- Riot Platforms entered a custodial services agreement with BitGo Bank & Trust on October 7, 2026, amended on October 14, moving its digital assets and cash away from NYDIG Trust Company
- Riot’s assets will be held in accounts segregated from other BitGo clients, with Riot retaining title to the assets while BitGo holds them in a custodial capacity
- Riot can terminate the new custody arrangement with just 14 days’ written notice and no early termination fee, under terms set out in the October 14 amendment
Riot Platforms, the Nasdaq-listed bitcoin mining company based in Castle Rock, Colorado, disclosed in an 8-K that it is switching custodians for its digital assets and cash, moving from NYDIG Trust Company to BitGo Bank & Trust, a nationally chartered institution. The underlying custodial services agreement was signed October 7, 2026, with Riot filing an amendment to that agreement on October 14 that added the 14-day, no-fee early termination right.
Under the new arrangement, Riot’s digital assets and cash will sit in accounts specifically segregated for Riot rather than commingled with other BitGo clients’ holdings, with limited exceptions: BitGo can transiently hold assets in an omnibus account to settle trades with a BitGo affiliate, or when Riot opts to use BitGo’s settlement services. Riot retains title to its own assets throughout, with BitGo holding them purely in a custodial capacity that keeps the assets legally and operationally separate from BitGo’s own balance sheet.
The transition away from NYDIG happens through a transfer and transition agreement involving Riot, NYDIG Trust, BitGo Bank & Trust, and certain of their affiliates, with Riot’s existing custodial agreement with NYDIG set to terminate automatically once the asset transfer is complete. The filing frames the move as a clean handoff between custodians rather than a dispute-driven exit, though it does not explain Riot’s specific reasons for choosing to switch providers at this time.
The new agreement runs on an initial one-year term that renews automatically for additional one-year periods unless either Riot or BitGo gives notice of non-renewal at least 60 days before the current term expires. Riot separately secured the right to terminate early with just 14 days’ written notice and no early termination fee, a flexibility that was specifically added through the October 14 amendment rather than present in the original October 7 agreement. BitGo’s liability under the arrangement is capped at the fees Riot paid or owed in the six months before any claim arises, with standard carve-outs for fraud, willful misconduct and gross negligence.
The filing did not disclose the dollar value or bitcoin quantity of the assets being transferred to BitGo’s custody, nor the fee structure Riot will pay, which the agreement describes only as a monthly charge based on the average value of assets held. The 8-K, filed with the SEC and signed by Chief Financial Officer Jason Chung, said the full custodial agreement and its amendment will be filed as exhibits to Riot’s upcoming annual report on Form 10-K for the fiscal year ending December 31, 2026.
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