BlackRock, a leading asset management firm, has recently made a significant move to further enhance the custodial structure of its iShares Bitcoin Trust (IBIT). This development was officially disclosed in a Form 8-K filing dated April 7, 2025, where BlackRock formalized Anchorage Digital Bank N.A. as an additional Bitcoin custodian through a new Master Custody Service Agreement. This agreement establishes a dual-custodian model between BlackRock Fund Advisors and Anchorage, a federally chartered digital asset bank.
The primary custodian for the trust’s Bitcoin reserves remains Coinbase, while Anchorage will serve as a standby qualified custodian to support the trust’s risk mitigation protocols. Anchorage is required to utilize cold storage solutions for all private keys, maintain insurance coverage, and comply with provisions that address blockchain forks and indemnification responsibilities. This strategic move by BlackRock aims to enhance the redundancy and resilience of the IBIT ETF without altering its investment strategy or operational mechanics.
The decision to add Anchorage as a secondary custodian may signify BlackRock’s anticipation of increased Bitcoin holdings within IBIT and the need for operational redundancy. IBIT has consistently attracted significant inflows since its launch, making risk diversification a logical extension of its custodial setup. Anchorage’s status as a bank regulated by the Office of the Comptroller of the Currency (OCC) aligns with BlackRock’s preference for institutions that meet federal banking standards.
While the addition of Anchorage introduces new operational options, no assets have been transferred yet. Coinbase remains responsible for current custodial functions, and the trust’s structure, fee arrangement, and investment objectives remain unchanged. The agreement with Anchorage is seen as a preparatory step to build a custodial contingency plan without disrupting day-to-day fund administration.
By preparing a framework for multi-custodian support, BlackRock demonstrates a methodical approach to operational risk management while positioning IBIT for long-term institutional participation. This development reflects the community’s desire for diversification of custodial relationships as a standard for fiduciary responsibility in the digital asset space.
In conclusion, BlackRock’s expansion of the custodial structure for IBIT with the addition of Anchorage as a secondary custodian underscores the firm’s commitment to enhancing the trust’s resilience and risk management capabilities in the evolving digital asset landscape.