Riot Platforms enters custody agreement with BitGo Bank & Trust
Summary
Riot has entered into a custody agreement with BitGo Bank & Trust to transfer its digital assets and cash from NYDIG Trust, as detailed in an SEC filing dated October 7. Under this agreement, BitGo will maintain Riot's digital assets in segregated accounts, with the company agreeing to pay a monthly fee based on the asset value; the initial term is one year, automatically renewing unless a 60-day notice is provided. This move aligns with the broader trend of digital asset custodians enhancing their services amid rising institutional demand for operational efficiency.
Tokens
$RIOT
Analysis
NYDIG Trust: NYDIG Trust is a digital asset trust company focused on custody and related institutional services. It has pivoted its strategy to emphasize power generation, Bitcoin mining, and data center development after selling its institutional trading business to BitGo. In this news, NYDIG Trust is the outgoing custodian as Riot Platforms moves its digital assets and cash to BitGo Bank & Trust. Riot Platforms: Riot Platforms is a publicly traded company engaged in Bitcoin mining and expanding into AI and high-performance computing data center infrastructure. It recently updated its Code of Ethics to address digital assets and artificial intelligence use by employees and contractors. In this news, Riot entered a custody agreement with BitGo Bank & Trust to transfer its digital assets and cash from NYDIG Trust into segregated accounts. BitGo Bank & Trust: BitGo Bank & Trust is a digital asset custody provider and infrastructure company offering services including staking, settlement, and trading support for institutional clients. It recently extended ETH staking through the Lido protocol to eligible US clients and acquired NYDIG’s institutional trading business. In this news, BitGo signed a one-year custody agreement with Riot Platforms on October 7 to hold the miner’s digital assets following the transfer from NYDIG. Industry Shift: Custody providers are acquiring trading and capital markets capabilities to offer end-to-end platforms while other firms refocus on core mining and infrastructure activities. Custody Expansion: Digital asset custodians are expanding integrated services such as staking directly within client accounts to meet institutional demand for operational efficiency.
Categories
cryptodatstech
Related sources
- https://www.gurufocus.com/stock/RIOT/article
- https://www.bankingdive.com/news/bitgo-acquires-nydig-institutional-trading-business-digital-assets-crypto-occ/829195/
- https://cryptofolds.org/bitgo-acquires-nydig-institutional-trading-business-as-nydig-pivots-to-mining-and-hpc/
- https://blog.lido.fi/bitgo-extends-lido-staking-to-eligible-us-clients/
- https://www.bitgo.com/resources/blog/year/2026/
- https://www.tikr.com/blog/riot-platforms-573-million-bridge-loan-comes-due-december-31-as-shares-fall-8-in-octobers-first-week-time-to-sell-or-load-up?ref=yahoofinance
- https://www.rfp.wiki/crypto/custody-security/institutional-custody-services/nydig/tetra-trust
- https://www.tokenpost.com/news/business/27465
- https://www.cutoday.info/THE-feature/Deal-Is-Off-CUs-Are-Telling-Members
- https://www.tipranks.com/news/blurbs/citi-reaffirms-their-buy-rating-on-riot-platforms-riot-blurbs-news
- https://www.stocktitan.net/sec-filings/RIOT/8-k.html
- https://www.tipranks.com/news/weekend-updates/riot-platforms-slides-as-bold-ai-pivot-spooks-traders
- https://www.chaincatcher.com/article/2286068
- https://www.bitgo.com/resources/blog/category/announcements/
- https://www.tokenpost.com/tag/bitgo