Riot Platforms switches bitcoin custody to BitGo Bank Trust from NYDIG

• BitGo Bank & Trust will hold Riot’s digital assets in segregated custodial accounts, not commingled with other clients’ assets.
• The custody transfer uses an account transition agreement among all four parties: Riot, NYDIG Trust, BitGo Bank & Trust and their affiliates.
• Riot pays BitGo a monthly fee scaled to the average value of assets held; early termination carries no penalty after 14 days’ notice.

• 1 year Initial term of agreement, auto-renewing unless either party gives 60 days’ notice
• 14 days Notice period for Riot to exit without early termination fee
• 6 months Period used to calculate BitGo’s liability cap on fee-based damages

Riot Platforms entered into a BitGo Custodial Services Agreement on October 7, 2026 and amended it on October 14, 2026 (Wed Oct 14), according to the 8-K filing. The agreement transfers all digital assets and cash currently held by NYDIG Trust to BitGo Bank & Trust, a nationally chartered trust bank. Riot retains legal title to its bitcoin and other digital assets; BitGo holds them in a custodial, non-proprietary capacity. The company’s existing Digital Asset Custodial Agreement with NYDIG Trust will terminate automatically once the asset transfer completes.

Segregated accounts and omnibus settlement

BitGo Bank & Trust will maintain segregated custodial accounts exclusively for Riot’s assets, keeping them separate from those of other clients. However, the agreement permits Riot to elect temporary omnibus account placement for trade settlement with a BitGo affiliate, or to use BitGo’s own settlement services via omnibus holding.

This flexibility balances custody segregation with operational efficiency for trading activity.

The custodian must maintain insurance coverage in commercially reasonable types and amounts. The document does not specify the coverage limits, dollar amounts of insurance, or categories of peril included, leaving open what “commercially reasonable” means in practice and what assets remain uninsured or underinsured.

Liability cap and early exit terms

BitGo’s liability for claims arising from custody operations is capped at fees paid or payable in the six months before the event triggering the claim. Exceptions carve out fraud, willful misconduct and gross negligence, which remain uncapped.

Riot may terminate the agreement with 14 days’ written notice and no early termination fee, a material departure from typical institutional custody arrangements, which often impose penalties or lock-in periods of six months or longer.

The agreement auto-renews annually unless either party provides 60 days’ non-renewal notice. Riot pays a monthly fee based on the average value of assets held in custody, but the filing does not disclose the fee structure, percentage, or any minimum monthly charge.

Why custody relationships matter for bitcoin miners

Bitcoin miners like Riot generate coins as block rewards and must custody the resulting bitcoin holdings. A custody provider’s failure, theft, regulatory action or operational breakdown directly impairs the miner’s balance sheet and borrowing capacity, since lenders and exchanges often require proof of professionally held collateral.

Switching custodians typically involves multi-week asset transfers, during which bitcoin remains in transit and subject to different security regimes.

BitGo Bank & Trust, a subsidiary of BitGo Inc., is one of the largest digital asset custodians in the United States, serving institutions and serving as a qualified custodian under certain SEC and state regulatory frameworks.

NYDIG Trust Company, which previously held Riot’s assets, is a subsidiary of New York Digital Investment Group and has been a market participant in institutional bitcoin custody since 2017.

The CCS read. Riot’s switch to BitGo eliminates early exit friction and puts insurance obligations on the custodian in writing, reducing Riot’s operational risk if custody terms change or NYDIG’s regulatory standing shifts. The lack of an early termination fee and 14-day exit window is unusually favorable to the miner and signals either competitive pressure in the custody market or BitGo’s confidence in retaining high-value institutional clients on service merit.

The full Custody Agreement and amendment will be filed as exhibits to Riot’s Form 10-K for fiscal year 2026, due by March 31, 2027, which will disclose the fee schedule, insurance specifics, and any other material terms omitted from this 8-K summary.