5th September 2025 > > US Bancorp & DOGE.

tl;dr

US Bancorp re-enters the crypto custody space.  A new DOGE treasury fund.

Market Snap 

Market Wrap

With the NFP (non-farm payroll) out later today there is plenty of scope for heightened volatility in asset prices.

Curious Cryptos’ Commentary – US Bancorp

US Bancorp, the seventh largest bank in the US with nearly $700bn of assets, started a crypto custodial service for its clients in 2021. This initiative was ended a year later when the SEC’s instrument of torture aka SAB 121 made it totally uneconomical for banks to offer such a service by demanding that clients’ crypto be held on balance sheet with a 10x capital charge. Regular readers know that under the new enlightened management at the SEC, SAB 121 had been rescinded and replaced with much more crypto-friendly SAB 122.

And so, US Bancorp is now back into the crypto custody business:

“We’re proud to have been one of the first banks to offer cryptocurrency custody for fund and institutional clients back in 2021, and we’re excited to resume this service this year.

Following greater regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, which allows us to provide full-service solutions for managers seeking custody and administration services.”

The safe custody of crypto assets by a regulated entity is a necessary condition for the wholesale adoption of cryptos by institutional investors. This development really is very good news indeed.

Curious Cryptos’ Commentary – And now its DOGE’s turn

CleanCore Solutions, in collaboration with House of DOGE and the DOGE Foundation has announced a private placement totalling $175mm to a range of institutional investors with the sole purpose of investing the proceeds into a DOGE treasury fund.

DOGE of course was the original meme coin and has long been a (small) part of the CC treasury.

Though the initial reaction was less than positive – CleanCore’s share price dropped 60% on the news – this is surely positive for DOGE. With a market cap of just $32bn, and a 79% chance of a spot ETF in 2025 according to Polymarket, this is not a bag I want to fumble, though it looks mightily like someone else has got it wrong: