Markets · Custody
Riot Platforms Moves Crypto Custody From NYDIG to BitGo Bank
An 8-K filed at 4:30 p.m. ET says BitGo Bank & Trust will hold Riot's digital assets and cash under a one-year deal Riot can exit on 14 days' notice.
Riot Platforms is moving custody of its digital assets and cash from NYDIG Trust Company to BitGo Bank & Trust, National Association, according to an 8-K the company filed with the SEC, accepted at 4:30 p.m. ET on Oct. 14 (source 1). Riot signed the BitGo Custodial Services Agreement on Oct. 7 and amended it on Oct. 14, the filing says (source 1).
A custodian is the firm that holds a company's coins and keys on its behalf. For a listed company, it holds assets that sit on the balance sheet.
The filing came a week after the signing. The date of report is Oct. 7, which is why the document's file name carries 20261007, while the filing date and the acceptance stamp are both Oct. 14 (source 1). The amendment that sets the early exit terms is dated the same day as the filing.
How the handover works
The switch runs through an account transfer and transition agreement among Riot, NYDIG Trust, BitGo Bank & Trust and certain of their affiliates (source 1). The assets and cash NYDIG Trust holds for Riot will move to BitGo, and Riot's Digital Asset Custodial Agreement with NYDIG Trust ends automatically once that transfer is complete (source 1).
The 8-K gives no completion date for the transfer and no figure for the assets being moved (source 1). It does not say why Riot changed custodians, and we do not guess.
What BitGo agreed to
BitGo will keep Riot's digital assets in segregated accounts maintained only for Riot and will not commingle them with other clients' assets (source 1). There are two exceptions. At Riot's direction, assets may sit briefly in an omnibus account to settle trades with a BitGo affiliate, or in an omnibus account if Riot uses BitGo's settlement services (source 1).
Riot keeps title to the assets, which are held in a custodial capacity and kept apart from BitGo's own (source 1). BitGo must carry insurance in types and amounts that are commercially reasonable for the service; the filing names no dollar amount (source 1).
| Term | What the 8-K says |
|---|---|
| Custodian | BitGo Bank & Trust, National Association |
| Prior custodian | NYDIG Trust Company LLC; agreement ends automatically when the transfer completes |
| Signed / amended | Oct. 7, 2026 / Oct. 14, 2026 |
| Assets covered | Riot's digital assets and cash |
| Account structure | Segregated, with two omnibus exceptions at Riot's direction |
| Title | Retained by Riot |
| Fee | Monthly, based on average value of digital assets in custody; rate not disclosed |
| Insurance | Commercially reasonable types and amounts; no figure given |
| Term | One year, renewing for one-year terms unless either side gives 60 days' notice |
| Early exit | Riot may terminate on 14 days' written notice, no early termination fee (per the amendment) |
| BitGo liability cap | Fees paid or payable in the prior six months, with exceptions including fraud, willful misconduct and gross negligence |
| Full text | To be filed with the 10-K for fiscal 2026 |
The money terms
Riot will pay BitGo a monthly fee based on the average value of the digital assets held, and the filing does not disclose the rate (source 1). The deal runs one year and renews automatically for one-year terms unless either side gives notice at least 60 days before a term ends (source 1).
The amendment gives Riot a short exit: it can end the agreement on 14 days' written notice without an early termination fee (source 1). In Le Coin's view, that is the term worth noticing, because it keeps the custodian choice cheap to revisit.
The other side of the ledger is the liability cap. BitGo's liability is limited to the fees paid or payable in the six months before the event behind a claim, with exceptions that include fraud, willful misconduct and gross negligence (source 1). In Le Coin's view, because the fee is based on the value of assets held, a cap of six months of fees is likely to be small next to the assets themselves; the filing gives no figure for either. The exceptions for fraud, willful misconduct and gross negligence still leave BitGo exposed beyond the cap in those cases (source 1). The tell will be the full contract, which Riot says it will file with its annual report for the year ending Dec. 31, 2026 (source 1).
The filing is a summary and says so. Until the exhibit is public, the fee rate, the insurance figure and the transfer timetable stay unknown.
Sources
- Riot Platforms, Inc., Form 8-K, Item 1.01, SEC EDGAR, accepted Oct. 14, 2026, 4:30 p.m. ET, accessed 4:51 p.m. ET.
Holding the Corner.
Not financial advice.