Riot Platforms Finalizes Bitcoin Custody Shift to BitGo, Ending NYDIG Partnership

Riot Platforms Transitions Digital Asset Management

Riot Platforms has successfully transitioned its digital asset management from NYDIG Trust Company, concluding a Bitcoin custody agreement that began in November 2023. An SEC filing from November 4 revealed that the custody arrangement with NYDIG automatically ended on October 29, allowing BitGo Bank & Trust to take on the responsibility for safeguarding Riot's digital assets. Riot confirmed that no penalties for early termination were incurred during this switch.

Details of the Custody Agreement

Back on October 14, Riot had previously announced its intention to transfer assets to BitGo in a regulatory filing, which detailed the new custody terms and outlined the transition process. The company had first engaged in the custodial relationship with NYDIG on November 1, 2023, where the Bitcoin was stored in cold storage accounts under Riot's name. This initial agreement featured an annual fee that depended on the average market value of the Bitcoin held by NYDIG, and it included a provision for automatic renewal each year unless terminated with a 30-day notice.

The transition to BitGo was facilitated through specific account transfer arrangements involving Riot, NYDIG Trust, and BitGo, along with other affiliated entities. Under the newly established terms—with a contract signed on October 7 and later amended on October 14—BitGo is tasked with securely holding Riot's digital assets as well as cash. This agreement entails the creation of isolated custodial accounts specifically for Riot's use, ensuring that its holdings remain distinct from assets owned by BitGo or its other clients. However, Riot retains the flexibility to authorize temporary arrangements using omnibus accounts under certain conditions.

The new agreement, which spans one year with automatic renewals set unless a 60-day notice is issued, allows Riot to terminate early with just 14 days’ notice without incurring cancellation fees—a stipulation added prior to the asset transfer. Regarding liability, the contract places limits on BitGo’s financial responsibilities, typically to fees paid over the last six months before a claim event, notwithstanding exceptions for significant misconduct.

Ongoing Developments and Financial Performance

In related news, Riot Platforms has been active in optimizing its asset management strategies throughout 2026, having recently closed a $200 million credit line backed by Bitcoin with Coinbase Credit earlier in the year. In September, after settling outstanding loans, Riot reclaimed its collateral, consisting of 5,821 BTC. During the first nine months of 2026, Riot sold 20,264 BTC, amounting to about $1.5 billion, mainly to invest in its expanding data center initiatives.

Despite a dip in Bitcoin mining revenues, which fell to $116 million from $160.8 million year-on-year, the company saw an increase in production, rising from 1,406 BTC to 1,637 BTC year-over-year. Moreover, Riot's financial condition remains stable, with reports for September indicating they held 2,418 BTC valued at around $202 million alongside significant cash reserves. Recently disclosed financial activities also confirm ongoing expansion in its artificial intelligence infrastructure business, with sizable agreements anticipated to yield $38 billion in future revenues from contracted data center capacities across various Texas locations.