Bitcoin And Gold Flows Are Rewriting The Case For Custody Stocks

The ground is shifting under traditional finance as the U.S. Treasury leans harder on buybacks, government debt moves beyond $40t and the dollar wobbles, while bitcoin and gold draw fresh attention. That kind of stress test for money and markets can reward the infrastructure that keeps trades, custody and clearing running. This article discusses three stocks exposed to these trends and examines how each may be positioned in the current cross‑currents.

The stocks profiled below are just a sample, and the full screen surfaced around 20 more large cap custody and infrastructure companies with similarly detailed stories that are not covered here. If you want to go straight to the source and identify your own high conviction ideas across this space, analyze the Alternative Asset Infrastructure and Custody Providers screener.

AS LHV Group is a digital focused bank based in Estonia with operations in the UK. It fits the Alternative Asset Infrastructure and Custody Providers theme through its emphasis on investment, trading and crypto asset services alongside traditional banking. Most revenue comes from its core banking arms, with LHV Pank generating about €224 million and LHV Bank about €56 million, while other activities contribute roughly €102 million and smaller amounts come from asset management and insurance. The group has a market cap of about €1.1b, putting it in the larger end of the regional banking space.

AS LHV Group gives you exposure to a bank that is already comfortable with securities trading, crypto assets and brokerage services, at a time when the “debasement trade” into bitcoin and gold is putting more focus on custody and clearing infrastructure. The stock screens as good value on Simply Wall St’s DCF work. However, recent pressure on margins and earnings, including a decline in net income and EPS in the first half of 2026, highlights that growth into new services will not necessarily follow a straight line. Short management tenure and questions around bad loan coverage add another layer of risk. For investors who can look past near term noise, the combination of digital focus and potential to build out modern custody services makes AS LHV Group a story that some may wish to watch more closely.

AS LHV Group’s digital banking story and crypto focus can look intriguing when the stock screens as good value. Yet the real twist shows up inside the 2 key rewards and 2 important warning signs

Build your own digital banking and custody shortlist

AS LHV Group and the other two stocks in this article all came out of a single Simply Wall St screen, but the real edge comes when you design your own filters. Use our flexible Screener to blend valuation, balance sheet, risk and income metrics for your watchlist, or lean on any of our curated Investing Ideas.

Victory Capital Holdings is a US based asset manager that packages investment strategies into mutual funds, ETFs, separate accounts and other pooled vehicles, which can include mandates that allocate to bitcoin and gold and therefore sit on top of custody and trading infrastructure. The company generates about US$1.6b in revenue from providing investment management services and products, and has a market cap of roughly US$7.1b. That scale gives Victory Capital room to build out alternative asset products that plug into existing custody and brokerage rails without needing to run the underlying plumbing itself.

Investors looking for ways to tap into rising institutional interest in bitcoin and gold without buying a pure crypto or mining stock may find Victory Capital Holdings worth a closer look. The company already runs a broad fund and ETF platform, has reported record client assets in 2026 and has discussed dedicated crypto products, which together can channel flows into custody reliant structures if the “debasement trade” gathers pace. At the same time, you need to weigh fee pressure, the cost and complexity of acquisitions, and reliance on external funding rather than deposits. How those pieces mesh with buybacks and international expansion is where the story becomes more detailed than a simple earnings headline.

Victory Capital Holdings has accelerating scale, but the real story lies in how that platform handles flows into bitcoin, gold, and new products. Get the full context in the analysis report for Victory Capital Holdings

Türkiye Vakiflar Bankasi Türk Anonim Ortakligi is a large Turkish bank that channels high inflation driven demand for alternative stores of value into bank offered products like gold trading, investment funds and eurobonds, which ties it into the Alternative Asset Infrastructure and Custody Providers theme. Most revenue comes from treasury operations and investment activities at about TRY244.4b and corporate or commercial banking at about TRY196.5b, while retail banking and other items together report a loss. The bank has a market cap of roughly TRY303.4b, placing it among the larger listed financial institutions in Turkey.

Türkiye Vakiflar Bankasi Türk Anonim Ortakligi gives you a mix of high fee and treasury income, a deep retail and SME franchise, and a toolkit that already includes gold trading and structured deposits, which can matter more if clients keep shifting away from cash into alternative assets. Earnings are strong and the valuation looks restrained for this level of profitability, yet rising bad loans, heavy wholesale funding and a capital buffer that only sits modestly above regulatory floors mean the margin for error is not huge. If you are comfortable with that trade off, there is more to this bank’s custody and investment channel story than first meets the eye.

Türkiye Vakiflar Bankasi Türk Anonim Ortakligi’s strong treasury engine and restrained valuation can mask how tight its funding and capital headroom might be. Get the full picture inside the 5 key rewards and 1 important warning sign

Seeking Fresh Alternatives Before They Fly

Fresh ideas can gain attention quickly once momentum builds. Early buyers often set the tone, while latecomers face changing conditions. Consider scanning these under the radar for now opportunities and reviewing them carefully.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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