ByCoinGape
Key Highlights
When Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), acquired a digital asset custody business in May 2025, it wasn’t simply adding another crypto product.
It was buying into what could become one of digital finance’s most valuable infrastructure businesses. Just over a year later, ICE is today openly pitching ICE Digital Trust as the custody partner for digital asset ETF issuers.
This, the company, says matter due to the market capitalization of crypto exchange-traded funds which has climbed beyond $184 billion.
In its latest white paper out this week, ICE revealed where it sees the next institutional opportunity. That is in safeguarding billions of dollars worth of Bitcoin, Ethereum and tokenized assets on behalf of Wall Street asset managers.
The company argues that custody, long a back-office function in traditional finance, is becoming a strategic pillar of the digital asset economy.
Crypto custody is significantly different from traditional securities custody.
Unlike stocks held electronically through centralized depositories, cryptocurrencies are controlled by private cryptographic keys. Losing or compromising those keys can result in irreversible loss of assets. This makes institutional custody one of the most critical services in the crypto ecosystem.
Every spot Bitcoin or Ethereum ETF therefore requires a qualified custodian responsible for securely holding the underlying digital assets. This too while complying with financial regulations.
ICE Digital Trust, the subsidiary company, pitched by ICE aim to safeguard that assets. It is regulated by the New York State Department of Financial Services (NYDFS) as a limited-purpose trust company.
Infact, the opportunity extends well beyond today’s ETF assets.
Market research estimate the crypto custody provider industry itself could grow from approximately $3.7 billion in 2026 to $7.7 billion by 2032.
The development follows a wave of new crypto ETF launches. Just this week, Morgan Stanley announced Ethereum and Solana ETF launch on NYSE Arca. As more ETFs enter the market, ICE is positioning Digital Trust as the secure custody infrastructure behind them.
ICE is not entering an empty market.
Institutional crypto custody is currently dominated by established providers. This includes Coinbase Custody, Fidelity Digital Assets, BitGo, Anchorage Digital and several bank-backed custodians.
BitGo alone says it safeguards more than $100 billion in digital assets. It secures roughly 20% of all on-chain Bitcoin transaction value, illustrating the scale already achieved by leading custodians.
ICE’s push into institutional crypto custody aligns with its broader digital asset strategy. Beyond acquiring ICE Digital Trust in May 2025, the NYSE owner has expanded its blockchain footprint through major investments and partnerships. In October 2025, ICE committed up to $2 billion to prediction market platform Polymarket, becoming its global distributor of event-driven market data while collaborating on tokenization initiatives.
As crypto ETFs continue gathering assets and tokenized securities gain traction among traditional financial institutions, custody could emerge as one of the industry’s most stable, recurring revenue businesses.
ICE’s latest white paper suggests the company believes that the next phase of institutional crypto adoption may be won not by launching new funds but by securely holding them.
Sneha Agrawal More Stories
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