BlackRock, the world’s largest asset manager, has chosen Anchorage Digital, a federally chartered digital bank, to serve as the custodian for cryptocurrencies held by its exchange-traded funds (ETFs). This decision was revealed in filings submitted to the Securities and Exchange Commission. Anchorage will manage custody for BlackRock’s $45 billion iShares Bitcoin Trust ETF and its $1.8 billion iShares Ethereum Trust ETF. Previously, BlackRock had partnered with Coinbase for custodian services for its crypto funds. CEO Larry Fink emphasized that this partnership highlights BlackRock's commitment to risk management and expanding its footprint in the digital asset space. Anchorage co-founder Nathan McCauley expressed excitement at setting new standards for accessing digital assets, responding to client demand. Despite this new arrangement, BlackRock’s existing partnership with Coinbase remains intact, allowing the asset manager to maintain flexibility in how it allocates its custodial responsibilities between the two firms.

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