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BlackRock (NYSE: BLK), the world's largest asset manager, added Anchorage Digital Bank as the custodian of its Bitcoin holdings on Apr. 7.

Since the crypto exchange Coinbase is already the primary custodian of BlackRock’s iShares Bitcoin Trust (IBIT), Anchorage will be the trust’s additional custodian.

The asset manager has entered into a custodial services agreement with Anchorage, as per its Form 8-K filing with the U.S. Securities and Exchange Commission (SEC).

BlackRock will not move any Bitcoin to Anchorage immediately, the asset manager confirmed. As per the agreement, Anchorage is required to keep all of the private keys associated with IBIT’s Bitcoin it holds in cold storage.

Cold storage refers to storing private keys offline, i.e., away from the internet, to protect them from hacks, scams, malware, and other online threats. The agreement also requires Anchorage to maintain insurance policies and coverage.

BlackRock said it took the decision to add Anchorage as a secondary custodian of its IBIT holdings as part of its “ongoing risk management” approach due to the growing size of the trust.

Anchorage Digital Bank is a federally chartered crypto bank that received approval from the Office of the Comptroller of the Currency in 2021. In September 2024, it entered into an agreement to offer custody services to ARK 21Shares Bitcoin ETF.

Most Bitcoin ETF issuers have chosen Coinbase as their custodian.

BlackRock has been offering spot Bitcoin ETFs to customers in the U.S. since January 2024. As of Apr. 7, the IBIT ETF held net assets worth $45 billion as per SoSoValue .