Riot Platforms moves its Bitcoin custody from NYDIG to BitGo Bank & Trust
The Bitcoin miner is shifting its digital asset holdings to a federally chartered trust bank that recently bought part of its old custodian's business
Riot Platforms has signed a custody agreement with BitGo Bank & Trust, National Association. The deal moves Riot’s digital assets out of NYDIG Trust Company LLC and into BitGo’s vaults.
What the custody agreement covers
Under the arrangement, Riot (NASDAQ: RIOT) will transfer assets currently held at NYDIG Trust to BitGo. BitGo will then serve as the custodian for Riot’s digital assets going forward.
Riot has not publicly released the specific terms of the agreement. It also has not said how much Bitcoin is moving or when the transfer becomes effective.
Research compiled on the deal places the custody transition in September 2026. That timing lines up with another balance sheet move Riot made the same month.
In September 2026, Riot repaid a $200 million Coinbase Credit facility. Paying it off released Bitcoin collateral that had been held in custody with Coinbase.
Why BitGo, and why now
In December 2025, the Office of the Comptroller of the Currency (OCC) approved BitGo Bank & Trust to operate as a federally chartered national trust bank.
In August 2026, BitGo Holdings, Inc. acquired NYDIG’s institutional trading business for approximately $42.5 million.
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The acquisition is part of a broader push by BitGo into trading, settlement and custody services. Adding Riot as a custody client fits neatly into that expansion.
The NYDIG chapter
Since November 2023, Riot had used NYDIG for segregated cold storage of its Bitcoin holdings.
Riot has not publicly explained why it chose to switch providers. The available timeline shows NYDIG selling its institutional trading arm to BitGo just one month before the custody transition.
What this means for Riot and the custody market
For Riot shareholders, the practical question is whether the company’s Bitcoin is safe and accessible. Swapping a state-chartered trust company for a federally chartered national trust bank raises the regulatory profile of whoever is holding those coins.
The move fits a broader pattern described in the research: institutions increasingly prefer regulated bank custodians for digital assets, with regulatory clarity becoming a key selling point as custody providers compete for large clients.
BitGo’s purchase of NYDIG’s institutional trading business, followed by a high-profile custody client moving from NYDIG Trust to BitGo, indicates a market where scale and regulatory status are becoming decisive.
With the $200 million facility settled and the collateral released, Riot has fewer of its coins tied up with lenders. Consolidating custody with a single regulated bank could simplify how the company manages and reports its holdings.
Key things to watch next include any SEC filing that spells out the agreement’s terms, the amount of Bitcoin ultimately transferred, and whether Riot uses its freed-up collateral for new financing or holds it outright.