US Bank Resumes Bitcoin Custody Services, Signaling Broader Institutional Shift
Institutional investors are increasingly seeking regulated access to digital assets as banks adapt their offerings to meet demand. U.S. Bank announced on Sept. 3 that it has resumed cryptocurrency custody services, initially introduced in 2021, through an early access program for Global Fund Services clients. The bank explained:
The services are intended for institutional investment managers with registered or private funds who seek a secure safekeeping solution for bitcoin.
The updated platform also includes support for bitcoin exchange-traded funds (ETFs), with NYDIG, a bitcoin financial services and infrastructure firm, selected as sub-custodian.
Executives positioned the relaunch as both a continuation of earlier work and a response to evolving regulation. Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, stated: “We’re proud that we were one of the first banks to offer cryptocurrency custody for fund and institutional custody clients back in 2021, and we’re excited to resume the service this year. Following greater regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, which allows us to provide full-service solutions for managers seeking custody and administration services.”
From NYDIG’s side, CEO Tejas Shah commented: “NYDIG is honored to partner with U.S. Bank as its primary provider for bitcoin custody services. Together, we can bridge the gap between traditional finance and the modern economy by facilitating access for Global Fund Services clients to bitcoin as sound money, delivered with the safety and security expected by regulated financial institutions.”
Broader strategic ambitions were also highlighted. Dominic Venturo, senior executive vice president and chief digital officer at U.S. Bank, remarked: “U.S. Bank has been at the forefront of exploring how digital assets can serve our clients. Further expanding our capabilities unlocks new opportunities to deliver innovative solutions to those we serve. U.S. Bank will continue to drive progress and shape the future of what matters for our clients in digital finance.” With $11.7 trillion in assets under custody and administration as of June 30, 2025, the bank’s return to bitcoin custody signals growing institutional readiness to engage with cryptocurrencies. While critics highlight risks from market volatility and custodial complexity, advocates contend that regulated partnerships improve security and broaden access for institutional investors seeking exposure to the asset class.
