U.S. Bank has officially announced the resumption of its cryptocurrency custody services, specifically targeting institutional investment managers. This marks the relaunch of a program first introduced in 2021, now offered as an early access initiative for Global Fund Services clients. The service is meticulously designed to provide secure safekeeping solutions for bitcoin, with NYDIG, a vertically integrated bitcoin financial services firm, serving as the primary sub-custodian.

The decision to relaunch the program comes after a period of regulatory uncertainty, with U.S. Bank citing a significantly clearer framework for digital assets as a pivotal factor. Beyond just providing direct custody for bitcoin, the bank has strategically expanded its offering to encompass custody services for bitcoin exchange-traded funds (ETFs), allowing for more comprehensive solutions for its clients.

Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, underscored the bank’s pioneering efforts in digital finance. He 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.”

Tejas Shah, CEO of NYDIG, also commented on the significance of the partnership, highlighting its role in bridging traditional finance with the burgeoning digital asset economy. “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.”

The relaunch is a key component of U.S. Bank’s ongoing strategy to expand its digital capabilities, particularly for its institutional clientele. Dominic Venturo, senior executive vice president and chief digital officer, emphasized that this initiative firmly positions the bank at the forefront of innovation. “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.”

U.S. Bank Wealth, Corporate, Commercial and Institutional Banking boasts a significant portfolio, managing more than $11.7 trillion in assets under custody and administration as of June 30, 2025. The bank's extensive services span various financial sectors, including fund custody, ETF and alternative investment administration, asset management, corporate trust, and wealth management solutions. Headquartered in Minneapolis, U.S. Bancorp, the parent company, employs approximately 70,000 individuals and holds $686 billion in assets. The institution has garnered recognition for its digital innovation and exemplary client service, earning accolades such as being named one of the 2025 World’s Most Ethical Companies and one of Fortune’s most admired superregional banks.