BlackRock selects Anchorage Digital Bank as second Bitcoin custodian, adding to risk management strategy.

From Yahoo Finance: 2025-04-08 12:00:00

BlackRock, the world’s largest asset manager, selected Anchorage Digital Bank as the custodian for its Bitcoin holdings on Apr. 7. With Coinbase already serving as the primary custodian for BlackRock’s iShares Bitcoin Trust, Anchorage will now act as an additional custodian. The asset manager signed a custodial services agreement with Anchorage, as disclosed in its Form 8-K filing with the SEC.

While BlackRock will not immediately transfer any Bitcoin to Anchorage, the agreement stipulates that Anchorage must store all private keys associated with IBIT’s Bitcoin in cold storage. This ensures protection against online threats such as hacks and malware. Anchorage is also required to maintain insurance policies for coverage.

BlackRock’s decision to add Anchorage as a secondary custodian is part of its risk management strategy, especially given the growing size of the trust. Anchorage Digital Bank, a federally chartered crypto bank, received approval from the OCC in 2021. The bank previously entered into an agreement to provide custody services for ARK 21Shares Bitcoin ETF.

Most Bitcoin ETF issuers have chosen Coinbase as their custodian, but BlackRock has been offering spot Bitcoin ETFs in the U.S. since January 2024. As of Apr. 7, the IBIT ETF held net assets worth $45 billion according to SoSoValue.



Read more at Yahoo Finance: BlackRock has a new Bitcoin custodian besides Coinbase