BlackRock has expanded the custody structure of iShares Bitcoin Trust (IBIT) and formalized Anchorage Digital Bank NA as an additional Bitcoin custodian through a new Master Custody Service agreement.
The development disclosed in Form 8-K Filing dated April 7, 2025 introduces a secondary custodian and Coinbase continues to function as the main owner of Trust’s Bitcoin Reserve.
Dual custodian models increase redundancy
The agreement establishes a double custodian model between BlackRock Fund Advisors, the trust’s management trustee, and Anchorage, the federal digital asset bank.
There is no immediate transfer of assets. Instead, Anchorage will continue to wait as a qualified custodian to support the trust’s risk mitigation protocol.
With each filing, Anchorage is required to utilize cold storage solutions for all private keys, maintain insurance coverage, and comply with regulations addressing blockchain forks and compensation liability.
This move coincides with IBIT ETF’s BlackRock position as a scalable and resilient product. The existence of a second custodian does not change the trust’s investment strategy or the underlying operational mechanics, but it increases structural flexibility.
Institutional signal during asset-based growth
The strategic addition of Anchorage may reflect BlackRock’s expectations for increased Bitcoin retention within IBIT and the need for operational redundancy.
Since its launch, IBIT has ranked as a top spot Bitcoin ETF (and overall ETFs) in terms of influx, with diversifying risk becoming a logical extension of custody setups.
Whether it’s operational, regulatory or technical, what’s fixed in the reserve will increase resilience to potential disruptions in custody services. The choice of Anchorage, a bank regulated by the office of the Secretary of Currency (OCC), further highlights the preferences of institutions that meet federal banking standards.
Anchorage is one of the few crypto-born companies that receive the National Trust Bank’s Charter. This is a factor that can strengthen trusts’ compliance stances in a regulatory environment that still shapes the treatment of custodians of digital assets.
The current situation is maintained for now
Adding Anchorage introduces new operational options, but the assets have not been transferred yet. Coinbase is fully responsible for its current custody functions, and the overall structure of the trust, fee arrangements, and investment targets have not been changed.
The role of the contract appears to be prepared, creating a custody contingency plan without changing the daily fund management.
By preparing a framework for multicustodian support, BlackRock presents a systematic approach to operational risks while placing IBITs for long-term institutional participation. This development is consistent with many of the community’s desire for diversifying custody relationships as a baseline standard for fiduciary responsibility.
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