U.S. Bank announced today that it has officially resumed its cryptocurrency custody services for institutional investment managers, reopening a program first introduced in 2021. The service, which is being relaunched as an early access program for Global Fund Services clients, is designed to provide secure safekeeping solutions for bitcoin, with NYDIG serving as the sub-custodian.
The decision comes after years of regulatory uncertainty, with U.S. Bank citing a clearer framework for digital assets as a key factor in relaunching the program. In addition to providing custody for bitcoin directly, the bank has expanded its offering to include custody services for bitcoin exchange-traded funds (ETFs).
Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, highlighted the bank’s pioneering role in digital finance. “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.”
NYDIG, a vertically integrated bitcoin financial services and power infrastructure firm, will act as the primary bitcoin sub-custodian for the program. Tejas Shah, CEO of NYDIG, said the partnership underscores the convergence of traditional finance with the 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 reflects U.S. Bank’s ongoing strategy to expand its digital capabilities for institutional clients. Dominic Venturo, senior executive vice president and chief digital officer, said the initiative 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 currently manages more than $11.7 trillion in assets under custody and administration as of June 30, 2025. The bank’s services span fund custody, ETF and alternative investment administration, asset management, corporate trust, and wealth management solutions.
Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank, with approximately 70,000 employees and $686 billion in assets. Recognized for digital innovation and client service, U.S. Bank has also earned recognition as one of the 2025 World’s Most Ethical Companies and one of Fortune’s most admired superregional banks.
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