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U.S. Bancorp Reintroduces Institutional Bitcoin Custody Service After Three-Year Pause

U.S. Bancorp Reintroduces Institutional Bitcoin Custody Service After Three-Year Pause

U.S. Bank officially resumes its cryptocurrency custody services for institutional clients, now including bitcoin ETFs, with NYDIG acting as the sub-custodian amid a clearer regulatory environment.

BTC

Fact Check
Evidence confirms that U.S. Bancorp launched its institutional crypto custody service in October 2021. Sources from June 2025 corroborate that the service saw a 'revival' or was 'revitalized'. The time between the initial launch (late 2021) and the revival (mid-2025) is approximately 3.5 years, which aligns with the statement's claim of a 'three-year pause'.
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Summary

U.S. Bank has officially resumed its cryptocurrency custody services for institutional investment managers, relaunching a program first introduced in 2021. The new early access offering for Global Fund Services clients provides secure custody for bitcoin and has been expanded to include bitcoin ETFs, with NYDIG serving as the sub-custodian. The decision follows improved regulatory clarity, notably the SEC's rescission of Staff Accounting Bulletin No. 121, which had previously created operational hurdles. The move positions U.S. Bank alongside other major institutions like BNY Mellon and Fidelity in offering digital asset services.

Terms & Concepts
  • Bitcoin Custody Service: A service that securely stores Bitcoin for institutional clients, ensuring the safe management of their digital assets.
  • Bitcoin ETF: An exchange-traded fund that tracks the price of Bitcoin, allowing investors to gain exposure without directly holding the cryptocurrency.