Citi to offer Bitcoin custody for big investors

Bitcoin is coming to one of Wall Street's biggest custody vaults. Citigroup said Tuesday it will let big investors hold Bitcoin the same way they hold stocks and bonds. The plan is called Custody+, a new platform combining crypto and traditional assets into one account. It's expected to launch sometime later this year.

Institutional investors — pension funds, hedge funds, big asset managers — have wanted this for years. Right now, most large investors who want Bitcoin exposure buy it through an ETF. Or they trust a specialized crypto custodian most of Wall Street doesn't fully recognize. A bank like Citi holding it directly changes that. Citi isn't alone, either. Morgan Stanley has been expanding similar crypto services this year. Big banks entering custody usually means the asset has crossed some threshold of legitimacy in their eyes.

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When does the service actually go live? Citi hasn't said. It also hasn't said which clients qualify first, or what it'll charge. Those details will decide something important. Is this a genuine new option for big investors, or mostly a symbolic move to keep pace with rivals?