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Riot Platforms Transfers Bitcoin Custody to BitGo Bank & Trust
Riot Platforms has entered into a custody agreement with BitGo Bank & Trust, National Association, moving its digital assets from NYDIG Trust Company LLC to BitGo's custody. The transition is part of a broader strategy by Riot to enhance the security and management of its Bitcoin holdings, although specific terms of the agreement, including the amount of Bitcoin involved and the effective date of the transfer, have not been disclosed.
The custody transition is expected to take place in September 2026, coinciding with Riot's repayment of a $200 million credit facility with Coinbase, which released Bitcoin collateral previously held in custody. This shift comes after BitGo Bank & Trust received approval from the Office of the Comptroller of the Currency (OCC) to operate as a federally chartered national trust bank in December 2025, and follows BitGo's acquisition of NYDIG's institutional trading business for approximately $42.5 million in August 2026.
Riot's decision to switch custodians reflects a growing trend among institutions favoring regulated bank custodians for digital assets, as regulatory clarity becomes increasingly important in the custody market. The move to a federally chartered bank may enhance the regulatory profile of Riot's Bitcoin holdings, potentially providing shareholders with greater assurance regarding the safety and accessibility of their investments. Future developments to watch include any filings with the U.S. Securities and Exchange Commission (SEC) that detail the agreement and the implications for Riot's financing strategies.
Source: KLEA News