BlackRock has made an important update to its iShares Bitcoin Trust (IBIT) custodial arrangements by naming Anchorage Digital Bank N.A. as a second official custodian.

The company made this move public through its Form 8-K filing on April 7, 2025 to use Anchorage Digital Bank N.A. as a new custodian beside its existing primary duty as Bitcoin custodian for Coinbase.

Through its new agreement, BlackRock Fund Advisors names Anchorage Digital Bank as a Master Custody Service Provider to its trust alongside BlackRock Fund Advisors. Anchorage will stay on alert as a backup custodian for the trust to fortify its risk control methods, especially when potential system failures occur. Coinbase currently maintains physical possession of trust Bitcoin assets.

BlackRock Enhances IBIT’s Risk Management

Anchorage will operate as a federal banking entity to keep private keys in protected cold storage and handle duties under digital asset regulations, including fork situations and insurance requirements. Anchorage serves as a strategic addition to protect the trust while keeping its investment strategy unchanged.

BlackRock continues to develop IBIT as a resilient product that fits the changing digital asset market. The company began using a secondary custodian to support rising client demands for Bitcoin funds in IBIT. The trust’s compliance with federal banking rules and its fiduciary duty will strengthen with Anchorage as its secondary custodian.

IBIT has grown to become a leading Bitcoin exchange-traded fund, drawing large amounts of investment since its launch. Expanding its custodial system serves as a strategic move to reduce IBIT risk exposure and maintain uninterrupted operations under different challenges.

BlackRock updated the top note on the trust but left all core features, such as investment purpose and pricing, intact. The strategic goal of Anchorage under this filing allows the IBIT to maintain its operational continuity while preparing its contingency system for changes to fund administration.

By including Anchorage as an operational backup, BlackRock demonstrates its dedication to preparing IBIT so it can effectively serve institutions according to future standards in digital asset custodianship.

BlackRock’s Bitcoin Trust demonstrates best fiduciary practices by adopting multiple secure custodial options, just like what other institutions aim to achieve in digital assets.