3iQ Announces Addition of Anchorage Digital as Sub-Custodian for The Bitcoin Fund

Custody Stack

• Primary custodian: Tetra Trust — unchanged.

• Added sub-custodian: Anchorage Digital — provides regulated, institutional-grade digital asset custody infrastructure, per 3iQ.

• Integration role: Tetra Trust "played an instrumental role" in onboarding Anchorage under the expanded framework.

• Parent context: 3iQ operates as a subsidiary of Coincheck Group N.V. (NASDAQ-listed), established 2012, manager of QMAP and the first Bitcoin and Ethereum ETP on a major global stock exchange.

What Stays Fixed

No change to the fund's investment objectives, strategy, management fee, ticker symbols, or TSX listing. 3iQ will file a material change report available on SEDAR+. Tommaso Mancuso, President and CIO of 3iQ, framed the addition as an "operational milestone" tied to investor protection, operational resilience, and long-term scalability. That is standard language. The economics of the vehicle are not being repriced.

Risk Read

• Counterparty concentration: Two regulated custodians reduces single-point-of-failure risk on key storage, but does not eliminate it. Sub-custodian layering can shift liability boundaries — read the material change report on SEDAR+ for the exact allocation of duties and indemnification terms.

• Jurisdiction drift: Anchorage is a US-institutional crypto platform with banking-style oversight. Combined with a Canadian-listed closed-end fund, unitholders are exposed to two regulatory regimes. Document trail must satisfy both.

• Yield sustainability verdict: Neutral. This is plumbing, not alpha. No impact on NAV drivers or the management fee line. Watch the SEDAR+ filing for any fee realignment or custody cost disclosure before treating it as a costless upgrade.