Coinbase Global Inc. has received conditional approval from the Office of the Comptroller of the Currency for a national trust company charter that will allow it to offer federally regulated crypto custody services.
Coinbase Wins Conditional OCC Approval for National Trust Company Focused on Crypto Custody
3 April 2026 - 00:07 CEST
By Ana Pereira
The approval, announced on 2 Apr, permits Coinbase National Trust Company to custody digital assets on behalf of clients but prohibits it from taking deposits or making loans. The company will continue to operate its existing custody business under New York’s BitLicense.
"Coinbase is not becoming a commercial bank. We will not be taking retail deposits. We will not be engaging in fractional reserve banking," said Greg Tusar, co-CEO of Coinbase Institutional.
Coinbase shares closed up about 2% on 2 Apr at $171.46, tracking a broader market increase.
Crypto custody gains regulatory ground
The decision comes nearly six months after Coinbase filed the application on 3 Oct 2025 and signals the federal banking regulator views crypto custody as compatible with the US banking system.
The decision comes nearly six months after Coinbase filed its application on 3 Oct 2025, and follows a series of OCC approvals for crypto-related trust charters. In December 2025, the regulator granted conditional approval to five other national trust bank applications from Circle, Ripple, BitGo, Paxos Trust and Fidelity Digital Assets.
Institutional demand drives custody
The approval gives Coinbase a federally supervised custody vehicle at a time when institutional demand for regulated digital asset storage is accelerating, while drawing a clear line between its business and traditional banking activities. Pension funds and corporate treasuries have increased exposure to crypto in recent years. An EY and Coinbase survey found that 84% of institutions are already using or interested in stablecoins, while 76% plan to invest in tokenized assets in 2026. Security of custody remains one of their top concerns.
Coinbase said in its latest shareholder letter that it held more than 12% of all crypto globally in 2025 and served as custodian for over 80% of US spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds.
Custody revenue mix
The company earns custody revenue as a percentage of the daily value of assets held in cold storage, plus interest on fiat balances held at partner banks. Custody-related revenues are reported under "other subscription and services revenue," which totalled $152mn in Q4 2025, up 6% quarter-on-quarter. Custodial fee revenue fell in the double digits in the quarter, reflecting lower average crypto prices and interest rates.
