U.S. Bank has officially resumed its cryptocurrency custody services for institutional investment managers, marking the relaunch of a program that first began in 2021. This initiative will now roll out as an early access program specifically for Global Fund Services clients and aims to provide secure safekeeping solutions for bitcoin. Notably, NYDIG will serve as the sub-custodian for these services.
The bank’s decision to relaunch its cryptocurrency custody program comes after a period marked by regulatory uncertainty. U.S. Bank cited the emergence of a clearer regulatory framework for digital assets as a significant factor in its renewed confidence. In addition to direct bitcoin custody services, the bank is also expanding its offerings to include custody services for bitcoin exchange-traded funds (ETFs).
Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, emphasized the bank’s pioneering role in the realm of digital finance. “We’re proud that we were one of the first banks to offer cryptocurrency custody for fund and institutional clients back in 2021, and we’re excited to resume the service this year,” he stated. Following the regulatory developments, he added that the bank’s expanded offering now encompasses both custody and administration services for bitcoin ETFs.
NYDIG, recognized as a vertically integrated bitcoin financial services firm, will be the primary bitcoin sub-custodian for this program. Tejas Shah, CEO of NYDIG, expressed enthusiasm about the partnership, highlighting its purpose of bridging the gap between traditional finance and the digital asset economy. “NYDIG is honored to partner with U.S. Bank as its primary provider for bitcoin custody services. Together, we can ensure access for Global Fund Services clients to bitcoin as sound money, delivered with the safety and security expected by regulated financial institutions,” Shah noted.
The relaunch aligns with U.S. Bank’s ongoing strategy to enhance its digital capabilities for institutional clients. Dominic Venturo, senior executive vice president and chief digital officer, remarked that this initiative positions the bank at the cutting edge of innovation in digital finance. “U.S. Bank has been at the forefront of exploring how digital assets can serve our clients. Further expanding our capabilities unlocks new opportunities for us to deliver innovative solutions,” he stated.
As of June 30, 2025, U.S. Bank Wealth, Corporate, Commercial and Institutional Banking manages over $11.7 trillion in assets under custody and administration. The bank’s comprehensive suite of services includes fund custody, ETF and alternative investment administration, asset management, corporate trust, and wealth management solutions. Headquartered in Minneapolis, U.S. Bancorp, the parent company of U.S. Bank, employs approximately 70,000 individuals and holds $686 billion in assets. The organization has been recognized for its commitment to digital innovation and exceptional 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.
