U.S. Bank has restarted its bitcoin custody business, reviving a service first launched in 2021 through an early access program for Global Fund Services clients. The bank said the offering is designed for institutional investment managers overseeing registered or private funds that need a secure safekeeping solution for bitcoin.
Custody Relaunch Expands to Bitcoin ETFs
The renewed platform goes beyond direct bitcoin custody by adding support for bitcoin ETFs. U.S. Bank has selected NYDIG as sub-custodian, strengthening the infrastructure behind its digital asset offering for institutional clients. In practice, this broadens the bank’s role from pure custody into a more comprehensive service model for managers seeking both safekeeping and administration tied to bitcoin-related exposure.
Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, said the bank was among the first to offer crypto custody to fund and institutional custody clients in 2021. He framed the relaunch as a response to increased regulatory clarity, adding that the inclusion of bitcoin ETFs allows the bank to deliver fuller solutions for managers looking for custody and fund administration services.
Institutional Crypto Access Continues to Mature
NYDIG CEO Tejas Shah said the partnership helps bridge traditional finance and the modern economy by giving Global Fund Services clients access to bitcoin with the security standards expected from regulated financial institutions. U.S. Bank Chief Digital Officer Dominic Venturo also said the expanded capabilities create new opportunities to serve clients through digital finance innovation.
As of June 30, 2025, U.S. Bank held $11.7 trillion in assets under custody and administration. Given that scale, its return to bitcoin custody is a notable signal that institutional engagement with digital assets is moving deeper into regulated financial channels. While concerns around volatility and operational complexity remain, supporters argue that bank-led and regulated partnerships can improve security and widen access for professional investors.