These deposits are seen as a proxy for growth among crypto-industry clients.
The La Jolla, Calif.-based bank, which serves major crypto firms such as Coinbase, Gemini and Kraken, added 135 digital currency customers in Q1.
The investment firm said Coinbase could deliver “healthy margins” despite bitcoin's volatility.
Numbers published Tuesday ahead of a public listing next week show a profitable Coinbase capitalizing on the current market.
Assets under management at the now Nasdaq-listed CoinShares grew by over 300% in 2020.
“We believe our industry is at an inflection point as we participate in a once in a lifetime secular shift," said CEO Mike Novogratz.
The majority of the new deposits came from cryptocurrency exchange clients.
The British arm of the U.S. cryptocurrency exchange saw a sharp downturn in business in 2019.
Bitcoin mining firm Hut 8 reported a sharp drop in revenue. However, the rising value of the firm's BTC holdings helped it finish the quarter in the black.
Bitcoin profit through Square’s Cash App was $7 million in the first quarter of 2020. It earned $8 million in bitcoin profit through the whole of 2019.
Crypto-friendly Metropolitan Commercial Bank reported $25 million more in deposits from crypto customers in the first quarter of 2020.
AMD announced it saw "negligible" revenue from selling graphics cards to the crypto mining community over the past quarter.