Riot Platforms Finalizes Bitcoin Custody Move from NYDIG to BitGo

TL;DR:

• Custody transfer completed: Riot Platforms finalized the formal transfer of its digital assets from NYDIG Trust Company to BitGo Bank & Trust.
• Dissolution of previous agreement: The termination of the custody contract with NYDIG was executed automatically upon completion of the fund migration, incurring no early exit penalties.
• Corporate reserve balance: The mining firm closed September 2026 holding 2,418 BTC directly, valued at approximately $202 million.

Riot Platforms’ Bitcoin custody was successfully transferred from NYDIG Trust Company to BitGo Bank & Trust this November 4. Corporate records confirmed the transfer after the physical migration of holdings to BitGo’s infrastructure concluded.

This handover marked the end of a segregated cold storage relationship with NYDIG that had been in place since November 2023.

According to regulatory filings submitted by the entity, the previous one-year agreement with NYDIG provided for automatic termination once the full withdrawal of funds was completed. The corporate filing noted that the transition did not incur any fees or financial penalties for early termination against the mining company.

The new operational framework is handled through BitGo Bank & Trust, an institution organized as a national trust bank under federal regulatory supervision in the United States. Contractual documents signed between the parties stipulate that BitGo must maintain commercially reasonable insurance policies covering the digital assets under its safekeeping.

Balance Sheet Restructuring and Operational Expansion

The change in custodian comes after a series of financial adjustments carried out by Riot Platforms during the third quarter. In September, the firm settled a $200 million credit line with Coinbase Credit. That repayment allowed the release of collateral totaling 5,821 BTC held in custody with that platform at the end of June.

Alongside reorganizing its sheltered holdings, the company posted substantial changes in its corporate treasury volume. During the first nine months of 2026, Riot sold a total of 20,264 BTC, generating revenues near $1.5 billion. According to the company’s financial reports, the capital raised was allocated primarily to fund the deployment of technology infrastructure and data center facilities.

Toward the end of September, the miner’s direct reserves stood at 2,418 BTC, equivalent to roughly $202 million at the prevailing market prices at the time of the report. Market sources indicate that the company’s contracted data center capacity reached 1,151 megawatts, alongside long-term revenue projections derived from commercial agreements in advanced computing.

From the custody provider’s standpoint, onboarding Riot’s holdings aligns with the institutional service expansion of BitGo Holdings. In August, the entity acquired NYDIG’s institutional brokerage and trading arm for $42.5 million, subsequently integrating the accounts of major corporate clients across the U.S. mining ecosystem.

The company’s financial disclosure schedule outlines the detailed release of its monthly operational metrics during the first half of November 2026, where the balance sheet impact of the BitGo custody arrangement will be reflected.