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U.S. Bank announced it has resumed cryptocurrency custody services for institutional investment managers through an early access program, according to a press release statement. The bank originally launched these services in 2021 before pausing them.
The services target institutional investment managers with registered or private funds seeking secure bitcoin storage solutions. NYDIG will serve as the bitcoin sub-custodian for the program, which is available to Global Fund Services clients.
The bank has expanded its offering to include bitcoin ETFs, citing greater regulatory clarity as a factor in the resumption. Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, stated the expansion allows the bank to provide full-service solutions for managers seeking custody and administration services.
U.S. Bank’s Wealth, Corporate, Commercial and Institutional Banking division holds more than $11.7 trillion in assets under custody and administration as of June 30, 2025. The parent company, U.S. Bancorp (USB), has approximately 70,000 employees and $686 billion in assets.
NYDIG, a bitcoin financial services and power infrastructure company, operates within Stone Ridge Holdings Group. Tejas Shah, CEO of NYDIG, said the partnership aims to bridge traditional finance and digital assets for institutional clients.
The custody services complement U.S. Bank’s existing offerings, which include alternative investment services, ETF and fund custody, fund administration, asset management, corporate trust and wealth management services.