BlackRock Broadens Custody Solutions with Anchorage Digital

By: Isha Das

In a strategic move to enhance the custodial structure of its iShares Bitcoin Trust (IBIT), BlackRock has officially incorporated Anchorage Digital Bank N.A. as an additional Bitcoin custodian. This decision was disclosed in a Form 8-K filing on April 7, 2025, introducing Anchorage as part of their Master Custody Service Agreement, alongside Coinbase, which continues its role as the primary custodian. The introduction of Anchorage is aimed at bolstering the security framework and offering greater operational redundancy for one of the largest Bitcoin ETFs in the market.

The integration of a dual-custodian model reflects BlackRock's calculated strategy to mitigate risks by introducing a secondary custodian without altering the trust's core investment structure. Anchorage, a digital asset bank with a national trust charter, is held to rigorous regulatory standards and will utilize cold storage solutions for safeguarding private keys. This setup ensures that the IBIT can maintain its scalability and resilience while meeting federal banking standards, emphasizing BlackRock's commitment to adhering to high compliance measures within a nascent and evolving regulatory landscape.

The demand for robust custodial practices has grown as IBIT has seen significant capital inflows, marking its position among the top-performing Bitcoin ETFs. As the custodial framework is expanded, BlackRock enhances its operational resilience against unforeseen disruptions, be they operational, regulatory, or technical in nature. Anchorage's involvement underscores a proactive approach to risk management that resonates with institutional expectations for diversification and redundancy in digital asset management.

While Anchorage's addition is poised to fortify the custodial infrastructure, no immediate transfers of Bitcoin assets have taken place, leaving Coinbase responsible for current holdings. By incorporating Anchorage, BlackRock is preparing for a potential scale-up of holdings, ensuring it can maintain operations smoothly even under increased demand. This methodical approach aligns with the broader industry's call for diversified custodial relationships, marking a significant step in operational risk management and positioning BlackRock's IBIT for continued institutional participation.