U.S. Bank Resumes Bitcoin Custody and ETF Services

U.S. Bank restarts crypto custody for institutions, now supporting bitcoin ETFs. Partner NYDIG ensures institutional-grade security for digital asset storage.

U.S. Bank reenters crypto custody

U.S. Bank announced it has resumed cryptocurrency custody services for institutional investment managers. The program, which includes support for bitcoin and ETFs, originally launched in 2021 but was paused in 2022 due to regulatory uncertainty.

The service is available through the bank’s Global Fund Services division, with NYDIG serving as sub-custodian for bitcoin. This partnership provides a secure infrastructure for institutions entering digital asset markets.

Why the service is returning

According to Stephen Philipson, vice chair of U.S. Bank Wealth, clearer regulations prompted the bank to relaunch. He emphasized that U.S. Bank was among the first U.S. institutions to offer crypto custody services for fund and institutional clients.

NYDIG CEO Tejas Shah described the collaboration as a bridge between traditional finance and the digital economy, giving institutions safer bitcoin access with institutional-grade safeguards.

Scale and market impact

As of June 30, U.S. Bank reported more than $11.7 trillion in assets under custody and administration. Its services cover ETFs, fund administration, corporate trust and wealth management. Analysts see this move as a step that reinforces U.S. Bank’s position in the fast-evolving crypto industry.