Intercontinental Exchange, the parent company of the New York Stock Exchange, bought a digital asset custody business in May 2025. More than a year later, it's rolling out a digital trust aimed at the $184 billion crypto ETF custody market. The move puts ICE in direct competition with crypto-native custodians and traditional banks that have already entered the space.
The May 2025 acquisition
ICE completed the acquisition over a year ago. Terms weren't disclosed. The deal gave the exchange operator the infrastructure to hold digital assets on behalf of clients. ICE has since rebranded the offering under its own trust structure, targeting ETF issuers and asset managers who need a regulated custodian.
A $184 billion opportunity
The crypto ETF market has ballooned to $184 billion in assets under custody. That figure includes both spot and futures-based products. Custody is a critical piece — ETF issuers must store the underlying assets with a qualified custodian. ICE's digital trust aims to fill that role, competing with established players like Coinbase Custody and traditional banks that have expanded into digital asset services.
ICE's digital trust offering
The digital trust is designed to meet the regulatory standards that institutional clients demand. ICE brings decades of experience running the NYSE, a reputation that could give it an edge in winning mandates from conservative asset managers. The service covers storage, settlement, and reporting for digital assets. It's built on the technology ICE acquired last year.
Timing and competition
ICE's entry comes as crypto ETFs gain mainstream traction. The SEC has approved several spot Bitcoin and Ethereum ETFs, driving demand for custody. While ICE is late to the party compared to some crypto-native firms, its brand and regulatory heft could help it carve out a slice of the market. The acquisition was completed over a year ago, suggesting ICE has spent the intervening time integrating the technology and building out its compliance framework.
What's next? ICE is now actively marketing its digital trust to ETF issuers and asset managers. With $184 billion on the table, even a small piece of that market would be meaningful for the exchange giant. The company will need to convince issuers to switch custodians or add a second one — a slow sell in a market where incumbents already hold a large share. But the opportunity is real, and ICE has the infrastructure to pursue it.
