In a notable move, the global asset management giant BlackRock has just announced a new partnership agreement with Anchorage Digital, the only federally licensed digital asset bank in the United States. This agreement allows Anchorage to custody part of Bitcoin and Ethereum for two prominent BlackRock ETFs: iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA).
What is BlackRock doing with Anchorage?
According to two new filings submitted to the U.S. Securities and Exchange Commission (SEC), Anchorage Digital will act as the custodian for a portion of the assets in #BlackRock 's ETFs:
IBIT: currently has total assets of approximately $45 billion
ETHA: currently managing approximately $1.8 billion
BlackRock stated it may utilize multiple custody accounts at Anchorage, helping to expand its risk management system and ensure asset safety as the company expands its presence in the crypto space.
Who is Anchorage Digital?
Anchorage Digital is not a stranger in the digital finance sector. Licensed to operate as a federal bank in the U.S. since January 2021, Anchorage not only provides custody services but also supports:
Staking (betting assets to earn rewards)
Trading
Decentralized governance
Notably, #AnchorageDigital focuses solely on digital assets and serves major financial institutions, the latest being BlackRock.
BlackRock does not 'abandon' Coinbase
Before Anchorage, Coinbase was the primary custody partner for both IBIT and ETHA. The emergence of Anchorage does not replace Coinbase's role but merely adds another custody option for BlackRock.
The company stated it will decide on asset allocation between Coinbase and Anchorage based on strategy and needs, but currently has no plans to transfer all assets from Coinbase to Anchorage.
The wave of ETFs is hotter than ever
BlackRock is not the only organization seeking specialized custody solutions for crypto ETF funds. Several other big names are also implementing:
VanEck partners with Gemini to custody Bitcoin for their ETF.
Fidelity self-custodies its own BTC assets.
21Shares had previously signed with Anchorage to custody spot Bitcoin and Ethereum funds.
This event shows that the race to develop custody infrastructure for digital assets is becoming fierce, especially as the crypto market continues to attract institutional money.
The clear message from BlackRock: Crypto is not just a passing trend
In a press release, Anchorage's CEO – Nathan McCauley – emphasized:
"We are helping BlackRock meet the growing demands of customers, not just today but also in the future."
BlackRock also confirmed that its collaboration with Anchorage demonstrates a strong commitment to risk management and expanding its investment strategy into digital assets – a positive signal for the entire industry.
What does this mean for the crypto market?
BlackRock is serious about crypto – collaborating with both Coinbase and Anchorage shows that they view digital assets as a core part of their long-term strategy.
Traditional financial infrastructure is deeply integrating with crypto – ETFs are becoming more professional, transparent, and have more safe custody options.
Institutional capital may continue to flow strongly into the market, as custody, risk management, and compliance solutions are being upgraded daily.
In summary:
BlackRock – the 'giant' asset manager with over $10 trillion in assets – is strengthening its presence in the crypto world by partnering with Anchorage Digital, the first federally licensed digital asset bank in the U.S. This agreement not only reinforces BlackRock's position in the crypto ETF space but also sends a clear message to the market: crypto is gradually becoming an indispensable part of the global financial system.
Risk warning: This article is not intended to solicit investment. The cryptocurrency market always carries high risks and is not suitable for all investors. You need to do thorough research and consider your own risk tolerance before participating in investment.
