Riot Platforms completes Bitcoin custody transfer from NYDIG to BitGo

Riot Platforms has completed the transfer of its digital assets from NYDIG Trust Company to BitGo Bank & Trust, formally ending a Bitcoin custody arrangement that had been in place since November 2023.

Summary

• Riot Platforms completed the transfer of its digital assets from NYDIG to BitGo on October 29, formally ending a custody agreement that had been in place since November 2023.
• The company confirmed that it incurred no early termination penalties, while its new agreement with BitGo provides for segregated custody accounts and specific early exit provisions.
• Riot sold 20,264 BTC during the first nine months of 2026, generating approximately $1.5 billion primarily to finance its expanding data center operations.
• The Bitcoin miner ended September with 2,418 BTC valued at approximately $202 million, while its contracted data center capacity reached 1,151 megawatts.

According to a November 4 SEC filing, the company's previous custodial agreement terminated automatically on October 29 after the transfer was completed, with BitGo taking over responsibility for holding its digital assets.

The Nasdaq-listed Bitcoin mining company confirmed that it did not incur any early termination penalties when its agreement with NYDIG Trust Company LLC ended.

Riot had already disclosed plans to move its assets to BitGo in an October 14 regulatory filing, which outlined the terms of the new custody arrangement and how the transition would take place.

The latest disclosure confirms that the process has been completed, with the company's Bitcoin now held under the new agreement.

Riot Platforms ends NYDIG custody agreement after three years

Riot originally entered into its custodial agreement with NYDIG on November 1, 2023, under which the company stored its Bitcoin in cold storage wallets maintained in a digital asset account registered in its name.

The arrangement required Riot to pay an annual custody fee calculated using the daily average US dollar value of the Bitcoin held by NYDIG.

Although the original agreement carried a one-year term, it renewed automatically for successive annual periods. Either company could terminate the arrangement by providing 30 days' written notice.

Riot's move to BitGo was handled through a separate account transfer and transition agreement involving Riot, NYDIG Trust, BitGo Bank & Trust and certain affiliated entities.

Under the new custodial agreement, signed on October 7 and amended on October 14, BitGo is responsible for holding the company's digital assets and cash.

The agreement requires BitGo to maintain segregated custodial accounts exclusively for Riot, keeping its holdings separate from assets belonging to other customers and from BitGo's own corporate assets.

There are certain exceptions to this arrangement. Riot can authorize temporary use of an omnibus account when settling transactions with a BitGo affiliate or choose omnibus custody when using the bank's settlement services.

Riot retains ownership of the assets throughout the custodial relationship, while BitGo receives a monthly fee based on the average value of the assets under its custody.

The agreement requires BitGo to maintain commercially reasonable insurance coverage for its custody services, although the filing does not specify a fixed coverage amount.

BitGo custody agreement includes early exit provisions

The new arrangement begins with a one-year term and renews automatically unless either party provides notice at least 60 days before the current term expires.

Riot can terminate the agreement earlier by giving 14 days' written notice without paying an early termination fee, following an amendment made before the transfer was completed.

The contract contains provisions governing BitGo's financial liability, generally limiting it to custody fees paid or payable during the six months preceding an event that gives rise to a claim.

Exceptions apply in certain circumstances, including fraud, willful misconduct and gross negligence.

Riot said the complete custody agreement and its amendment would be filed as exhibits to its annual Form 10-K for the financial year ending December 31, 2026.

The custody transition follows several months of changes to the company's Bitcoin holdings and financing arrangements.

In July, Riot transferred another 500 BTC to NYDIG, worth approximately $30.72 million at the time, according to on-chain information cited in earlier reporting.

The transaction drew attention because the company had already been selling substantial amounts of Bitcoin during 2026.

More recently, crypto.news reported that Riot closed its $200 million Bitcoin-backed credit facility with Coinbase Credit after repaying its outstanding borrowings and accrued interest in September.

The repayment released Coinbase's security interests in the assets pledged under the lending arrangement. Riot had reported 5,821 BTC held as collateral at the end of June.

Riot's Bitcoin reserves decline as data center business expands

Riot's latest custody arrangements come during a year in which the company has used Bitcoin sales to finance its growing data center operations.

In its November 4 third-quarter financial results, the company disclosed that it had sold 20,264 BTC during the first nine months of 2026, generating approximately $1.5 billion, primarily to fund data center development.

Riot ended September with 2,418 BTC valued at approximately $202 million, alongside $748.2 million in cash, including restricted funds.

Its quarterly revenue reached $181.4 million, compared with $180.2 million a year earlier, while Bitcoin mining revenue fell to $116 million from $160.8 million.

Despite lower mining revenue, Bitcoin production rose to 1,637 BTC from 1,406 BTC during the corresponding quarter of 2025.

Meanwhile, the company has continued expanding its artificial intelligence infrastructure business.

In August, Riot signed a $9.1 billion data center agreement covering 191 megawatts of computing capacity at its Rockdale facility in Texas.

Its November earnings announcement disclosed another 15-year lease covering 910 megawatts at Corsicana, with an estimated initial contract value of $28 billion.

Riot said its contracted data center capacity now totals 1,151 megawatts, representing approximately $38 billion in expected revenue over the respective agreements' initial terms.

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