficult to determine Bitcoin's fair value, but argued that its store-of-value credentials are strengthening as institutional infrastructure, custody solutions, and regulatory clarity all improve. The bank reportedly views Bitcoin as a digital analogue to gold - suited to strategic allocation in multi-asset portfolios and potentially useful as a hedge against monetary debasement and macroeconomic uncertainty.

Digital Asset Infrastructure Already in Place

Emirates NBD has already built meaningful operational foundations for digital asset services, which strengthens the case for eventual on-balance-sheet exposure. Through its digital banking arm Liv X, the bank allows retail customers to buy, sell, and trade cryptocurrencies directly within its mobile application. This places Bitcoin alongside conventional savings and investment products in a single, regulated interface - a level of integration that few traditional banks globally have achieved.

For institutional and high-net-worth clients, Emirates NBD has partnered with Zodia Custody - a digital asset custodian backed by Standard Chartered and Northern Trust - to offer institutional-grade, regulated custody solutions. This infrastructure is designed to meet demand from family offices, corporates, and sophisticated private clients seeking secure, compliant storage for crypto assets within the traditional banking perimeter. The bank's internal review of Bitcoin allocation is therefore building on an operational base that already exists, rather than starting from scratch.

Tokenisation Sits Alongside Bitcoin in a Broader Digital Strategy

Emirates NBD has separately highlighted tokenisation as a structural shift reshaping global finance. Bank executives have described tokenised assets as having the potential to enhance price transparency, enable peer-to-peer trading, and reduce intermediary costs - particularly in private markets and traditionally illiquid securities. According to reporting by CoinGape, the bank expects tokenisation to accelerate in areas such as private credit, real estate, and alternative funds.

The bank's digital asset custody announcement in late 2024 - which welcomed blockchain data provider Chainlink as a council member to support on-chain finance initiatives - further illustrates how Emirates NBD is aligning its digital asset roadmap with emerging supervisory expectations. Bitcoin allocation and tokenisation strategy are therefore complementary parts of a single, coherent approach to on-chain finance rather than separate or competing priorities.

Strong UAE Crypto Adoption is Driving Client Demand

Emirates NBD's review does not exist in a vacuum. Market data cited in regional reports shows that digital asset adoption in the UAE has reached some of the highest levels globally. Surveys and transactional analyses suggest that roughly one quarter to nearly one third of UAE residents hold some form of cryptocurrency - ahead of adoption rates in the United States and Singapore.

The scale of on-chain activity in the region is also striking. One analysis found that stablecoin transaction volumes in the Middle East now exceed combined Visa and Mastercard volumes in the region - highlighting the growing importance of digital settlement rails for cross-border flows and corporate treasury operations. The UAE is home to more than 400 crypto-related companies, with some forecasts suggesting this figure could surpass 1,000 in the coming years, driven in part by dedicated facilities such as the DMCC Crypto Centre.

This environment of high retail adoption and a rapidly expanding business ecosystem creates clear client-side pressure on UAE banks to offer more integrated digital asset services. For wealth management and private banking clients, Emirates NBD's potential portfolio allocation to Bitcoin is likely to be interpreted as a signal of institutional comfort with treating Bitcoin as a regulated strategic asset - not a short-term trading call.

Regulatory and Risk Considerations Remain Central

Any eventual Bitcoin allocation by Emirates NBD would need to navigate a range of regulatory and risk management requirements. These include capital treatment, operational risk, custody segregation, and accounting classification - areas where global standard-setting bodies and national regulators are still refining their approaches to bank-held crypto exposures.

UAE supervisors have been active in developing relevant guidance. VARA has introduced licensing regimes for exchanges, custodians, and other virtual asset service providers, while the UAE Central Bank has issued guidance covering virtual asset risk management, AML/CTF compliance, and client suitability. Emirates NBD is likely engaging closely with these bodies on concentration limits, stress-testing assumptions, and disclosure requirements before any allocation moves from internal review to execution.

Nonetheless, Gravier's decision to speak publicly about the bank's internal review signals that Emirates NBD sees a clear commercial and strategic rationale in positioning itself as open to Bitcoin. As high-net-worth and institutional clients increasingly expect their primary banking relationships to accommodate digital asset strategies within a regulated, onshore framework, Emirates NBD's public stance suggests the bank is actively seeking to meet that expectation.

What Clients are Asking their Advisors

What does on-balance-sheet Bitcoin exposure mean for a bank like Emirates NBD?

On-balance-sheet exposure means the bank itself holds Bitcoin as an asset within its own investment portfolios, as distinct from simply offering clients access to crypto products. This involves formal accounting recognition, capital allocation, and regulatory reporting - making it a more significant institutional commitment than facilitating client-side trading. It also signals to the market that the bank treats Bitcoin as a legitimate strategic asset class rather than a peripheral product offering.

How can Emirates NBD retail customers currently invest in Bitcoin through the bank?

Retail customers can already buy, sell, and trade cryptocurrencies - including Bitcoin - directly through the Liv X digital banking app, without needing a separate exchange or third-party platform. This gives UAE residents access to crypto within a fully regulated banking environment, where digital assets sit alongside conventional savings and investment products in a single interface. It represents one of the most integrated retail crypto offerings available through a major UAE lender.

How does Emirates NBD's Bitcoin review compare to approaches taken by major Western banks?

Most large Western banks have so far limited themselves to offering crypto custody or Bitcoin ETF (exchange-traded fund) access rather than holding Bitcoin directly on their own balance sheets. Emirates NBD's review of direct on-balance-sheet allocation, if it proceeds, would place it ahead of many global peers in terms of institutional commitment. The UAE's clearer regulatory environment - led by VARA and supported by UAE Central Bank guidance - gives Emirates NBD a framework that some Western banks still lack.

What are the main risks if Emirates NBD adds Bitcoin to its investment portfolios?

The primary risks include Bitcoin's high price volatility, which can cause significant mark-to-market swings within a portfolio, and evolving regulatory requirements around capital treatment and disclosure for bank-held crypto assets. Emirates NBD has signalled it would size any initial allocation modestly - reportedly 0.5% to 1% of selected portfolios - specifically to manage these risks within established limits. Regulatory uncertainty around how supervisors will ultimately classify and capital-weight bank-held Bitcoin remains an additional variable.