Riot Platforms completed the transfer of digital assets, including Bitcoin (BTC), held by NYDIG Trust Company LLC to BitGo Bank & Trust on Oct. 29, ending its prior custody agreement without an early termination penalty.
Riot disclosed the completion in a Nov. 4 Form 8-K. The agreement, dated Nov. 1, 2023, covered Bitcoin held in cold-storage wallets in an account in Riot’s name. NYDIG’s yearly custody fee was calculated using the average daily dollar value of the Bitcoin it held for Riot.
The transfer completes a move Riot outlined in October when it announced a digital-asset custody agreement with BitGo. The arrangement has an initial one-year term and lets Riot end it with 14 days’ notice.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to [email protected].
