Institutional investors are increasingly looking for regulated access to digital assets as banks modify their services to satisfy this demand. On September 3, U.S. Bank announced that it has restarted its cryptocurrency custody services, which were first launched in 2021, through an early access program for clients of Global Fund Services. The bank elaborated:
These services are designed for institutional investment managers with registered or private funds who are in search of a secure solution for the safekeeping of bitcoin.
The revamped platform also offers support for bitcoin exchange-traded funds (ETFs), with NYDIG, a firm specializing in bitcoin financial services and infrastructure, chosen as the sub-custodian.
Executives framed the relaunch as a continuation of previous efforts and a reaction to changing regulations. Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, remarked: “We take pride in being one of the first banks to provide cryptocurrency custody for fund and institutional custody clients back in 2021, and we are thrilled to bring this service back this year. With increased regulatory clarity, we have broadened our offerings to include bitcoin ETFs, enabling us to deliver comprehensive solutions for managers in need of custody and administration services.
NYDIG’s CEO Tejas Shah expressed, "We are privileged to collaborate with U.S. Bank as its main provider for bitcoin custody services. This partnership allows us to connect traditional finance with the contemporary economy, enabling Global Fund Services clients to access bitcoin as a reliable form of currency, all while ensuring the safety and security that regulated financial institutions demand."
Additionally, broader strategic goals were emphasized. Dominic Venturo, senior executive vice president and chief digital officer at U.S. Bank, stated, "U.S. Bank has been leading the way in investigating how digital assets can benefit our clients. By further enhancing our capabilities, we open up new avenues to provide innovative solutions to those we serve. U.S. Bank is committed to advancing progress and shaping the future of what is important for our clients in the realm of digital finance." With $11.7 trillion in assets under custody and administration as of June 30, 2025, the bank’s re-entry into bitcoin custody indicates a growing institutional willingness to engage with cryptocurrencies. Although critics point out the risks associated with market volatility and custodial complexities, supporters argue that regulated partnerships enhance security and expand access for institutional investors looking to invest in this asset class.
