Riot Platforms Moved Bitcoin Custody to BitGo
The company completed a custody transition and repaid a $200 million debt facility this past September.
Updated on Oct. 14, 2026 in Investing
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Riot Platforms recently signed a new custody agreement with BitGo Bank and Trust and moved its digital assets from NYDIG. This move followed the repayment of a $200 million Coinbase Credit facility that had locked up Bitcoin as collateral.
Why it matters
The shift away from NYDIG followed BitGo’s $42.5 million acquisition of the firm's institutional trading business. Investors are now watching to see if the released Bitcoin collateral is used for new financing activities.
Riot Platforms repaid a $200 million credit facility and transferred its Bitcoin holdings to BitGo Bank and Trust. BitGo recently expanded its footprint by acquiring NYDIG’s institutional trading business for $42.5 million.
The players
Riot Platforms
A publicly traded bitcoin mining company that manages digital asset holdings.
BitGo Bank and Trust
A federally chartered national trust bank providing institutional digital asset custody services.
Coinbase
A major cryptocurrency exchange that provides credit facilities and financial services to institutional clients.
Office of the Comptroller of the Currency
The federal agency that charters and regulates national banks in the United States.
The details
Riot Platforms transitioned its digital assets to BitGo vaults after previously using NYDIG for cold storage since November 2023. By paying off the $200 million Coinbase loan, the company gained control of Bitcoin previously held as collateral. BitGo is now operating as a federally chartered national trust bank, a status granted by the Office of the Comptroller of the Currency.
Timeline
November 2023: Riot began using NYDIG for Bitcoin cold storage.
December 2025: The OCC approved BitGo as a federally chartered bank.
August 2026: BitGo acquired NYDIG's institutional trading business.
September 2026: Riot transitioned its custody to BitGo and repaid its Coinbase facility.
Money Landscape
This transition reflects a broader shift toward institutional custodians operating under Office of the Comptroller of the Currency national trust bank chartering. It marks a departure from earlier models that relied on trust companies lacking federal banking status.
Investors should keep an eye on upcoming SEC filings for the finalized terms of these custody agreements. Consult a qualified financial professional to understand how shifts in corporate debt and collateral management impact your overall portfolio risk.
The takeaway
The move suggests a focus on aligning with federally regulated custodial institutions for large-scale digital assets. Monitor upcoming SEC filings for details on whether the released Bitcoin is deployed for new operational or financing goals.
Further reading
For more on market moves and custodial standards, explore our Investing section.
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Do you trust federally regulated bank custodians more than private trust companies for digital assets?
